Vehicle Reposession?

Question

Has anyone ever had a car repossessd (spelling?), What is the process and what steps can the dealership take to get their money. Is it better to just give them back the car versus having them come find it. What if you change jobs can they find your next employer. Can they still bug the people listed as references?

My fiance purchased a car a year ago from a used car dealership. He is paying 24% interest which is a rip off. He also pays biweekly. Then last week he got pulled over, apparently the cop ran his plates and found that the plates the dealership gave him were to another vehicle!!! The cop was really cool about the situation but it could have been a mess. They still haven't given him new plates. He paid for the registration and they may want him to pay for new plates even though it was their mistake. Does anyone have any ideas on what we can do.

He is willing to give the car back and find a cheaper vehicle. His credit is not great, but I have already been approved for him

Answer 1

The creditor can repossess the car if you are behind. They have to hold the car 30 days and then they can sell it. You are still responsible for the debt you owe less what they have received for the car but plus their fees for repossesing the car. One of our TV stations did an expose on some used car dealers that had sold the same car 8 times and they still had the car. If you can sell the car and pay off the loan and then buy something you can pay cash for. That would save you so much money. Some of these guys are vultures and they prey on people who are down on their luck. Good luck

Answer 2

Your boyfriend should take his registration info to your local DMV and pay them for duplicate plates. The dealership is obviously pretty stupid, so why risk them messing up again. As for repossessions, if he can help it, he should prevent turning in the vehicle. He will still be responsible for the full amount he borrowed in his contract. What they do is take the vehicle and sell it. Whatever it sells for goes towards his balance. If there is a remaining balance he'll still owe it. Plus a repossession on your credit report is horrible. If he doesn't like his interest rate he can try to refinance at a bank or credit union. Even though you have been approved I don't recommend you co-signing for him. If something happens and you two break up you'll still be legally responsible for the payments. Plus, if he's ever late making payments your credit will be affected. Best bet would be for him to do it on his own. Good luck.

Answer 3

A repossed car will mess up his credit report for the next seven (7) years. If you turn the car back in and the dealer is not honest he can still ruin the credit.

Call a lawyer and ask for some help. Tell him upfront that money is an issue but the used car sell has been dishonest (license plates etc) and ask for help.

If the lawyer cannot help they may refer you to a public defenders office.

Answer 4

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