I am desperate for any possible advice. I allowed an "insurance" company to take my vehicle back after I fell behind on the payments. The credit union I used had turned it over to this collection agency, therefore my only avenue is to pay off my loan and finance through someone else. I don't know anyone who will refinance a repo. Help!!!!!!!!
over on www.creditboards.com there is a GREAT auto finance forum and the guy that runs it is a great businessman but even more gives a WHOLE BUNCH of awesome advice. Post a question over there and he will walk you through it. Good Luck
It isn't liability type insurance. It's asset protection insurance. The credit union purchased this when they received notification that my car insurance had lapsed. They don't actually purchase it, it is tacked on to the end of my loan. The "insurance" company is actually a repo company. They are responsible for either locating and returning vehicle or paying balance of loan. They threatened to sue me for concealment embezzelment fraud and to list the vehicle as stolen if I did not turn it over immediately, so I did. Now I'm screwed. Any advice would be sooooo appreciated. I am a single mom recently laid off, collecting unemployment, so not too many people are jumping at the chance to give me an unsecured loan to pay off the car and get it back.
Re: Re: Please help- car repo'd This is all BS, if you have any of this in writing you can file suit.
Re: Re: Please help- car repo'd Anyone know...would the repo co. be considered a debt collector or CA under the FDCPA? If so, you have multiple violations there for threats. Did you get anyhting in writing?
Re: Re: Please help- car repo'd 1*It isn't liability type insurance. It's asset protection insurance. 1a* The credit union purchased this when they received notification that my car insurance had lapsed. 2*They don't actually purchase it, it is tacked on to the end of my loan. 3*The "insurance" company is actually a repo company. 4*They are responsible for either locating and returning vehicle or paying balance of loan. 5*They threatened to sue me for concealment embezzelment fraud and to list the vehicle as stolen if I did not turn it over immediately, so I did. 6*Now I'm screwed. Any advice would be sooooo appreciated. I am a single mom recently laid off, collecting unemployment, so not too many people are jumping at the chance to give me an unsecured loan to pay off the car and get it back. sgerl ================== 1*It's still regular car insurance. 1A*Most lenders do this if your insurance lapse 2*They did purchase it and paid the insurer for it then added the cost of it to the balance of your loan. 3*They can't repo a car simply because your insurance canceled. 4*What grounds did they have for returning the car??????? 5*To bad you got bluffed with this. You could have nailed their hide to the wall for this! THE END ** *** ** LB 59 """"```--~~~~~~~~~--```'""'''
Re: Re: Please help- car repo'd It's called "Forced Insurance" or "VSI" (Vendor Single Insurance). Some States REQUIRE Auto Insurance on a vehicle. Almost ALL lien Holders do. It is for their protection. If you let your insurance lap, the lien holder will purchase insurance (EXPENSIVE) and add it to your loan. You have to remember...technically, it's not 'your' car when you finance it, it's the banks. If you don't have insurance, and the vehicle is damaged, their collateral is gone. This insurance is for their protection. However, some (unfortunately) take advantage of the situation. Many times they will 'jack up' the insurance cost to try and recover what they feel they might loose if the vehicle is repo'd. The forced coverage provides no liability insurance. I think we need a little more info to help out, though... who actually has the car? I would not think the insurance company would have the car unless it was declared a 'total loss'? Unless the bank uses the same company for both.... Shawn
