called bank to pick up repo never did???

Question

i had this repo car for over 3yrs called them to pick up never did . the bank went bankrupt. driveing car for 6mnths got in wreck. car is totaled insurance wants info on bank told them situation what do i do from here???

Answer 1

Typically when a bank goes under, the outstanding loans they have get sold to other banks. It is likely that your loan is still out there somewhere and may come back to haunt you later when the bank that has it figures it out. You may get stuck with having to pay off a vehicle that you no longer have or send it into collections and destroy your credit (if that concerns you).

The problem you have now is that the bank you had the loan through has/had the title for the car. Whatever bank has the loan now, has the title. The insurance company will not give you any money for the car until they get the title (basically they become the owner of the junked car). You can try to rely on them to track down the bank which will only alert the bank that you owe them money or tell the insurance company you want the car, you don't want them to do anything with it, take the car and junk it/part it out (most junk yards won't take the car either if you don't have the title) and try to get some money that way.

Good Luck!

Answer 2

Well it depends on how much money and time you want to spend vs. how much you were owing on the car.

Here's what I would do.

1) Banks do not fold up and go away without leaving a trail. Your state and the feds issue charters to banks and monitor them to make sure that depositors are not shafted. Contact the agency that oversees this and find out where the assets of the bank were placed when it went bellyup.

2) Send a certified letter to both the bank and a copy to yourself requesting that you be contacted regarding your loan so that you can make your payments or whatever was left to do. Keep your copy unopened and in a safe place along with the receipt or unopened return mail from the bank. That will cover you in case the 'new' bank comes looking for you in the future. You will be able to show that you tried to contact them.

3) Now you have to decide if he cost is worth it all. If not, then have the insurance company issue you a check in the banks name and yours for whatever the value is. You can not cash it, of course, but the car will become their problem and they will likely dispose of it before they realize that the check was not cashed. Keep the check with the letters 'in case' and then move on with your life.

4) If you decide the car IS worth it.... then start following up on those leads about who bought up the banks assets.

good luck...

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Answer 3

WHY DON'T YOU JUST CALL YOUR LOCAL DMV OFFICE, THEY WILL BE ABLE TO ANSWER ANY AND ALL OF YOUR QUESTIONS AND AT THE SAME TIME YOU WILL BE GETTING THE CORRECT ANSWER TO YOUR QUESTION.