Re: REPOSESSION DUE TO REUSAL OF PAYMENT?

Posted by Anon (164.106.127.180) on November 30, 2003 at 21:30:51:

In Reply to: REPOSESSION DUE TO REUSAL OF PAYMENT? posted by Tammy on November 30, 2003 at 19:16:25:

They can repo any time if it's past due. If you miss any payments then generally the contract no longer applies and they can do whatever they want. The police will not help them with the repo. Their threat to call the police was an illegal idle bluff.

Unless they'll agree in writing to something in your favor in return, don't just agree to give the car back. A "voluntary" repo is just as bad as an involuntary one. It is eventually pointless to keep hiding the car from them, but make sure they have to sneak up and take it. There are more technicalities in that case that they may violate. And while you still have the car they'll be more inclined to let you catch up the payments.

After they have the car, they have to offer you terms to get it back (unless it's already been repo'd and reclaimed before). They don't have to be terms that you can afford though. It sounds like in this case they wanted the entire balance of the loan. This is legal because you didn't make all the payments as agreed. The fine print gives them the right to decide not to do business with you any more.

P.S. Any time a collector says "it'll be best if you do this..." that means it's best for THEM. They're wanting you to agree to give up something voluntarily because they don't have the right to forcibly take it.

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