My husband and I endured some unexpected money issues for almost 2 months, as he was not paid by the military during this time. Our car was repo-ed because of it and we were told we would have until November 23rd to reclaim it. We have been waiting on his reenlistment bonus and it finally came the following Tuesday night. We called the very next morning and told Chase we could reclaim our car ASAP. They proceeded to tell us that the car was set to go into auction in several hours, but that they had already tried to sell it the week before (this was before November 23rd) and it didn’t sell. We never received a Notice of Intent either. And they informed us to call back the following Friday after Thanksgiving to see if it had sold and refused to disclose the location of the auction to us. Of course on Friday morning we called and the car had been sold. I’m not sure what to do…We now of course have no debt to our names other then the difference of the selling of the car vs. the loan amount, which we still haven’t been told. Also can they just sell it without giving us an formal paper work of any kind? We need a car now, and I’m not sure if we could even get a loan for one again…HELP!?
Originally posted 2009-03-26 01:14:19.
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{ 5 comments… read them below or add one }
well, you’re dealing with a huge corporation.
The best advice I could give you now is to never borrow money again, or at least borrow it from a local credit union, where you can walk through the door and talk to somebody that knows where your car title is filed.
To be honest, you default on your loan agreement when you are a day late.
After that, I personally would not expect any favors from a bank.
They will gladly point out that your paperwork you reference is the contract that you signed when getting the car loan.
Personally, I think because your husband is military they should make some allowances, You should have received written notice but I’m not sure what the legalities are in your state in regards to repos.
If it were me, I would tell my story to your local network tv station’s investigative reporter or a major newspaper in your city. Sometimes these entities are sympathetic and will broadcast or publish your story to your benefit.
Good Luck!
personally i would talk to the military, if your husbands pay was late the military should reimburse you being as how his pay was late and that is why you went to default.
Read the loan agreement. I am sure there is paperwork that you signed that indicated everything they were going to do as a result of you not paying (per the agreement) and that it is well within their rights since you defaulted on the terms of the loan.
Before you go on a spending spree or purchase another car, be careful. If the car sold at auction for less than your loan amount, you will be getting a bill from Chase very shortly for the difference plus any towing, storage and repo fees.
Sorry, but that is just the way it is.
You may be able to eventually get another car, but not right away in this credit market and a repo on your record. Save up your money and try to pay cash for a used car or try to get a big deposit (50%).