I'm afraid I have to apologize in advance for a long post. I'm new to the boards...scouted LOADS of posts for a couple of days, but just not sure where to start with this one. DH (before we were married) went to his NC bank to get the payoff amount for his truck (getting ready to come to WI to be with me). The bank teller spits and sputters for a while and and asks DH to come back tomorrow. DH calls bank next day for payoff amount. Once again DH gets the run around. This continues for a total of about 4 days...and finally he gets a payoff amount of approx $6300 :O DH politely says "wtf" ... gets a bunch of excuses but main point seems to be...bank forgot to add in the interest on the loan. Of course this came from lowly teller who's word means nothing and DH didnt realize he needed to get original loan paperwork and payment history to dispute banks actions. He then comes to WI. (was originally supposed to be a 2 week visit...we're now married ). While he's here for his "visit"...Bank REPOs truck...Bank communicated to his mom that they were coming to get it... plus other acct information... no..she was NOT on loan...DH NEVER got any notices AT ALL. even though his mom told bank he was in WI. DH's family was also NOT allowed to get his personal property out of truck ( including his copy of loan contract *kix hubby for keeping it in glove box*). DH still to this date has not been informed of what happened to his personal property. (he's been here for almost 2 years now). It's now on his credit report (incorrectly showing his payments as $20 and balance of approx $6800 (what happened to $6300???) Plus... several months ago...bank contacted mom again and told her he could have truck back for over $7000 :O. Plus there are 3 other entries on cr (2 different company names...3 different acct #s...all go back to GMAC insurance. DH says he though 1 of the company names was his auto insurance on the truck. why would this be on here? Where do I start with these people??? Any help or advice is sincerely appreciated... a week ago I didn't even know you could dispute items on your cr, so all of the information I've been finding on this site is a blessing (overwhelming, lol , but a blessing) Thank you ALL !
BTW forgot to add that on cr MOST if not ALL 4 listings mentioned above (only things on DH's report) have DOLA's BEFORE Opening dates...HUH???? how can that be?
Are these 3 other entires, tradelines, that show balances or are they just inquiries? Also, have you done a searc on this sit for the word "repo". There are LOTS of great posts about situations like this. You need to check your state laws and then ensure that every law was followed completely. It's strange that after nearly 2 years, the truck has not been sold to cover a portion of the loan. Very odd.
The other 3 entries are listed as trade lines with balances. I'm still waiting to get a copy of his report...we got this information from a gentleman at a mortgage company who was kind enough to give it to us because it just didnt make any sense to him. when i started checking into it, 2nd and 3rd trade lines had the same company name with 2 different acct #'s. and the same phone # as the first trade line. (which had a different acct # yet). after an internet search, i discovered that all 3 companies are a part of GMAC insurance. The first trade line is the one DH thought was his truck insurance. (company name was Integon).
What does the payoff have to do with the repo? A payoff is what it takes to purchase the remainder of your loan and a repo is what happens when you stop making payments on a loan. How are the two related?
"So because he is moving, he is paying off his car loan? Is that correct?" His intention was to completely pay off his truck before his scheduled 2 week trip to Wisconsin. He thought he had 1 payment left to pay it off. He did not know at the time he would be staying in Wisconsin. "There is no interest on a payoff amount." Thats right..At least there shouldn't be. Unless the bank neglected to figure it in to begin with. "Wow. That's strong. Also, it's much easier to prove your point with paperwork." Nothing against the teller...had she not let it slip that the bank neglected to figure the interest into the loan DH would have had no idea WHY he went from one last payment to pay off the vehicle to suddenly "owing" $6300+ But, how often is a CRA going to take the word of 1 teller over the entire bank??? I realize the paperwork would be helpful...but as it was IN the truck when it was repossessed (original loan contract) Plus the fact that DH had no idea how to go about handling such a mess, all we can do is try to get a copy of the contract and a complete payment history from the bank. "What does the payoff have to do with the repo? A payoff is what it takes to purchase the remainder of your loan and a repo is what happens when you stop making payments on a loan. How are the two related?" Hubby personally disputed the amount owing (the $6300+ which they wanted NOW, after giving DH the runaround for 4 days just to GIVE him a payoff amount) when the payoff amount should have been around his approx $230/month pymt ( In most cases, when you've paid on a vehicle loan for 5 years, isnt your payoff amount near your regular payment amount?) The repo happened when hubby would not pay the $6300+ the bank SAID he then owed but could provide him with no proof that he owed.
This shouldn't be difficult at all to remove from your reports. First, dispute his old address relating to that loan. After they all three come off, dispute all tradelines with not mine. Works like a charm. Good Luck.
1*While he's here for his "visit"...Bank REPOs truck...truck *****(including his copy of loan contract loan DH would have had no idea WHY he went from one last payment to pay off the vehicle to suddenly "owing" $6300+ 2*all we can do is try to get a copy of the contract and a complete payment history from the bank. 3*( In most cases, when you've paid on a vehicle loan for 5 years, isn't your payoff amount near your regular payment amount?) 4*The repo happened when hubby would not pay the $6300+ the bank SAID he then owed but could provide him with no proof that he owed. Kitten ******************** 1*How did he get to WI? Looks like he should have drove the truck. LOL ******This is sorta like storing enough lumber in the attic to build a new home in case the house burns down ain't it? 2*Sue them for $6300 or the value of the truck which ever is greater. 3* Depends on the length of the loan and the number of payments made. How many payments were do on the loan? How many payments were made on it? What was the principal financed? What was the total pay back when adding all the payments together that were due on the loan? 4*Sounds more like grand theft auto than a repo. ><- ><- <>- ><- <> ~~~ ><- <>- ><- <> ><- <>- ><- <> ~~~ ><- <>- ><- <> Never read the fine print. There ain't no way you're going to like it. >- ><- <> ~~~ ><- <>- ><- <> ><- <>- ><- <> ~~~ ><- <>- ><- <>
Hi,I am no expert but could this loan have been a balloon note. This kind of loan you would finance for 5 yrs. and the last payment would be the full amount due.This would explain the large payment at the end of the loan.This type of loan you would have to refinance or pay it off,if he did not pay it off the bank had a right to repo. Banks will do these loans so your monthly payment will be keep low.We had this type of loan when we bought our land.When we could not pay off the balloon note we just refinanced. Call the bank and check it out.
Click here: CREDITNET | Straight Talk | | Repossession Dilemma bump ] ><- <>- ><- <> ~~~ ><- <>- ><- <> ><- <>- ><- <> ~~~ ><- <>- ><- <> Never read the fine print. There ain't no way you're going to like it.
Call the bank and check it out. snowy ================ Good idea but why didn't the bank just tell him that when he went to pay it off ???????????????? ><- <>- ><- <> ~~~ ><- <>- ><- <> ><- <>- ><- <> ~~~ ><- <>- ><- <> Never read the fine print. There ain't no way you're going to like it.
As far as hubby can recall (with no paperwork) it was NOT a balloon loan. Original loan was for approx 13K. His payments were $230+ (Im not sure...he said the few times he was late on it, the late charge put it over $300/mo.) He now wishes he would have drove up here instead of flying, lol *KIX hubby again for leaving contract in the truck * It took them 4 days to come up with this amount (after hubby requested payoff amount). We STILL do not think the truck has been sold (or auctioned) considering several months ago bank contacted his mom to tell her he could have the truck BACK for $7K +. The amount listed on his credit report is the amount supposedly due on the loan...NOT the difference between what they got out of the truck (after sale or auction) and what hubby still owed. VERY confusing.
Re: Re: Repossession Dilemma 13,000 divided by $230 is 56 months of payments without any interest. Really does sound like it was a balloon note.
Re: Re: Re: Repossession Dilemma About this whole situation, I've come into it after the fact. Did Hubby screw up? Obviously. More ways than one. One being the fact that he kept the loan contract in the truck. I had been reading a lot of the posts in this forum. People seemed knowledgable and willing to help others. That's why I joined. I don't know how better to explain the situation. At this point I can only go by what hubby has told me. What I'm trying to figure out is the Best way to go about dealing with this situation. From Hubbys past experience, this bank is not the easiest to deal with. If this WAS a balloon loan...why should it take 4 days to get a payoff amount, and why not TELL him it was a balloon loan when he disputed the amount. Why is the balance of the loan on the credit report instead of the difference between what he owed and what they sold the truck for? Isn't that incorrect reporting? How can the Date of Last Activity (DOLA) be BEFORE the date OPENED? How can THAT be correct reporting? Have they actually sold it? How can they have auctioned or sold it when several months ago the bank wanted him to take it back? What about hubby's personal possessions inside the truck when repo'd. From other research I've been doing, It looks like there have been several violations of the UCC and NC state law re: repos. It very well could be a balloon loan. I don't know. I'm just trying to figure out what the best way to approach this situation is without making it any worse. A couple of weeks ago, I didn't even know you could correct wrong information in your credit report. I don't know where to start with this one.
Re: Re: Re: Repossession Dilemma << bumping Click here: CREDITNET | Straight Talk | | Repossession Dilemma bump] ><- <>- ><- <> ~~~ ><- <>- ><- <> ><- <>- ><- <> ~~~ ><- <>- ><- <> Never read the fine print. There ain't no way you're going to like it. >>
Have you asked about getting the personal stuff (including the contract) back? Surely they are not refusing access. When my car was a repo, they told me the storage yard it was sitting in and stood there writing a quick inventory as I took out my personal items. Certainly the bank will give you a copy of the contract if you ask. The contract should clearly state whether it's a balloon or not. I'm curious. Did he ever get a statement about this loan? Normally it would show the amount of each payment that was applied to principle and the amount to interest. If not, then you can ask and they should be able to produce a complete accounting. Starting with the beginning balance and the date of each payment showing the interest/principle. Now, it does sound like they will need to go back in time and figure this out, as it seems like there might have been an encoding error on thier computer, but this doesn't change the terms of the contract and the interest rate. I understand they are difficult to deal with. But what I do is just put my request in writing and then I don't have to suffer their attitude and they legally have to provide this info. Let us know when you get more. Sounds like some violations of repo laws here too!
maybe i missed i but why doesnt your husband have a copy of the paperwork already? also usually on auto loans the loan is amoritized where the interest is usually paid before principal reduction. auto loans you usually get a coupon book - not monthly statements. i've never known banks to balloon loans on auto loans simply because they depreciate and it is difficult to recoup costs in the case of a repo. are you sure it wasn't a 6 or 7 year loan? i feel like i am missing something here...
$6300 would be about right if he had a 7 yr loan...$6800 would include repo costs. i have to ask - why on earth did he keep the paperwork in the vehicle?!!!?!? did he stop making payments? why would they repo something if payments were still being made? how long was he *visiting* before it got repo'd? the bank doesn't have to give his personal property to family because it isn't theirs. did he call right away to get it? don't quote me but i think the time allowed to sue them is 2 years for their misactions (is that a word???) i guess i'm wondering why husband didn't act sooner on all this?
