A tow truck was sent to pick up the car on 7/15/07, the driver said they send those letters to make sure you don't try to hide or avoid repossession. How is this legal???
2007-07-16 03:38:29 · 9 answers · asked by Maria b 6 in Business & Finance ➔ Credit
Im not sure how its legal but aparently it is because almost the same thing happened to me last month.
I called the car lot which I was purchasing a car and made a oral agreement with them on Monday that I would be in Friday to catch up my payments. That very next day they sent a tow truck for my car!!
The repo lady and her "gang" told me that by me calling them I had proven that I would not hide the car and they knew that this would be the best time to jump and come get it!!!
Its a scam to finance a car in my mind, These places thrive on you not making your payment on time so they can repossess and sell it to another person!!
I have found that if you just save up a few thousand and buy your car straight out, its much nicer! So what if you dont have that car of your dreams, least you wont have to worry about the repo man again!
2007-07-16 03:49:40 · answer #1 · answered by brandeddesire 2 · 0⤊ 1⤋
There are several separate issues here. First they reposes the car, then you have a fixed time limit to redeem it. After that it's sold.
Until you miss the redeem date, it should not show as a repo on your credit. After that it will.
Hard lesson here - you own the car, but there is a lien on it until it's paid for - and the lienholder will take it if you don't pay.
Before the repo, you could have called and worked out some kind of payment arrangements. Now, you really only have one choice - get caught up, or face the consequences. The real consequence, other than the repo on your record, is that after it's sold, you will be hit with a deficiency judgment. That's the difference between what you still owe and what they were able to sell it for at an auction. And unfortunately, at auction, it may sell for a VERY low price - leaving you with a huge deficiency and no car.
2007-07-16 05:29:48 · answer #2 · answered by Mountain Top 4 · 0⤊ 0⤋
Like the first poster said, it's legal because until you make the very last payment it's not your car it's the lenders.
Now that you have a repossession, it's only going to get worse. The lender will sell the car at auction for less then it's worth and then come after you for the balance plus all fees for the repossession, storage, auction, interest, lawyers and anything else they can think of. This could amount to several thousand dollars.
If you still do not pay, they will sue you and get a judgment and at that point they can attach bank accounts, garnish wages (if your State allows it) and file liens on any other property you may own like cars, boats, land and homes.
Both the repossession and the judgment will show on your credit for 7-years and make it very hard for you to get any other kinds of loans without paying State maximum interest rates and fees.
2007-07-16 03:51:51 · answer #3 · answered by ? 7 · 3⤊ 0⤋
It is legal. The bank owns your car until you pay it off. If you miss payments, it's within their right to take back their property. My brother had his car repossessed and there wasn't anything he could do short of paying the back payments.
2007-07-16 03:43:51 · answer #4 · answered by Anonymous · 1⤊ 0⤋
It's basically a collections letter..and the bank will most likely reposess the car if you don't pay your missed payments.
The bank has an interest in the car for the money the lent you to buy it....some banks will also seek the lost interest if it is repossesed...not just the actual amount loaned.
2007-07-16 03:48:30 · answer #5 · answered by Anonymous · 1⤊ 0⤋
Its not if they gave you until the 21st they should not have taken the car until then. You still have until the 21st to pay the payments and get your car back. Take or send the payments before that date and ask for your car back.
2007-07-16 03:48:24 · answer #6 · answered by elaeblue 7 · 0⤊ 0⤋
confident in maximum circumstances a storage has the suited to hold your motor vehicle till you pay the bill and that they'd upload storage quotes on perfect of it, while the entire volume owed reaches the fee of the vehicle you may kiss your motor vehicle as long as they'd sell it to recoup their money. rules ought to fluctuate in distinctive states. RE: Can a Mechanic carry your motor vehicle in case you may not pay? i'd prefer to open this up for communicate, I even have considered this question asked in distinctive distinctive methods. I observed some guy claiming to be a criminal professional (regarded greater like a mechanic) claiming some thing noted as a mechanic't relatively have a criminal opinion, in straightforward terms a elementary sense one. enable't belong to you, the financial company or lien holder (criminal LIENHOLDER not YOUR chum WHO LENT your cash) has the suited to reclaim thier components so as that they'd attempt to sell it to get their money returned. the vehicle is theirs, not yours. A mechanic, on the different hand does not very own your motor vehicle. He has no lien against your call and purely because of the fact he labored on your motor vehicle does not advise that any area of it belongs to him. in case you entered into some variety of written association that especially says that he can carry your motor vehicle till you pay then he would have a case. i think of the financial company that certainly has a criminal lien on your motor vehicle will disagree with him. If he needs to get rid of the areas that he put in which you may not have any criminal suited to make him " i think of that in case you because of the fact the owner of the motor vehicle, that the call for sure says your call, can do alongside with your motor vehicle what you will, the mechanic took the possibility, purely like a waiter does, to render amenities without prepayment. I do think of that the mechanic has each and every suited to call the police to settle the dispute, or take you to small claims court. yet he isn't allowed in the regulation to hold a motor vehicle that doesn't belong to him purely because of the fact he replaced the air filter out. (or the different super mechanical project, I purely stated air filter out to place into perspective the fee of what a mechanic does vs. fee of your components) tell me what you think of!!! in case you're a criminal professional, (a real one not a mechanic pretending to be one) tell me what you recognize!!!
2016-09-30 02:49:08 · answer #7 · answered by ? 4 · 0⤊ 0⤋
Call your State's Attorney (Attorney Generals office). They should be able to direct you to whoever can help on this one.
Maggie
2007-07-16 03:46:45 · answer #8 · answered by Anonymous · 0⤊ 0⤋
How is it not legal?
2007-07-16 03:45:53 · answer #9 · answered by Oh Boy! 5 · 1⤊ 0⤋