I need advice...quick! My sister was a month-and-a-half behind on her car payments. When the bank called her about this, she made arrangements to make the payment yesterday. She dropped off the payment at the bank's branch that she and the customer service rep agreed to at 10 am and at 3:30 pm, her car was repo'd from the parking lot at her office. She has a receipt from the bank noting payment, date, and time. Will she be able to get her car back?
hmm. This is what happened w/my car. They couldn't wait 3 days for a payment (yeah it was late). Anyhow... IF she takes the car back, make sure they won't report as a repo. I got my car back, have a few payments left now, but it still reports as a REPO. NOT as a good account. It sucks. Good luck
A month-and-a-half behind is not much to repo. Must be very strict finance company. I had one repoed quite awhile ago (took it from my place of employment) quite embarassing. I had to put all my belongings in the car in a garbage bag and take a cab home! But it was three or four months behind. The main thing is to act quickly. I followed the car wherever it went, ended up at another bank branch. I was damned if I was going to let it go. I did get it back but it cost me. You have to pay for all the expenses, towing or whatever, plus pay the overdue payments, and re-finance at a high interest rate. It was expensive but it did not go on my credit report as a repo. I think that was worth it all. I'll never let that happen again! Anyway, it can be a good lesson. LOL.
I would raise cain about that, especially if she'd made arrangements already--but you said she was going to bank ASAP to resolve this. Hope she has good luck. Was this a small bank or a large one? I just find it interesting that they went directly to repo after only a month--was it a high-risk loan or something? The other thing I find strange is that when my ex-husband got his car repo'ed, it took MONTHS; like 6+ months, in fact. I found this out because the collection rep from Nissan MAC called my parents' house looking for him and told my mother everything!!! (talk about a big disclosure no-no) Hope she got her car back; I can imagine how frustrating that must be.
It is a rather large bank...National City to be exact. It wasn't a high-risk loan, but she was late a year or so ago and maybe the just had enough.
She'll be able to get the car back no problem BUT be careful that they don't try to stick her with the repo fee's. A similar thing happened to me. I had an auto loan with American General Finance. I had made payments arrangements to pay my car 1 week late. Payment had to be in by Thursday 5pm. I went down there at 4:55pm and made a payment and had a receipt. I guess the teller thought it would be funny NOT to actually post my payment in the computer (luckily I had that receipt) and THE NEXT MORNING the car was GONE! I was FURIOUS to say the least. Keep in mind I had NEVER paid late and this was the first time making arrangements. I immediately had to spend 2 hours on the phone w/ several people until they decided that it was their error and I was not at fault. The cake was that THEY WANTED ME TO PAY THE REPO FEES TO GET THE CAR BACK! I had to spend another hour on the phone with some Executive to get that all reversed. Then that afternoon when I went down to get the car, none of this info was communicated w/ the tow yard, etc. So they were like, where's our money! Had to spend another HOUR on my cell phone (back in 96 cell phone plans sucked and it costed me a small fortune) to get that all straight. What a hassle.
National City....hmmmmm Here is what happened to friend of mine. She was behind in her payments.....same situation, she spoke to someone and told them she would be at a branch office first thing in the morning. They showed up at her grandmothers house to repo the car, as thats the address they had. They wanted the vehicle. She lived with her parents. So, they didn't get the car. The next day true to her word she made her payment. She was a payment behind......thats it it shocked me. To boot, she only had 4 payments left! When I was in college I was a collector for a major bank. I collected on autoloans. It was so much trouble to repo a car that it was a last resort. We only repoed when you were 2.5 payments past due, going on 3. The paperwork involved is unbelieveable, keys have to be ordered ect. I reside in PA, it is illegal for a repo agent to take a car from the consumers property. That is immediate grounds for a law suit. I have heard that National City is the worst company to deal with. The person that had the car repoed needs to contact them asap! Ask them how they can get their car back. More than likely, they will have to pay the repo fees, and bring the auto payment current.
Check the state law. MOST (not ALL) states have a three payment clause...meaning you MUST BE THREE payments late/due before a repo can take place. If she pays monthly, thats three months. Weekly would be three weeks. Also, if payment arrangements had been made they are not allowed to repo (unless payment arrangements had been made and broken before). You do have rights in this situation, I would look into this. Shawn
At the rate this economy is spiraling into bad land..I think that they willbe willing to do anything.
It's not the economy it's their greed! (I need to change what I said in the other post to ) ===We are only expected to pay for three mistakes:Ours,Theirs and other peoples! === Don't know about you but I make enough mistakes on my own without paying for theirs!! ^^^^^
fees, and bring the auto payment current. [/B] [/QUOTE] The loan was current -they didn't repo it they stole it: I would be tempted to report it to the police as stolen.You don't pay a theif repo fees for stealing your car!
If you report it as stolen, the police dept will check, they will be able to see it was repo-d and they'll do nothing.
I have always said if my car ever comes up missing I will report it stolen >I would not make an exception in this case.I would file the police report and let the chips fall where they may:!
I agree with your comment 100% You made the payments as outlined in your agreement with the bank. the next question, is did they tell you that your car is being repo'ed, when the came? If no, then hell, to me it was stolen. If yes, I would have several cases of the a**. And there is no way, I would pay for any additional fees, when a lazy, ignorant person failed to do there job correctly, thus hindering my labor day activities. Just my .05(nickle)
