Did that wrecker service have the right to just take my truck? Just take it. When I caught him, he had already backed up to my truck and picked it up ready to take off. I asked him to let me get my personal things out and he said If I gave him the keys he would let me get them. Do they have the legal right to do this? It was 5 AM and I was getting ready to go to work. If I wouldn't have been up at that time I would have went out and found my truck gone, stolen! Do these repo companies have the right to steal your vehicle? I have my truck back now but what if something happens and this situation presents itself again? I pray it doesn't but can they just steal your vehicle? Your answers are welcomed and appreciated.
2006-09-11 15:02:44 · 19 answers · asked by bbqchef7 1 in Cars & Transportation ➔ Other - Cars & Transportation
He did not steal your vehicle. He was acting under a legal order from your finance company, who is the rightful owner, because you have been late with 1 payment or more. I honestly do not know of any auto thief's that call the police after they steal a unit do you? Call the police department and you will find that your truck was phoned in as a repo. within an hour after it was taken, more than likely within the first 30 minutes.
Repo. Companies are an entity that is hired by the finance company, bank or car lot when you have not made your payments. We do not drive around looking for folks that do not / can not pay their bills, we are told where to go find them, and sometimes the reason why we are sent out after them. Usually by the time the unit is up for repo. the financial institution has a good reason to send it into repo. Payments have not been made. The debtor has made promises to send in a payment and has not, there is fraud involved, a person is not keeping total coverage on the unit, the debtor is avoiding the finance company, just to name a few reasons, even though there are a lot more. Financial institutions would rather have the payment than the unit that's for sure.
The driver actually did you a courtesy by asking you for the keys in exchange for your personal belongings. To redeem personal property can be in the price range of 10.00 all the way up to 250.00 depending on what company you are dealing with, how much stuff they had to clean out of the unit, how much nasty stuff they had to be in to get to your stuff and of course how you talked to them can be a factor. This is called an Administration Fee.
So what do you do now to keep it happening again? Keep your payments current plain and simple. Even though you are making payments on that unit, it is not legally yours until it is paid off and there is no lien holder listed on the title. Until then they have the right to repossess their property anytime you are not upholding your agreement with them.
In the future if you see yourself running low on money and are not going to be unable to make that payment on or before the due date, call them and let them know. They cant bite you over the phone. This is the biggest mistake most people make. They are afraid to talk to them. I would be more afraid of being on foot. Since they got you once, they will be watching your account closely for the next 12 to 18 months. Word of caution. AND depending on who you are financing through I can tell you there are some VERY vindictive representatives out there that will have them hook you the day after you are late after the first repo. I have gotten accounts sent from one of the bigger finance companies in America, that were literally 1 minute past due. The payment was due on the 11th and at midnight the order came over the fax via their automated fax..
When you make an arrangement with them, keep it no matter what you have to do without. This time they charged you a repo. fee of around 300.00 on the average give or take a bit, and again depending on the finance company you may or may not have been charged a storage fee. Next time they may have the company take the unit right to the auction and that is the end of the line. They can do it because they own the unit.
If the person at the finance company is hateful with you, and more than likely he/she is or will now be, get your account reassigned to another Representative. Start out fresh. You are still going to have a flagged account, but with a new rep. you may have a better chance for a little slack when you need it.
It is quite common that people think they have had their car "stolen" by a repo. company, but lets say that you are selling me a car and I don't make payments on it, what is the first thing you are going to do? That's right go get your car. It is no different with them. If they do not get the money, they are going to get the unit.
2006-09-14 05:22:51 · answer #1 · answered by Anonymous · 2⤊ 0⤋
You gave your word that you were doing to make payments on the truck. You signed a contract that listed the time and amount of each payment. You agreed that the truck would be collateral for the loan! You did not live up to your word and the agreement that you signed. You were well behind on the payments, and the finance company sent a truck to pick up the vehicle that they had a security interest in.
They did not "steal" the truck. Stealing implies that they took something that did not belong to them. They recovered property that became theirs when you defaulted on the loan. If you had lived up to your word, you would not have had this problem.
You seem to see yourself as the victim here, but in reality, you are the one who is totally in the wrong. The repo man was nice allow you to get your personal property out of the vehicle. Many would not have done so. Why do you think you should be allowed to keep the truck if you are not making payments? Why should the finance company have to do without the money owed to them?
There is a simple way to avoid this problem in the future. PAY YOUR TRUCK PAYMENT ON TIME!!!!!!! You already have had the truck repo'd once. The next time you get behind, they are going to not wait as long to come get it!! They will come get it again, and most likely will require you to pay the balance of the loan off before they will give you the truck back again!!!
2006-09-11 15:35:01 · answer #2 · answered by fire4511 7 · 1⤊ 0⤋
Shoe on the other foot. The car lot took a risk and let this person drive off with there (truck) property. And some one decided not to drive over to the car lot to talk it over with the owner of the truck and ask "can I pay next week?" Because they have title to it they can take it back. NOT STEALING! Most of the time if the person comes up with some of the money and paid what they could when they talked no problem. I am willing to bet the car lot would much rather had your payments then take the truck back. Early Monday morning is the best time to repo cars. Because if you have a job to get to you usually come home for some sleep before work.
2006-09-11 15:19:21 · answer #3 · answered by John Paul 7 · 2⤊ 0⤋
Sorry, if you don't make the payments it's not yours. The repo companies are hired by the lender to reposess their property. They own it if you don't pay for it. Repo folks are only doing their job and they have the right to protect themselves.
They are not "stealing", they are helping to cut the losses of the lenders which, in turn, lowers their cost of doing business and makes it easier for responsible borrowers to finance vehicles. Repos are not ordered unless repeated attempts have been made (and ignored) to satisfy the payment obligation. You didn't just accidently miss one payment and the repo truck showed up...
I love you man but step up to the plate here! Oh, and welcome to answers... really!
2006-09-11 15:14:54 · answer #4 · answered by AK 6 · 2⤊ 0⤋
If you're behind in your payments and the agreement has been broken on your part,you are no longer the owner of the vehicle,therefore the vehicle goes back to the original owner and they have the right to claim the vehicle and use whatever means possible,unless the vehicle was in private property then they can not tresspass.
2006-09-11 15:16:12 · answer #5 · answered by Anonymous · 2⤊ 0⤋
sadly but true they do have the right to do this,,its not a good way to make a living,,but when there given a car to repo,,they can take it no matter where its setting,,they don't have the right to destroy private property in doing this though,,and some of them do,,,this is where they cross the line,and you can press charges against them if they tear anything up,,in doing so,,the law sucks on this deal,,because the person ;loosing the truck,,never seems to come out to the good,,i hope this help,s..good luck with it.
2006-09-11 15:10:22 · answer #6 · answered by dodge man 7 · 1⤊ 1⤋
Yes, they can take your vehicle and it is legal for them to do so. Your finance company technically owns the vehicle until it is paid off. If you fail to make payment, the finance company will hire an independent contractor (i.e. towing service) to retrieve their property (i.e. 'your' truck).
2006-09-11 15:05:55 · answer #7 · answered by ajd1bmf 4 · 2⤊ 0⤋
if you are oarked in a public or semi public place yes they can but if you have the car locked in your garage then no they can not break into your house/garage to get the vehicle. so next time you miss the payments lock it in your garage and take the bus to work til you catch up on the $$$$
2006-09-11 15:10:40 · answer #8 · answered by rwl_is_taken 5 · 1⤊ 0⤋
Yep and the bank can take your house if you do not pay for it. It is called colateral and until you pay it off completely and then get the cars title with no lien holder on it they can do it any time you are no current with the agreed upon payment structure.
2006-09-11 15:11:45 · answer #9 · answered by Dalton125 2 · 2⤊ 0⤋
Unfortunatley they do! B/c it is not officially your car. You don't own it, whoever you finance it through does. And if you miss payment or don't pay for a while, they can come and get it at anytime
2006-09-11 15:05:10 · answer #10 · answered by whackiejackies 3 · 2⤊ 0⤋