Had van financed through Americredit. They repo'd it on Sat. afternoon. I received a letter today saying it will be sold 10 days from date of notice (which is dated 10/6). You can redeem your account, including expenses, in order to get vehicle back anytime before it is sold. I can call toll free number for more info on sale. They want the complete balance due plus repo fees, etc. I thought you were offered a chance to make up missed payments plus extra repo fees, etc and get it back. Nope...they want it all!! They can have the damn thing...They are the worst people to ever do business with. They will bleed you dry! Miss a payment and they will call you several times a day! There before they repo'd it I would get probably 10 to 15 calls everyday from them! Everyone you talk to on the phone is rude. They dont give a damn if you are having some money problems. Once you fall behind its almost impossible to catch up. Since they didnt mention making up late payments, I guess I dont really have a chance on getting it back. Like Ive got $9500 sitting around ready to send to them! How about some advice guys??
Americredit is a sub-prime lender. Put yourself in their shoes. They give 2nd-3rd chances to those who can't possibly get conventional financing. That being said, they do tend to play hardball. I can't completely blame them...they tend to deal with those who have either had financial problems in the past, or those who still don't have a grasp on their own finances. They'll lend you $, but on their terms and no deviation will be allowed. I'm not saying you fall into either category. Absolutely no offense intended. As far as options are concerned, you may just be stuck on this one. They have the van, you can't come up w/ the $$, and they're now forced to toss it into an auction and try to re-claim some of their money they lent. Simply business in this case. I do not work for them...or represent them in any way...aside from being a 2 time customer who knows how they like things done. DB
Kinda GEORGE.....more like: Those w/ the gold get to make the rules about who they give it to and what happens when their gold isn't given back when promised. Again..simply business. DB
how exactly do they come to repo the car, do they sneak up in the night like burglars, or do they come knock all nice and proper, or do they call and distract you ala the simpsons. I have never gotten a car repo'd and this isnt something i wanna try first hand but just am curious...
Most come during the night and just take it. When you call to report it stolen, the police tell you it was repo'd.
They came on a Saturday afternoon...the repo man, his wife and little kid in a car seat! They were just sitting at the end of my driveway when I came home to get a couple of things.
They won't get much for a van so expect them to come after you for the balance plus fees. These subprime car lots are sharks. My suggestion would be to move and change your phone number. Anything you can do to thwart them will result in them moving on to bigger fish. Unfortunately you will take a nasty hit on your report score. But that won't last long. Eventually it will rebound up again.
Re: Re: Car Repo'd I know that this is of absolutely no use to you now. But it is food for thought for anyone in a similar situation. When Subaru/Ford sent Repo Man to pick up my car, I refused to turn it over. He threatened that Subaru/Ford would sue me in what's called a replevin[/] action. I still refused and told Repo Man that I'd take my chances in court. If they sue, then so be it. But, in my negotiations with Experian, one of the employees said that Exp does not report any judgment over $5000 (or whatever the small claims limit is in other states). It might leave you on the hook for the judgment, but you'd be on the hook anyway. The benefit would be (depending on the amount of the judgment) that a repo wouldn't be on your report, at least as far as Experian's concerned.
Re: Re: Car Repo'd HAAAAAAA That has got to be the WORST advice from you yet (and that is saying alot) MOVE.. If he had the money to move he could have paid his car payment! WHAT A JOKE
Re: Re: Re: Car Repo'd I'm glad you like it But since you don't know the OP's current financial situation I'll wait for his/her response. *smooches*
Re: Re: Re: Car Repo'd If you can make the auction, if its open to the public bid on it my 9,000 dollar vehicle went for $50 bucks, it was all a sham.
Re: Re: Re: Re: Car Repo'd A SALE FOR $50 IS FRAUD (not an expert) I thought they had to get CLOSE to the TRUE VALUE (not necessarily what is owed...but its VALUE)---even if it was sold at 20% under VALUE...it still would NOT be $50
Re: Re: Re: Re: Car Repo'd OK- there's a lot of things that Americredit needs to do to make this repo nice and legal. Very doubtful that they'll follow them all. What state are you in? How long have you been paying on the car? Year, make, model? What was the original purchase price? The notice to redeem stated they had accelerated the loan so that you would need to pay it off 100% to get the van back?
Re: Re: Re: Re: Car Repo'd You are correct, George. They have to sell it for what is considered "fair market value".
Re: Re: Re: Re: Re: Car Repo'd I thought it had to be sold in a reasonably commercial manner - not necessarily for fair market value???
Re: Re: Re: Re: Re: Car Repo'd Repo'd cars are never sold for fair market value! Where are you guys getting that from? when my car was sold at auction, it was sold way below market value. then they tried to recoup the difference from me. Unfortunately, I moved and they couldn't find me, so...
Re: Re: Re: Re: Re: Car Repo'd I SAID "NEAR" THE VALUE...$50 IS NOT "NEAR" THE VALUE...(I'm not saying anything about RETAIL PRICE) DON'T THEY HAVE MINIMUM BIDS SET AT LIKE SOME PERCENTAGE OF THE "VALUE"...LIKE 50%??? It still is NOT $50
