Once the lender determines the balance owed ( are there any laws about calculating that???) do you pay intrest on that amount, and what about the terms ( how long can you take to pay it back??)
2007-10-03 10:06:39 · 3 answers · asked by samm 1 in Business & Finance ➔ Credit
Every state does have strict laws concerning repo's - what the lender MUST do before and after the repo, including the calculation and notification of the deficiency balance.
IF the lender followed your states laws before and after the repo, then they would expect you to pay the full amount when you receive the deficiency notice. While you can try to get them to work with you on taking payments, I doubt that particular lender will be willing to agree to any payment plan.
IF the lender failed to follow ALL of your states repo laws, it may be possible that the deficiency would become void and uncollectible. Though the only case law that I know of, for voiding the deficiency because the lender failed to follow the law, is after 2 years from the date the vehicle was sold
(In other words, even if the lender failed to follow the law it would be difficult to claim that the deficiency should be void and uncollectible if it has been less than 2 years since the vehicle was sold)
You might click on my profile and click on the last link I have listed and do some reading in the credit forum.
2007-10-03 11:00:50 · answer #1 · answered by echo 7 · 1⤊ 0⤋
I hired a Contract lawyer, because I had my Loan thru a Finance Company not a bank, and they don't exactly follow the Laws, they repossessed my car, BEFORE the 3 months required by State, then they couldn't give my Lawyer a payment history of what I paid to them., and they tried to collect the full interest that the loan was for, the Bill of Sale was altered , plus they didn't give me the opportunity to catch
up or get my belongings out of my car when they repossessed
it. So I have my car and I don't owe them anything and I
could have sued for a lot more. Could you be that lucky ???
2007-10-03 10:49:22 · answer #2 · answered by Anonymous · 0⤊ 0⤋
once the car is repoed you have to pay the full amount owed plus repo fee(towing fee) and storage for for as long as the car is being kept
2007-10-03 10:11:05 · answer #3 · answered by joesgirl526 2 · 0⤊ 0⤋