Re: Car repo, but not for late payments

Posted by Len (68.70.96.76) on February 05, 2003 at 07:10:07:

In Reply to: Car repo, but not for late payments posted by Glenn on February 05, 2003 at 01:00:50:

Each state has different laws but you may have been a victim of an illegal repossession. Here is some concerns but make sure you don't lose all your rights to a lawsuit because the standard procedure is for a car lot to be nice to get themselves out of trouble.

There is what is known as a "right to cure letter" this has to be sent to you in some verifiable way (CRRR or courier,process server etc.) It gives you so many days to make up your late payment eg. 20 days though this only has to be sent to you once in a 365 day period in some states. They may of jumped the gun in your state.

You also have a right to so many days to repair the deficiency, this can mean that the dealer wants paid in full off though current payments are accepted most of the time I have seen.

There is more that is state specific but you didn't mention your state. A wrongful repossession in the hands of a skilled attorney can net settlements for defamation, damages, and lost wages due to dealing with this and no ride to work suddenly. Also if it is in fact posted to your CRA's report then there is the sudden turn down for a low interest mortgage that you did just apply for (you did apply didn't you?). There is some merit in this but you will have to fight to keep from being run over if they do report it.

Buying another car before this hits tour credit report when the tape runs at the end of FEB is an idea that comes to mind.
Len

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