I had been paying steady for two years. I missed 4 payments due to other financial obligations. I had just moved to a new place and it took some time to get settled in, only to move again within 4 months. I received note that they were going to repo my truck in two weeks unless I payes $x,xxx. I came up with $200 less than what I owed them and called them a few days before doomsday. They said they needed the full amount and 3 days later, they took my truck, added another $500 for tow/repo fines, and told me that needed to be payed within so many days before they shipped my truck form TN to OH for auction. Now they want over $5k for the truck, and I’m left with nothing. What are my options in this matter? Do I have any rights? Bancruptcy? Thanks for any intelligent advice.
Originally posted 2009-08-05 12:15:26.
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{ 4 comments… read them below or add one }
well umm… im not very good with legal situations but…
It was your responsibilaty to make the money… even if you didnt make it all.
But the part of them adding $500 to tow it is B.S.
My opinion…
Your rights are limited to the sales contract. Until that truck is paid for it isn’t yours. That’s why you don’t have the title. I would go through your purchase contract with a fine tooth comb to find a way, but I am pretty sure they hold all the cards.
One very common clause is that if you default on the loan for a certain amount of time the lender has the right to seize the truck and demand the balance paid in full before returning it.
I am sorry to hear about your situation, but there’s not a whole lot you can do.
By the way, if and when they auction the vehicle whatever the difference is between what they get for it and what you owe on it you will owe. Example: if you owe $5000 on the truck and they get $3000 at auction for it, you still owe the lender $2000.
Good luck.
Your going to have to part with some cash. You might as well check with an attorney and find out what your rights are.
You have no rights.
You have the right to make your payments as is your obligation vis-a-vis your contract.
You have the right to remove your personal effects from that vehicle.
If you do not satisfy your legal obligations, then they reserve the right to regain custody of their property.
Some states’ laws vary about residuals and auction income.
Example1: You owe $5000. They sell it at auction for $2500.
Some states will say that the repo and auction satisfies your legal obligation. Other states will say you have to come up with the other $2500 to pay off the debt and any other fees that they can dream up.
Example 2: You owe $5000. They sell it at auction for $6000.
Some states say that you are entitled to and should be paid the over and above amount that satisfied your debt. Others, the seller gets it all.
You can file for bankruptcy, but over $5000? If you do not want to pay it, then don’t. What are they going to do? Take away your birthday?
My advice? Consult with a bankruptcy lawyer about your obligations, the laws current in your state and your rights as a consumer/debtor.
Good luck. next time when you are just starting to get behind on payments or feel that you are going to be late, call your creditor. Chances are that they will work with you, especially if you are forthcoming and honest and have a good track record with them. They make good money when you make your payments and they always come up short if the have to repo, and the rest of us consumers have to make up for it in the form of higher interest rates and overall prices.