Re: Illinois Repossession and Redemption Process problems with Lender

Posted by JG (68.72.129.250) on August 02, 2003 at 12:29:56:

In Reply to: Re: Illinois Repossession and Redemption Process problems with Lender posted by singlemomintrouble on August 02, 2003 at 07:55:58:

> They have payment of all back payments due as of the date of this notice (this is where next month's payment is), any late charges and fees and the cost of the repossession.

Can you list each of the fees as it appears on the notice? There is a specific template they must follow when describing the charges.

> It was sent and dated 4 days after the repossession...they even put the date of the repo (7/25/03) and date of notice on there (7/29/03). It is definitely 4 days

This is a violation of the IL MVRISA. It must be within 3 days.

> Also, I forgot to mention that they want me to fax them copies of my driver's liscence (blown up so they can read the detail), copy of a utility bill, copy of my car insurance policy (not the card), and copies of my last two payroll stubs. I thought I would be re-establishing my loan not applying for a new one...can they do this?

It depends. How much equity did you have in the vehicle before it was repossessed? It sounds like they want to change the contract on you, but if you have paid at least 30%, you have the right to restore the original contract.

Did you sign anything to redeem the vehicle yet? If so, read the fine print.

Follow Ups:

Post a Followup