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my car was repo. they said I have 10 days to get it back, they aren't going to send it to auction are they . don't they have to give you a chance to get it back before it goes to auction.
Last edited by sparky bear; 07-21-2016 at 07:53 AM..
Reason: am i going to get my car back or are they going to sell it at auction on me
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
44,570 posts, read 81,147,605 times
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Quote:
Originally Posted by sparky bear
my car was repo. they said I have 10 days to get it back, they aren't going to send it to auction are they . don't they have to give you a chance to get it back before it goes to auction.
They are, as you said, giving you 10 days to pay and get it back. Depending on the state and the finance contract that you signed, they may not have to give you that chance.
You had a chance to keep it by making the payments on time.
Your second chance to keep it was to make the payment late, but before it became late enough that they repossessed it.
And now that they've repo'd it, you have a third chance to keep it by catching up the payments within 10 days. Or perhaps you would have to pay it off in full, you weren't clear in the original post as to what has to be done to get it back.
After the 10 days they'll either send it to an auction or solicit bids in-house. If they sell it in house you would have the opportunity to keep it by paying off the note in full before they cut off the bidding. So there's potentially one more chance.
You had a chance to keep it by making the payments on time.
Your second chance to keep it was to make the payment late, but before it became late enough that they repossessed it.
And now that they've repo'd it, you have a third chance to keep it by catching up the payments within 10 days. Or perhaps you would have to pay it off in full, you weren't clear in the original post as to what has to be done to get it back.
After the 10 days they'll either send it to an auction or solicit bids in-house. If they sell it in house you would have the opportunity to keep it by paying off the note in full before they cut off the bidding. So there's potentially one more chance.
Almost certain they are going to auction it, (doesn't really matter if its in house or not). Once they do, they are going to subtract what they get for the vehicle from what you owe. Then they are going to add on repo and auction fees. Then they will have the total amount owed they will sue you for and report it on your credit as a repo. If they are giving you 10 days, I would guess thats a legal requirement since this is probably them giving you a fourth or fifth chance. They most likely want you to catch completely up on what is probably a few months behind.
I used to do credit card collections, and it boggled my mind on how people didn't understand the very simple concept of when you buy something, you have to pay for it.
You had a chance to keep it by making the payments on time.
Your second chance to keep it was to make the payment late, but before it became late enough that they repossessed it.
And now that they've repo'd it, you have a third chance to keep it by catching up the payments within 10 days. Or perhaps you would have to pay it off in full, you weren't clear in the original post as to what has to be done to get it back.
After the 10 days they'll either send it to an auction or solicit bids in-house. If they sell it in house you would have the opportunity to keep it by paying off the note in full before they cut off the bidding. So there's potentially one more chance.
How many chances do you expect them to give you?
Exactly. Guy is looking for yet another chance. If you ask me he deserves to lose his car.
Almost certain they are going to auction it, (doesn't really matter if its in house or not). Once they do, they are going to subtract what they get for the vehicle from what you owe. Then they are going to add on repo and auction fees. Then they will have the total amount owed they will sue you for and report it on your credit as a repo. If they are giving you 10 days, I would guess thats a legal requirement since this is probably them giving you a fourth or fifth chance. They most likely want you to catch completely up on what is probably a few months behind.
Then again, he may live in a "Non-Deficiency Law" state, where, once they take the car, the debt is wiped out, no matter what they sell it for. Perhaps he is "upside down" on the loan, and owes more than the car is worth. There can be many reasons why the finance company wants him to catch up and keep the car.
EDIT: Apparently, Vermont is not a ND state: "A creditor must account to the debtor any surplus, and unless otherwise agreed, the debtor may be liable for any deficiency."
Last edited by Redraven; 07-22-2016 at 11:24 AM..
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