I have just one a initial lawsuit with my mortgage company, however untill this is straightened out it is on my credit report as forclosure. My auto finance company must have looked into my credit report and saw this and decided to not deposit my december payment. I did not realize they did not deposit it untill january when I recieved my statement from the bank. They repossessed my truck saying they never recieved the payment. How can borrowers protect themselves from this unethical act, even if you fedex the payment it will prove that they recieved a package but not a check, and the finance company doesn't do automatic checking withdraws.. Could some one help please???
I usually pay over the phone where the operator usually give you a confirmation number stating they reveived payment or I pay it online. Another method is to Western Union the money, there no denying that they didn't receive the money with any of these methods. BTW, What auto finance company is this? Did you ask them why the would repo in 30 days anyway? Did they ever call asking for their payment? Did you ask them what you could do about getting current and getting you car back? If you didn't ask these questions I would give them a call. Did you read you contract as well? Usually the Better Business Bureau works wonders at kinda getting them back a little. Good Luck! Tac
Tac, The finance company is toyota finance. This truck was a lease, In the state of Florida, as well as many others , they do not need to notify you, if you are 30 days late. I have been on the phone with them as well as my attorney, there is nothing I can do about it. It is in the lease agreeement. it is their choice to reinstate the loan but in today's economy, they aren't giving anybody's vehicles back. Thanks for the imformation. Dennis
Dennis, I would maintain the opposite is true regarding giving your truck back. In today's economy, you'd think they'd give everybody's vehicles back who had a hope and a desire to catch up and resume monthly payments. There are several advantages to reinstating a loan rather than repossessing: 1. Because of all the new car financing deals, the market is flooded with late model used vehicles, depressing resale value. Coupled with the artificially inflated residual value of leased vehicles, the finance company is going to make more money for every dime it can get out of you. Most vehicle depreciation happens in the first 2-3 years, so if they can get you to pay them during that period, its gravy when they eventually sell the truck off lease. 2. The finance company doesn't have to report bad debt, which institutional investors and other Wall Street types consider a key metric in deciding to fund that company to make even more loans. 3. When they pay, customers with "problems" are the most profitable segment - higher interest rates, late fees, etc. 4. Collecting a deficiency balance is an uneven proposition at best. I'd bargain and threaten long and hard, as it seems to me that it would be in everybody's best interest to get your truck back. -HDAlex
