Reposession, please help?

Question

does anyone have Wachovia Dealer Services as their finance lender? if so, they are going to f***k you long term... i recently lost my job two months ago and i called Wachovia and told them that i wasn't currently working and ask them to give me a defernment. Wachovia told me that i didn't qualify, due to me being a new customer. i'm now two months behind on my payments and Wachovia sends me a letter, stating that my vehicle has been reposessed and it will be reported to the 3 credit bureaus in 30 days. i was only two payments behind. i didn't think it was possible for a vechicle to be reposessed if behind on two payments. they didn't even report me 60 days late on my credit. can i fight this? i don't want my credit destroyed!! is their such an attorney that handles cases such like this? please help.

Answer 1

This is within the legal rights of the lender.

Depending on their terms and conditions they can repossess a vehicle any time you are behind on the payments, they will not normally report it to the credit bureaus until you are 90-days behind.

There is nothing to fight, you missed two payments already, unless you can bring the account up to date before 90-days, you are stuck.

What you need to understand is if you let this happen the lender will sell the vehicle at auction for less then it's worth and come after you for the difference plus all fees for the repossession, towing, storage, reconditioning, interest and lawyers, this will amount to several thousand dollars and they can take you to court and get a judgment, 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.

All of this activity will show on your credit for the next 7-years making it very hard to get any other types of loans without paying massive down payments, huge fees and State maximum interest rates.

You would be a lot better selling it and getting a loan for the balance if you can.

Answer 2

There does not seem much that a lawyer could do for you. It would probably be better to use the money that a lawyer would require and try and get back on track for your Vehicle. Because the fact of the matter is that you took out a loan. You then became delinquent. The reason you became delinquent is meaningless.

Now, the bank could technically repossess a car the first time you get in default. However, because of the expense involved most will wait until you are 90+ days delinquent. They would not send you a letter stating it was repossessed. When they repossess a vehicle they physically come and get it. It actually sounds like they are giving you a warning that they WILL repossess the vehicle in 30 days(which then becomes 90 days late), if you do not get even with the loan.

But you need to do what ever it takes to keep this from happening. Once they repossess the vehicle, that is only the beginning of your problems. They will sell the car for much less than the loan balance. You will then become responsible for the remaining amount. Since you said this is a new loan, that could be several thousand dollars. If you do not pay this amount back they could file a suit against you for the money.

Answer 3

You took the loan, which means you have the responsibility to pay the loan. Well you lost your job, do you not collect unemployment? If you do not have a stable paying history as a new customer no they will not take a chance on deferment, and they should not. You have no case as you have done this to yourself, no there is no attorney that will take this as they would be laughed out of the courtroom, and sorry but yes your credit will take a huge hit. You're choices are either pay them, or lose it all.

Answer 4

Terms of repossession are outlined in the paperwork that was signed. You were not screwed by your lender.