OC Refusing Vehicle Surrender

Key question: is it legal for them to refuse a voluntary surrender?
Anybody else know?

 

I don't know if its illegal for them to refuse, but you may end up paying more money by giving it back than by keeping it and paying the note, unless you can get them to settle for way less than the deficiency or payoff amount.

Check out your state's laws on car repossession.

I have known people that voluntarily surrendered their car at the dealership where they bought it.

 

Find their local branch or affiliate and drop that baby off smack dab in front of their door!

Drop the keys in their mail box and then send their attorney a certified letter telling him you voluntarily surrendered the car at their place of business. LOL!!

On another note, this car must be a real piece of crap if they aren't even willing to repo it for some money, of course I mean this out of no disrepect to you.

Then again maybe this is good that they don't want to repo it, that way a repo will not be on your CR, just a charge off which is a heck of alot better in my opinion.

Tac

 

I have a car that the bank refused to reposess when we filed BK. It was broken at the time and they said that I had made enough payments that they would rather just write it off. I think we calculated that I had paid almost the entire principal amount I bought the car so they lost the interest. It would cost more to repo and repair it than they could sell it for.

I was told by the DMV that if I didn't want it I could file a seller's report indicating that the buyer was the bank and leave it pretty much anywhere. The seller's report would release me from any liability. I actually still have the car though. The bank agreed to let me keep it but won't release the title so at least I got to keep my car.

Kim

 

I've known several individuals who were in the same situation after a bankruptcy. In one case, the car was still worth $9000, but the dealer never repo'ed it after the discharge. The woman drove it around for 5 years and finally sold it.

It always amazes me that lenders don't pick these cars up. I'm not just talking about a $500 junker... I've seen it happen to many $5000+ cars.

Depending on the laws of your state, you can eventually apply for a new title to the car and then sell it.

 

You need to talk to a lawyer in your state. My guess is that you have no right to have your car repossessed. The lender can elect to sue you on the balance due without taking the car back.

The other thing you should look into is whether your state has a lemon law that might allow you to go after them. Another reason to see a lawyer.

 

Interesting situation, I am currently debating on how to handle a charge off on a vehicle.

The balance owed is 2,600 and I might be able to sell the car for 1,000, it runs but needs paint.

My question is has anybody ever negotiated a sale of a vehicle for less than the amount owed?

The loan went into default in 96 and car has been in storage for a couple of years.

Currently both the OC and a CA (palisades) are reporting this.

Also just got back updated TU report that has the palisades account marked as "the following item is suppressed pending credit grantor update"

I have not disputed this item yet?? what gives?

I know this is a large bunch of questions and I am sorry if anyone is offended by the highjacking.....

Thankyou in advance for any responses.

 

Looking at this from a different angle so bear with me....

What is wrong with the car? How much will it take to fix it? Do you have a friend who might be mechanically inclined enough to look at it?

My thought process is that if it truly is beyond repair, I agree, drop it off on their doorstep.

But what if it's something simple like an alternator or even a belt? You might not want the car but you could possibly pay for the repairs and sell it outright and avoid any further mess.

Just tossing out ideas.

Good luck!
Shelley

 

FYI,

If you file bk and the creditor won't release the lien, nor repo the vehicle, have your attorney file a "motion to compel abandonment"

This will require the lender to either release the lein, or pickup the vehicle.

 

1) Take the car down to the bank's main branch and park it directly in fron of the entrance.

2) Run into the bank and throw the keys toward a representative.

3) Run out


That's what I'd do....

 

Any updates?

 

Well, this won't help the OP but since Tac and Edoggie had the drop off suggestion I though I'd share a guy that dropped off a vechicle in style!
It was the late 70's and the bank I worked for did a lot of equipment and operating loans for farmers. A farmer got in too deep and the loan officer told him to bring in the John Deere combine. BIG MISTAKE!
The farmer wheeled that sob into the bank parking lot at about 25mph {which is flying for a combine} and stuck it in the overhang of the drivethrough window.Plus, he had all of the attachments-well, attached.He got down and walked to a storm sewer and chunked the keys down the drain.
We called the only JD dealer in the county. After the owner quit laughing, he sent a mechanic to take a look. In the meantime, the city said not only no but hell no to tearing open the drain.
THe mechanic took one look and pointed out the thing was so wedged in that we'd tear down our drive through trying to drive it out. He and 2 other guys worked until 8 P.M. taking all of the crap off and then flattened the tires so a big wrecker could drag it out and from there to a flatbed. They never teach stuff like that in Money & Banking classes!

 

I like his style!

 

This reminds me of the joke about the guy working in the oil fields.
Seems he dropped his hammer down the shaft of the oil well.
It cost the drilling company $100,000.oo to fish the hammer out of the well.
When they got it out his boss handed him the hammer and said you're fired.
The guy looked his boss in the eye and replied in that case I won't be needing this any more and tossed the hammer back down the well.


The END ************************* LB 59

 

Reminds me of the guy who hid his vehicle from the repo men. Then deciding he did a bad thing, mailed them pieces of the car. (True Story) He took the car apart and at the very end (with the big stuff) he left items in their parking lot with a note where they came from. Eventually, they found the rest of the car, sued him and won in court. How did I find out you ask? I was waiting for my case to be heard and his was before mine. (I won too)

 

Hrrrr!! Repo Men, let me tell you my experience with them.


My wife's friend had repo men and collection people showing up at her work constantly, looking for the car or begging to know where it is.

My wife's friend taunted them by mailing them photographs of the car and adding silly remarks to them.

I knew alot about this since my wife also worked with this woman and my wife told me these people were bugging the heck out of her daily about either my wife knowing where this car is or them thinking my wife was this person.

That all ended the day my wife told me one of the repo guys flashed her a badge and told her "my wife" she would be arrested if she didn't disclose the whereabouts of the vehicle.

Wrong move....My wife paged me...in my spare time not doing credit repair I am a Police Officer. The 14033 at the end of my name here on CN is my Badge Number.

I called the local PD in the area where she worked and they quickly put an end to that and them showing up.

It was learned the badge was that of a Bail Agent, where he did that on the side.

His charges are still pending, over a year now, for impersonating a public servant. Bail Agents do not have powers of arrest over the general public, only over the people who skipped bail.

Last time I checked my wife wasn't on bail. He did a very stupid thing and admitted it to the cops when they contacted him. He said he was only trying to scare my wife into telling him where the car was.

Hmmm..now thats a new tactic, since this guy is considered in my state as well as federal to be operating under the laws of a collection agency
where in the FDCPA does it state violating a person's constitutional rights by arresting him??

I do plan on suing this collection agent once his criminal charges are disposed of.

PS since this happened they not only have stopped trying to get the car but my wife's friend hasn't heard one word from a CA or OC in over a year.

Think their afraid of a lawsuit over this, doesn't sound like a clean and legal repo to me, I bet the OC is shaking on this one.

Tac