Welcome to NESR! Most features of this site require registration, including replying to threads, sending private messages, starting new threads, and uploading files. Click here to register.

Results 1 to 17 of 17

CAR REPO

  1. #1
    Member PMPDVL's Avatar
    Join Date
    Apr 2007
    Location
    CRANSTON, RI
    Posts
    75

    CAR REPO


    my idiot cousin just had his new car repo'ed after not paying for it for supossedly 4 months...now what happens? im sure he is still gonna have to pay...but how much? this is all new to me, anyone have any input.

    thanks!

    0 Not allowed! Not allowed!

  2. #2

    Re: CAR REPO

    he can call the bank the loan is from and try and make a deal with them but they want the money. he is screwed in the long run.

    0 Not allowed! Not allowed!

  3. #3
    Administrator Frankenstein's Avatar
    Join Date
    May 2001
    Location
    Danville, NH
    Age
    45
    Posts
    10,789

    Re: CAR REPO

    The bank will auction the car for well less than it's worth, and then come at him for the balance. Fun.

    0 Not allowed! Not allowed!

  4. #4

    Re: CAR REPO

    what kind of car is it i might have to keep a eye out for it.

    0 Not allowed! Not allowed!

  5. #5
    Member
    Join Date
    Jun 2007
    Location
    Ma
    Posts
    215

    Re: CAR REPO

    first find out who the loan is with. If it is from one of the big 3 finance companies..(ford credit, GMAC, etc), then he might be able to get away with paying the outstanding balance and the repo fees. Then the company will get him a letter to allow him to get it back from the repo company.

    When I worked for ford they would allow this, called it a reinstatement.
    If you can let me know what finance company it is I might be able to help.

    0 Not allowed! Not allowed!
    I like cats.......but I can't eat a whole one by myself.

  6. #6
    Member PMPDVL's Avatar
    Join Date
    Apr 2007
    Location
    CRANSTON, RI
    Posts
    75

    Re: CAR REPO

    ITS A 07 BLACK ALTIMA....HE IS PRETTY SURE THAT THE FINANCE COMPANY IS AMERICREDIT??

    0 Not allowed! Not allowed!

  7. #7
    Member
    Join Date
    Jun 2007
    Location
    Ma
    Posts
    215

    Re: CAR REPO

    Quote Originally Posted by PMPDVL View Post
    ITS A 07 BLACK ALTIMA....HE IS PRETTY SURE THAT THE FINANCE COMPANY IS AMERICREDIT??
    have him call an see if they will reinstate the loan. Usually they will do this, for the payment of the outstanding amount to date, plus the repo fees. Then they usually put him on a strict schedule, where the payments need to either be wired in,(Western union, moneygram) or paid in advance of the due date.

    Check to see when the car was picked up, and what state the loan is governed by. Some states mandate a reinstatement process, others mandate a 10 day holding period berore they ship it to sell at the auction.
    Either way get on it fast. if they sell it at auction they will probably only get about 1/2 the value, and he will still have to pay the full loan.

    0 Not allowed! Not allowed!
    I like cats.......but I can't eat a whole one by myself.

  8. #8
    Crash test dummy
    Join Date
    Sep 2007
    Location
    Central Mass
    Posts
    133

    Re: CAR REPO

    If the car was popped in Mass and was traken from private property that he owned or rented (must be exclusive parking spot) it was an illegal repo. Also if there was a breach of the peace during the repo it was illegal. If it was a legal pop its up to the bank to either call in the whole loan or demand back payments and repo fees. The fees are normally about $500.00

    0 Not allowed! Not allowed!

  9. #9
    Member
    Join Date
    Jun 2007
    Location
    Ma
    Posts
    215

    Re: CAR REPO

    Quote Originally Posted by CBRGuru View Post
    If the car was popped in Mass and was traken from private property that he owned or rented (must be exclusive parking spot) it was an illegal repo. Also if there was a breach of the peace during the repo it was illegal. If it was a legal pop its up to the bank to either call in the whole loan or demand back payments and repo fees. The fees are normally about $500.00
    I dont believe that this is true in MA..... they can repo from any public or private location, as long as thier access is not locked. They cant break a lock, be it a chain locked across the drive, or a garage door.
    But check into it, if it was an illegal repo then they have to return the car to you....good thinking....always worth a check.

    0 Not allowed! Not allowed!
    I like cats.......but I can't eat a whole one by myself.

  10. #10
    Senior Member pasta-rocket's Avatar
    Join Date
    Oct 2006
    Location
    Vero Beach, FL
    Age
    46
    Posts
    746

    Re: CAR REPO

    In NH The bank legally has to hold the vehicle for 10 days so that the owner has a chance to pay the loan up to date.

    0 Not allowed! Not allowed!

  11. #11
    Changes come butcher bergs's Avatar
    Join Date
    Jul 2007
    Location
    the humbling river
    Posts
    12,518

    Re: CAR REPO

    His credit score just took a huge dive.

    I had one late payment in 10+ years and they took 80 points out of my score for that one....I can only imagine what 4 late payments would do.

    Tell your cousin to buy a car he can actually afford....that might help avoid these situations in the future.

    0 Not allowed! Not allowed!

  12. #12
    Lifer TIMMYDUCK's Avatar
    Join Date
    Feb 2003
    Location
    The 14th State Vermont
    Posts
    1,583

    Re: CAR REPO

    It's going to hurt a lot worse if he doesn't pay up and get it back.

    Say he owes 20K on it.

    At auction it sells for 5K. He is responsible for that other 15K and has no car to show for it.

    0 Not allowed! Not allowed!
    TIMMYDUCK

  13. #13
    Crash test dummy
    Join Date
    Sep 2007
    Location
    Central Mass
    Posts
    133

    Re: CAR REPO

    Quote Originally Posted by noudidnt View Post
    I dont believe that this is true in MA..... they can repo from any public or private location, as long as thier access is not locked. They cant break a lock, be it a chain locked across the drive, or a garage door.
    But check into it, if it was an illegal repo then they have to return the car to you....good thinking....always worth a check.
    Its def. true. Spent 5 years in the repo business and had to give back two units after infringing on that law. Hardly nobody knows the law, but if the debtor calls a lawyer they find out. If the repo man duped you into giving him your keys it probably won't hold up, cause the repo man can claim you gave consent by surrendering keys.

    0 Not allowed! Not allowed!

  14. #14
    Lifer TIMMYDUCK's Avatar
    Join Date
    Feb 2003
    Location
    The 14th State Vermont
    Posts
    1,583

    Re: CAR REPO

    I have access to ManhiemOnline, so if it does go to auction I can track it for you .

    0 Not allowed! Not allowed!
    TIMMYDUCK

  15. #15
    Lifer daviid's Avatar
    Join Date
    Oct 2004
    Location
    Plantsville, CT
    Age
    36
    Posts
    2,002

    Re: CAR REPO

    Quote Originally Posted by TIMMYDUCK View Post
    It's going to hurt a lot worse if he doesn't pay up and get it back.

    Say he owes 20K on it.

    At auction it sells for 5K. He is responsible for that other 15K and has no car to show for it.
    that varies by the state

    in CT they have to give you Fair Market Value for the vehicle. my brothers truck had 22k on the loan. they sold the truck for 10k. they had to give him a 8k credit for FMV.

    0 Not allowed! Not allowed!
    David King | ASRA/CCS/WERA SE EX #484

    "Any society that would give up a little liberty to gain a little security will deserve neither and lose both."
    -Benjamin Franklin

  16. #16
    Lifer TIMMYDUCK's Avatar
    Join Date
    Feb 2003
    Location
    The 14th State Vermont
    Posts
    1,583

    Re: CAR REPO

    That's good Attorney General Blumenthal is a very fair guy to the consumer in CT.

    The dealer or wholesaler who bought the car at auction still profits greatly.

    0 Not allowed! Not allowed!
    TIMMYDUCK

  17. #17
    Angry Gumball RandyO's Avatar
    Join Date
    Jul 2001
    Location
    Farmington, NH
    Age
    67
    Posts
    13,827

    Re: CAR REPO

    many many solar circumnavigations ago I worked a year for a wrecker company , bank s would courier paperwork to us, we would track down location of car and repo it, our favorite method was to follow the vehicle to work, then repo it at work, cause usually they had them blocked from access at home but if they stopped as a convenience store along the way, we'd grab the car when they went into the store, ya, we were assholes , but they paid us good money, then we stored it, made good money for storing too

    0 Not allowed! Not allowed!
    RandyO
    IBA#9560
    A man with a gun is a citizen
    A man without a gun is a subject

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •