Repo Your Car

[aviddigi]

Just wanted to see if anyone has had problems ( money wise ) where the repo man has had to come and pay a visit. My cousin has just separated ( honarbly ) from the military and has had a tough time finding a job. He has gone about 2 months plus late fees delinquent on the payments of his car and the dumb ass never answers his phone when the collectors call. He finally took some advice and called them up to explain the situation as is he is now working two jobs ( one full time one part time ) and will send what he can to make things right. They have not said anything back in writing or by phone, so he?s worried that his car will get yanked in the middle of the night.

He google?s a bunch of repo stuff and finds out that they can not come into your garage to get the car. but they can get him somewhere else correct ? He works at a secure place during the day where regular people can not get into without a security badge, also with the second job which is at the airport.

So im just looking for some experiences because everyone has had hard times before, but I don?t know about this hard.

Thanks

 

[cheesewhiz]

Part of owning property on loaned money is the responsibility. I hate to be an arse here, but if he couldn't afford the car for a couple months after his job split, he shouldn't have had it in the first place. If you're living paycheck-to-paycheck and paying for a new car, you're stretched beyond your means. He should have seen this coming, sold the car, cut his losses, and got a car he could afford to keep while looking for a job. It's unfortunate, I agree, but if I was loaning 30,000 dollars and suddenly the payments stopped, I'd want my property back, too.

Also, when you say "has just separated from the military" it doesn't make it sound any better. "Was honorably discharged..." says, "ok, that's cool." When you see "was separated" we think, "well, damn, what did he screw up there too?"

/done ranting. had a bad day.
//even if you do everything right, something will f you up the a when you least expect it. that's why you build nest eggs.

 

[aviddigi]

I was in to so i will edit that, he was honorably discharged and also caught some bullets. Dont get me wrong that does not mean he cant pay bills !

We all know he f^&$ed up , just looking for poeple that may have been in this situation

 

[JulesMaximus]

Has he sent them any money at all? He needs to get on the phone and try to work with the creditor. Work out some payment plan to get him caught up and then keep paying the debt. Meanwhile he should think about selling the car if he cannot get caught up on the payments and/or cannot afford it. Either way his credit is screwed. He's doomed to years of driving Kias and cheap used Chevys at very high interest rates until he fixes his credit.

Just curious, what kind of car is this we're talking about here?

Edit-If it's a dealer loan they'll take the car back and resell it in a second. If it's a bank or credit union loan they are more likely to work with you to settle the debt. They are not in the used car business and would not want to take a loss on the deal since he probably owes more on the car than it's worth.

 

[aviddigi]

The car is just an eclipse 2000 or 2001 i think, he said he could have everything paid up by the end of the month or atleast 80% of it which he is only two months behind plus the late fees.

Edit: no dealer loan, i guess it may be, its triad finacial corp and i think they loan to alot of dealers or poeple in general.

 

[robphelan]

the banks would rather have some money than no money + a car they have to sell.

Also if he owe's 10k on the car, the bank repo's it and sells it for 8k, your friend will wind up owing the bank the 2k difference

 

[funboy6942]

Originally posted by: robphelan
the banks would rather have some money than no money + a car they have to sell.

Also if he owe's 10k on the car, the bank repo's it and sells it for 8k, your friend will wind up owing the bank the 2k difference

Thats where you wrong and why they will give a loan to every tom dick and harry.
The banks would rather get your car from you because chances are you over paid, put a good ammount down, then when you default can resell it once again to another dead beat but because they didnt get all for the loan will sue you for what they didnt get. They will get thier money and you will have to pay fo rthe repo charges as well.

So they made money off the down payment, off your payments you made, then default on the loan they keep all you paid, sell the car for what ever they can, then come at you for the rest. The car then gets resold and chances are gets done like this again.

With the new BK laws its even better for banks because you cant wipe out the load with a chapter 7 unless you fit under some restrictions so they are guarenteed to get your money through 13 but takes a little longer. But point is they will continue to make bank if you pay or not they get thiers.

 

[QuitBanningMe]

Originally posted by: funboy42

Originally posted by: robphelan
the banks would rather have some money than no money + a car they have to sell.

Also if he owe's 10k on the car, the bank repo's it and sells it for 8k, your friend will wind up owing the bank the 2k difference

Thats where you wrong and why they will give a loan to every tom dick and harry.
The banks would rather get your car from you because chances are you over paid, put a good ammount down, then when you default can resell it once again to another dead beat but because they didnt get all for the loan will sue you for what they didnt get. They will get thier money and you will have to pay fo rthe repo charges as well.

So they made money off the down payment, off your payments you made, then default on the loan they keep all you paid, sell the car for what ever they can, then come at you for the rest. The car then gets resold and chances are gets done like this again.

With the new BK laws its even better for banks because you cant wipe out the load with a chapter 7 unless you fit under some restrictions so they are guarenteed to get your money through 13 but takes a little longer. But point is they will continue to make bank if you pay or not they get thiers.

Maybe at buy here pay here lots but bank owned cars go to auction You have to be pretty far into the loan for them not to lose money.

 

[QuitBanningMe]

and yes the repo man will pick up your car wherever he can........

 

[funboy6942]

Originally posted by: QuitBanningMe

Originally posted by: funboy42

Originally posted by: robphelan
the banks would rather have some money than no money + a car they have to sell.

Also if he owe's 10k on the car, the bank repo's it and sells it for 8k, your friend will wind up owing the bank the 2k difference

Thats where you wrong and why they will give a loan to every tom dick and harry.
The banks would rather get your car from you because chances are you over paid, put a good ammount down, then when you default can resell it once again to another dead beat but because they didnt get all for the loan will sue you for what they didnt get. They will get thier money and you will have to pay fo rthe repo charges as well.

So they made money off the down payment, off your payments you made, then default on the loan they keep all you paid, sell the car for what ever they can, then come at you for the rest. The car then gets resold and chances are gets done like this again.

With the new BK laws its even better for banks because you cant wipe out the load with a chapter 7 unless you fit under some restrictions so they are guarenteed to get your money through 13 but takes a little longer. But point is they will continue to make bank if you pay or not they get thiers.

Maybe at buy here pay here lots but bank owned cars go to auction You have to be pretty far into the loan for them not to lose money.

But see you missed the point where they go to auction get what they can then they WILL come after you for the rest. So unless you file for Chapter 7 or 13 they will take you to court for the remaining ballance. They dont just auction the car and give up. Used to be a finance manager for my fathers car lot and for a motorcycle shop when the fly by night loan companies were starting out charging 53% intrest (yes 53%).

It is actually harder or worse for the pay as you go because everything they do they have to back up. If its pay as you go its most likely privatly owned so they would have to pay out of pocket one for the car, for flaoting the loan and if you default on the loan will have to pay out of pocket to have it repoed, sent to auction, and then if they have the funds hire an attorny to take you to court to recover the ballance which in most cases they do not. If you do a bk on a pay as you go loan that can cripple that person and go out if he gets to many bad apples doing that.

Banks its no big deal they always have bad loans and in some cases are required to approve loans even though they know the person getting the loan will screw them acording to thir credit report. Big banks have the resources, contracts with tow truck compaines and repo men because they do hundreed of these a month. Plus your banks are corp backed so they have the funds to take it all the way if needed.

 

[Budmantom]

If he is only 2 months behind he should be able to get caught up with the 1st paycheck, especiall with a 00-01 Eclipse.


Tom

 

[sourceninja]

Not sure about where you live, but look into collection laws. In Indiana they have to go 30 days without any payment of any kind before they can repo. So he could pay 10.00 a month, he could still get sued, but they can't repo the car. I worked collections durring a slump in IT work. You feel bad for the 1-2 people you talk to who really are having a bad time, but you get jaded by the 100's that are just straight up dead beats.

If he's serious about not being a dead beat, he should really work about a payment plan with them. Sometimes they can do plans where you make 3 payments slightly higher then normal and they remove a full payment off your balance to get you caught up. But most guys will work with you (every payment is closer to a bonus/commision for them) as long as your nice, and KEEP calling them back. Dont wait for them to call you. If they think you are going to hide, run, or not pay, they will get that car.

 

[Ausm]

The Repo man came for my Ex's car...she was trying to hide but I lead him to her lair 😀

BWHAHAHAHAHAHAHAHAHAHAHAH!


Ausm

 

[funboy6942]

Originally posted by: Ausm
The Repo man came for my Ex's car...she was trying to hide but I lead him to her lair 😀

BWHAHAHAHAHAHAHAHAHAHAHAH!


Ausm

I hope that when you did that you got some cash😉
People dont know this but if you know someone that is hiding the vechile if you nark you will make a few bucks for rating them out. Just need to find out who has the note and give them a call and say "hey your looking for joe blow well I know him and where he and the cars usually at for a fee."

 

[QuitBanningMe]

Originally posted by: funboy42

Originally posted by: QuitBanningMe

Originally posted by: funboy42

Originally posted by: robphelan
the banks would rather have some money than no money + a car they have to sell.

Also if he owe's 10k on the car, the bank repo's it and sells it for 8k, your friend will wind up owing the bank the 2k difference

Thats where you wrong and why they will give a loan to every tom dick and harry.
The banks would rather get your car from you because chances are you over paid, put a good ammount down, then when you default can resell it once again to another dead beat but because they didnt get all for the loan will sue you for what they didnt get. They will get thier money and you will have to pay fo rthe repo charges as well.

So they made money off the down payment, off your payments you made, then default on the loan they keep all you paid, sell the car for what ever they can, then come at you for the rest. The car then gets resold and chances are gets done like this again.

With the new BK laws its even better for banks because you cant wipe out the load with a chapter 7 unless you fit under some restrictions so they are guarenteed to get your money through 13 but takes a little longer. But point is they will continue to make bank if you pay or not they get thiers.

Maybe at buy here pay here lots but bank owned cars go to auction You have to be pretty far into the loan for them not to lose money.

But see you missed the point where they go to auction get what they can then they WILL come after you for the rest. So unless you file for Chapter 7 or 13 they will take you to court for the remaining ballance. They dont just auction the car and give up. Used to be a finance manager for my fathers car lot and for a motorcycle shop when the fly by night loan companies were starting out charging 53% intrest (yes 53%).

It is actually harder or worse for the pay as you go because everything they do they have to back up. If its pay as you go its most likely privatly owned so they would have to pay out of pocket one for the car, for flaoting the loan and if you default on the loan will have to pay out of pocket to have it repoed, sent to auction, and then if they have the funds hire an attorny to take you to court to recover the ballance which in most cases they do not. If you do a bk on a pay as you go loan that can cripple that person and go out if he gets to many bad apples doing that.

Banks its no big deal they always have bad loans and in some cases are required to approve loans even though they know the person getting the loan will screw them acording to thir credit report. Big banks have the resources, contracts with tow truck compaines and repo men because they do hundreed of these a month. Plus your banks are corp backed so they have the funds to take it all the way if needed.

and how often do they get the balance? Most people don't pay it.

 

[funboy6942]

Originally posted by: QuitBanningMe

Originally posted by: funboy42

Originally posted by: QuitBanningMe

Originally posted by: funboy42

Originally posted by: robphelan
the banks would rather have some money than no money + a car they have to sell.

Also if he owe's 10k on the car, the bank repo's it and sells it for 8k, your friend will wind up owing the bank the 2k difference

Thats where you wrong and why they will give a loan to every tom dick and harry.
The banks would rather get your car from you because chances are you over paid, put a good ammount down, then when you default can resell it once again to another dead beat but because they didnt get all for the loan will sue you for what they didnt get. They will get thier money and you will have to pay fo rthe repo charges as well.

So they made money off the down payment, off your payments you made, then default on the loan they keep all you paid, sell the car for what ever they can, then come at you for the rest. The car then gets resold and chances are gets done like this again.

With the new BK laws its even better for banks because you cant wipe out the load with a chapter 7 unless you fit under some restrictions so they are guarenteed to get your money through 13 but takes a little longer. But point is they will continue to make bank if you pay or not they get thiers.

Maybe at buy here pay here lots but bank owned cars go to auction You have to be pretty far into the loan for them not to lose money.

But see you missed the point where they go to auction get what they can then they WILL come after you for the rest. So unless you file for Chapter 7 or 13 they will take you to court for the remaining ballance. They dont just auction the car and give up. Used to be a finance manager for my fathers car lot and for a motorcycle shop when the fly by night loan companies were starting out charging 53% intrest (yes 53%).

It is actually harder or worse for the pay as you go because everything they do they have to back up. If its pay as you go its most likely privatly owned so they would have to pay out of pocket one for the car, for flaoting the loan and if you default on the loan will have to pay out of pocket to have it repoed, sent to auction, and then if they have the funds hire an attorny to take you to court to recover the ballance which in most cases they do not. If you do a bk on a pay as you go loan that can cripple that person and go out if he gets to many bad apples doing that.

Banks its no big deal they always have bad loans and in some cases are required to approve loans even though they know the person getting the loan will screw them acording to thir credit report. Big banks have the resources, contracts with tow truck compaines and repo men because they do hundreed of these a month. Plus your banks are corp backed so they have the funds to take it all the way if needed.

and how often do they get the balance? Most people don't pay it.

Most dont pay it because they file chapter 7 which that is soon going to be over for most people except the trully down and out. Other then that if they dont file or have filed before and cannot they will be taken to court and then the courts will garnish thier pay checks getting the banks thier money. The days of not paying and just doing a bk is almost to an end forcing the true dead beats to pay or get sued.

 

[J0hnny]

Just make it hard for them to repo. Turn all tires inward or outward when you park. Keep the sucker parked in between cars or with obstacles that could block a tow truck. Use the autolock (thing witht he clutch/brakes). Heck, chain / tie the car to a freagin tree or lamp post or tree!

 

[QuitBanningMe]

Originally posted by: funboy42

Originally posted by: QuitBanningMe

Originally posted by: funboy42

Originally posted by: QuitBanningMe

Originally posted by: funboy42

Originally posted by: robphelan
the banks would rather have some money than no money + a car they have to sell.

Also if he owe's 10k on the car, the bank repo's it and sells it for 8k, your friend will wind up owing the bank the 2k difference

Thats where you wrong and why they will give a loan to every tom dick and harry.
The banks would rather get your car from you because chances are you over paid, put a good ammount down, then when you default can resell it once again to another dead beat but because they didnt get all for the loan will sue you for what they didnt get. They will get thier money and you will have to pay fo rthe repo charges as well.

So they made money off the down payment, off your payments you made, then default on the loan they keep all you paid, sell the car for what ever they can, then come at you for the rest. The car then gets resold and chances are gets done like this again.

With the new BK laws its even better for banks because you cant wipe out the load with a chapter 7 unless you fit under some restrictions so they are guarenteed to get your money through 13 but takes a little longer. But point is they will continue to make bank if you pay or not they get thiers.

Maybe at buy here pay here lots but bank owned cars go to auction You have to be pretty far into the loan for them not to lose money.

But see you missed the point where they go to auction get what they can then they WILL come after you for the rest. So unless you file for Chapter 7 or 13 they will take you to court for the remaining ballance. They dont just auction the car and give up. Used to be a finance manager for my fathers car lot and for a motorcycle shop when the fly by night loan companies were starting out charging 53% intrest (yes 53%).

It is actually harder or worse for the pay as you go because everything they do they have to back up. If its pay as you go its most likely privatly owned so they would have to pay out of pocket one for the car, for flaoting the loan and if you default on the loan will have to pay out of pocket to have it repoed, sent to auction, and then if they have the funds hire an attorny to take you to court to recover the ballance which in most cases they do not. If you do a bk on a pay as you go loan that can cripple that person and go out if he gets to many bad apples doing that.

Banks its no big deal they always have bad loans and in some cases are required to approve loans even though they know the person getting the loan will screw them acording to thir credit report. Big banks have the resources, contracts with tow truck compaines and repo men because they do hundreed of these a month. Plus your banks are corp backed so they have the funds to take it all the way if needed.

and how often do they get the balance? Most people don't pay it.

Most dont pay it because they file chapter 7 which that is soon going to be over for most people except the trully down and out. Other then that if they dont file or have filed before and cannot they will be taken to court and then the courts will garnish thier pay checks getting the banks thier money. The days of not paying and just doing a bk is almost to an end forcing the true dead beats to pay or get sued.

No most simply don't pay it. The only 7 involved is the bad credit they have for the seven years after.

 

[funboy6942]

So then your saying they dont pay, go to court, are then forced to pay and they dont and nothing happends? Granted if you dont pay you wont get taken to court right away but you will be taken to court one day you dont expect thinking you got away with it. And if you go to court and dont pay you can go to jail so I dont see how your saying they dont pay. at some point they will have to no matter what unless they do a BK.

OH and not paying will be on your credit and if you do it enough you wont ever get credit fo rht e7 years it stays on so not paying and being a dead beat or filing for a BK your credit is still screwed up. Only thing about doing a bk is right after it is closed you can get a car and a credit car loan and mess it all up again. You can even get a house loan but have to wait 1 year to the day it closes. Also forget getting the home loan if within that year you messed your credit up again.

So which is really better not paying and just being a dead beat and never being able to obtain any kind of loan at all or file for BK, wipe it all out with a chapter 7, then once its closed (6 months) be able to screw your credit all over again? I did a chapter 7 myself because of the doctor bills, REPO, and a slew of other stuff we lost after I got hurt. But we have since never messed it up, got a small credit limit of $300 on one card only, and our credit is now perfect again. I have learned my lessons not to take life so granted and will no longer buy anything on credit again and that includes another car. If I cant get it for cash I save it up or buy something cheaper, used, or not at all.

And sorry OP for getting off track but hopefully some of this you can use or understand.