Hi all. I was directed to this site after posting elsewhere... it looks as tho I was given excellant direction and will definitely be spending some time here. I need advice, somewhat urgently as I need to get an affidavit to the bank by 2/28. My car was repoed on Dec 2,2002. I called the bank to redeem it and arranged to pay what I owed plus addi. fees. But I did not have the extral $300 needed by auction house and didn't get it. I have had the repo company back at my house 5 times since then. The bank obviously "lost" the car. I received another notice of repo. intent to sell, and affidavit which I need to return by Feb 28. The IL Fair Lending act talks about the 60% rule which stated that the bank has 5 days to either forgo the defiensy , or return car to me and sue for balance. I know I have paid > 60%. Is my thinking appropriate in wanting to present this as a defense regarding thr affidavit and to get out of any defiency debt? I also saw that they have to sell it within a reasonable time, and quoted 60 days . The notice states it wil be sold after 3/6/03 which is 90 days. Again, is my thinking rationale. not selling in a reasonable time? thanks, Joan
Joann You ask some really good questions here. I'll try to help you with what I know but the person who can best handle this is Why Chat... As for the 60% rule- yes you are correct that in IL if you'd paid 60% of the original purchase price up until reposession they cannot then try to collect a deficiency balance if they took the car. That's the easiest avenue you could take. You could also question why it took so long to sell the car. Did they give you an EXACT date and time? What is this affadavit you're talking about? Is it for the Sec of State? I'm in Illinois, too and my car was repo'd this past August. Why Chat saved me having to pay over $10,000 in a false deficiency balance the lender was claiming, Welcome and good luck to you!
The affidavit I was referring to is for title transfer, and I probably do not need to respond to it, since I cannot pay for the car, I just do not want to be held responsible for the deficiency debt. The letter regarding the sale of the car just states MArch 6,2003 or theratfer in a private sale. This is the 2nd letter, the first the sale date was Dec26,2002, ar after , private sale. Since I called and asked about redemption and they sent a fax to the auction place for release, the bank ( I am guessing) thought I had redeemed it, but I did not due to additional charges from the auction place that i could not pay. A cuctomer sales rep tried to put the blame on me, saying I told them I was going to redeem it. So, I probably do not need to worry about a defieciency debt until tbey inform me, since they have not even sold it?? ALso . the bank keeps calling me about payments. I ak not paying anything since they have the car, this is correct? Thanks, Joan
