My fiance' works offshore on an oil platform, usually if he cannot make thepayment over the phone, he will call and I will do it. However, he has been out for over two months, and just returned last week. He got a notice from the auto loan lenders yesterday requesting he contact them to set up a payment plan to get caught up. Today the repo man came and took the car. We live in Florida, loan was taken out in Alabama. He is usually only onshore for three weeks at a time, and no previous letters were sent, I would have gotten them. I had no idea he was behind so much. Any ideas on what to do? Will paying the balance due get the car back? We can get the money owed within a week or ten days.. He collects all his pay from work when he comes onshore... so that should be fairly easy to do. Since they sent a letter offering to set up payments, why send the repo man the next day? Any thoughts?
2007-11-14 16:06:35 · 12 answers · asked by B. 2 in Business & Finance ➔ Credit
I am looking at the letter now...it is from a collection agency...not even the original loan company...they are asking for a payment arrangement within 10 days of receiving the notice..( dated Nov. 8th, received yesterday!) No mention of repo...
2007-11-14 16:25:11 · update #1
Auto finance is what I do for a living and Echo is right on with her advice.
Girl, I'm very impressed.
2007-11-15 03:18:05 · answer #1 · answered by ? 7 · 0⤊ 0⤋
It sounds like the original creditor and possibly the collector may owe your fiance money (big time), since it looks like they are not following the legal repo statutes.
I don't know if your fiance purchased the vehicle while living in La. or Fl., how long he has been living in Fl., if he has moved from La. and has set up residence in Fl., if the original creditor knows that his residence is in Fl., etc., etc., etc.
But, no matter which state he lives in they legally cannot claim a deficiency until ALL of the state and UCC repo statutes have been strictly followed by sending all of the required notices and the vehicle was sold in a legal and timely manner.
How detailed the requirements are is dependent on the state laws
Those laws would include all of the required notices before and after the repo, the right to redeem before the sale, the timely sale of the vehicle, the deficiency notice after the sale of the vehicle.
For the original creditor to turn it over to a collector and the collector to demand payment "before" the vehicle has even been repo'd.....NO, NO, NO !!!
Take "everything" to a "comsumer credit" lawyer ASAP. Your fiance may possibly be able to not only get the vehicle back (if he acts quickly enough), but a hefty sum of money also.
They have not only violated his rights, they have trampled them to dust.
(sounds like a "buy here, pay here" type of scam)
You might also click on my profile and click on the last link I have listed. It is a free credit discussion board where you can read (in the credit forum) and learn more about the laws dealing with repo's. You can freely ask any questions you may have. There are a few people on the site who are extremely knowledgable about repo laws.
2007-11-14 17:17:22 · answer #2 · answered by echo 7 · 1⤊ 0⤋
Rest assured you will have to pay for repo storing fee's and legal fee's as well besides the payments you are behind on. Keep in mind that everyday you are accumulating storing fee's at the yard. I suggest that you contact a lawyer by phone and discuss what your options could be at this point, Unless, you recieved a Certified Letter and signed for it, there is no proof that you ever recieved notice. Good Luck.
2007-11-14 16:17:41 · answer #3 · answered by Joelanda P 3 · 0⤊ 0⤋
You can call the finance co and ask how much to get the car back usually it is the past due amount but now the repo guy needs paid and that could be up to another $600.00
2007-11-14 16:10:31 · answer #4 · answered by Linda S 6 · 0⤊ 0⤋
Call the bank asap. They will want all money to that date that is owed. Maybe even the next month payment on top as a sign of good faith. The longer you take, the more risk you have of it never returning. In turn, destroying your credit and not letting you sign for another car.
2007-11-14 16:09:55 · answer #5 · answered by Anonymous · 0⤊ 0⤋
First, call your finance company and get your payments up to date. Then they will give you the number to the repo man. You'll have to make arrangements with them to get it back. Unfortunately the fees are usually pretty steep. Sorry and good luck.
2007-11-14 16:14:08 · answer #6 · answered by Charles V 2 · 0⤊ 0⤋
The will just come and take your car. You wont be charged with a felony but your credit will be ruined and you will not be approved for a new loan for a very long time....if ever again.
2016-05-23 05:42:15 · answer #7 · answered by susanna 3 · 0⤊ 0⤋
I don't know your laws, but I,m sure you can find those out. Communication with the company that had the car repo'd is your best route. They would probably like to get it resolved as much as you do.
2007-11-14 16:10:52 · answer #8 · answered by southwest 3 · 0⤊ 0⤋
Hopefully you have a contact # call them they will let you know how much it will be arrears plus towing storage and misc that adds up to a bunch.
2007-11-14 16:11:32 · answer #9 · answered by james v 2 · 0⤊ 0⤋
Most banks / lenders will give the car back with the loan paid up to date. call and explain if they so no, say youll go bankrupt then
2007-11-14 16:09:33 · answer #10 · answered by mom of 2 2 · 0⤊ 2⤋