My boyfriends truck got repossesed & now the company keeps calling him. He doesnt call them back. Could anything happen to him for ignoring them?
2007-02-08 01:56:06 · 5 answers · asked by DukeGyrl4 1 in Cars & Transportation ➔ Buying & Selling
When payment stops on a vehicle the lender (bank) first is supposed to try to contact the the borrower (your bf).
After a given amount of time and missed payments, set by the state you live in, the lender contacts a repo company and provides them with as much information as possible, sometimes even a spare key. The lender must pay the repo company for their services.
The repo company repossess the vehicle and must store it, usually for 30 days, to allow the borrower time to work with the lender and try to get the vehicle back. After that the vehicle is auctioned off. If the auction brings more money then what is owed by the borrower, the bank deducts any and all fees for repo, paperwork and auction, anything left over gets returned to the borrower. If the auction brings less then what is owed plus fees the bank will go after the borrower for repayment.
The repo company must also remove any and all personal items that were in the vehicle at the time of repossession and store them for upto 90 days (local law sets the time) for the borrower to claim.
Chances are that the repo company wants your bf to come get his personal items. If he fails to do so by the end of the time limit they may do whatever they please with those items.
2007-02-08 02:08:08 · answer #1 · answered by shovelkicker 5 · 0⤊ 0⤋
The finance company keeps calling because he stills owes them that money. If he does not pay what he owes and gets the truck back, it will be sold at auction and he will still be responsible for remainder of the unpaid balance. Meaning they will take selling price at auction and deduct from loan and that will be his remaining balance. If this is the first time he's gotten behind, they can (if they want to) allow him to pay a certain percentage of the missed payments and put the remaining overdue payments on the end of the loan. Law does not get involved as it is a civil matter.
2007-02-08 02:03:03 · answer #2 · answered by Angie 4 · 1⤊ 0⤋
When it gets repossed they auction it off and your bf has to pay the balance of the amount owing.
He should just call them.
The law dont get involved. He will probably be taken to court for an attachment of earnings if he doesnt pay the balance.
2007-02-08 02:00:16 · answer #3 · answered by Anonymous · 1⤊ 0⤋
the lender that reposessed the vehicle will sell it at auction. anything left owed he will be responsible for. they can take him to court and depending on the amount they can garnish his wages. legally he wont be put in jail or anything like that, it just ruins his credit and they can take him to court to collect what is owed.
2007-02-08 02:00:20 · answer #4 · answered by ridgwayaz 2 · 1⤊ 0⤋
They will sell the truck, probably at auction, and any balance he still owes..A court summons is in his future......
2007-02-08 05:22:44 · answer #5 · answered by buzzwaltz 4 · 0⤊ 0⤋