Give it back once people catch up with their payments? How may payments do you have to miss to get your car repod? Oh and are repo men basically theives? Do they have the right to take cars away? I ask because we were talking about repo men and how it works, and we couldn't figure out if they resell the car, or give it back to you.
2007-10-27 17:16:22 · 7 answers · asked by Haveitlookedat 5 in Cars & Transportation ➔ Buying & Selling
OK so do you still owe the money on the car, or do you just owe on the months you missed. Cause say you buy a 6 dollar car and you are supposed to pay 50 cents every month, and you only pay 1.50 on it, and they repossess it after 4 more missed payments. Do you owe 2 dollars, or do you owe the whole 6 dollars minus the 1.50 you paid during the months you were on time?
2007-10-27 17:33:03 · update #1
The repo company is hired by the people the loan is owed to, and as the agent of the lender they have a perfect legal right to repo the car. Typically, the car is placed into storage (for no less than thirty days at 15 bucks a day fee here in MN) and then taken transported by the company to auction unless the person in default on their auto loan redeems the car. In order to get the car back, the person in default must make any past due car payments, plus pay any storage and towing fees assessed by the repo company.
The repossession company makes out either way. If they do not get the money from the person in default on the auto loan (which they rarely do) they get it from the lender of the loan who hired them to do the repo
in the first place. The lender then turns around and passed on those fees to the defaulted borrower along with the past due payments.
2007-10-27 17:30:11 · answer #1 · answered by lenore_wm 2 · 1⤊ 0⤋
The repo men aren't thieves because what they are doing is perfectly legal (until you pay off the car the finance company legally owns it).
Usually the car ends up sold pretty quickly after it's been taken back and if the sale price doesn't cover what was owed and the fees for taking it back they just charge them to the person who had the car repossessed.
2007-10-27 17:26:57 · answer #2 · answered by bestonnet_00 7 · 0⤊ 1⤋
they usually will give you 30 days to catch the payments up on it after that they will sale it and you,ll be responsible for the difference in what it doesn't bring,and no repo men really aren't thieves,they have a job to do and get payed for it,if it was you and they paid you 500 bucks to repo a car,what would you do,? i know id go get it,do 2 of these week and that's a cool grand a week,the banks pay them to get the cars though,and the banks are the ones that re-sale them,all the repo men do is get the cars back,sometimes this is a very dangerous job though,but all it amounts to is lack of payment,some banks will allow more time to catch up on payments than others will,good luck with it.
2007-10-27 17:34:04 · answer #3 · answered by dodge man 7 · 1⤊ 1⤋
It is perfectly legal for repo men to take your car away. Lots of times they actually work with the cops to get the vehicle. No, you can't usually get your car back. I've never known of a time when that has happened. Once they take your car, the car lot has options....depending on the condition of the car. They can re-sell it to another buyer, or sell it at a discount to a second hand car business, or they can auction it off at an auto auction to the highest bidder. It all depends on the business and how they choose to do things. But no, you never get your car back....if you really wanted it, I highly recommend making payments, and making them on time. And I wouldn't recommend trying to purchase a car at the same place because there is a very, very slim chance that they will accept your credit anymore.
2007-10-27 17:24:15 · answer #4 · answered by Rainy 4 · 2⤊ 1⤋
After you are 10 days late, they will send you a right to cure notice. Then they have to wait 20 days to repo. If you are not paid up in those 30 days, they can repo your car. If you are late on the first payment none of those laws apply. They can pick up your car when 1 day late. Now they will take bids or sell it at auction. You are responcible for all fees in selling the vehicle and your are responcible for the difference it what it sells for and what you owe.
Example
10,000 You owe
8,000 Sells for
-----------------------
$2,000 plus fees to sell the vehicle is what you owe.
2007-10-27 17:51:50 · answer #5 · answered by $1,539,684,631,121 Clinton Debt 6 · 1⤊ 1⤋
it is perfectly legal in fact if you interfere you will go to jail. To get back you will pay impound fees and the Bank might want payment in full or just catch up and pay charges for repo. otherwise they will retain ownership and sell or auction.
2007-10-27 21:47:56 · answer #6 · answered by 12pleze 6 · 1⤊ 1⤋
My Ford PU was repossessed by Ford Credit. They sold it at an auction. Someone got a good deal!
2007-10-27 17:26:41 · answer #7 · answered by Anonymous · 1⤊ 0⤋