Re: Repo

Posted by Been There (205.188.116.84) on May 11, 2004 at 04:26:05:

In Reply to: Re: Repo posted by airics on May 08, 2004 at 23:59:17:

Think about it.. Why would the lender have to hire someone (repo) to steal the car back, if there was a law the creditor could inforce to recoup the car, they would just go to the police and have the police impound the car No matter where you where or where you moved? In cases such as yours this is strickly a civil Matter, you cannot be convicted of stealing your own car, this car is legaly registered in your name, you are listed as the owner of the vehicle on the pink slip. The lien holder is just that the lien holder, they hold a title to your veihcle and the title has your name on it.You have simply been unable to pay for it, and there is no law in this country that makes it a crime for being in debt.. you cannot go to jail for a debt even if you are in possession of the colteral ??AND AGAIN this is why there are proffessional thiefs such as repo men, beware because they could find you when you least suspect it and steal your car, if you make contact with your creditor to pay your debt thats great, but do not let them know where you are, they will come and get your car no matter what kind of payment arrangement you have made, no matter what amount you have sent them and no matter what they have promised you. You have defaulted on the loan and they will not take a chance that you will do it again before the debit is satisfied.. The only way they would be satisfied is if you paid the loan obligation off in full which by now will include addtional collection fees and late fees and attorney fees which they have added to your loan.
I am not sure which state you are in now or which state you aquried your loan, but there is a very vague law sometimes banks and credit unions will try to use called a replvin, however this can only be inforced in the state in which you aquired the loan and basicaly a judge would make you give the car back, but if you are no longer a resident of the state in which you aquried the vechicle there is nothing they can do as they would not jurisdiction in another state.
At this point you can do a couple things one take the money you would use to pay on the loan and buy another car(unless you can pay off the loan) or keep your car and leave no paper trail for your self, because by know depending on what type of lender you used, your loan has probaly been written has bad debt so the lender could claim a loss to uncle sam and recoup some of the money, and they have sold your title to another collector that will try to pursue you for the repo of the car, and when they prsue you they will look for you through your credit reports all 3 , transunion, equifax and experian so do not apply for any credit for at least 2 nore years this is what I mean by not leaving a paper trail, also do not report any change of address through the post office this is public information and they will find you, also try to remmber any contact or personnel refernces you had put on the orginal loan application and keep the vechile away from any address you listed on the application, they will be staking these locations out and anyone you have listed on the application.
Check your own credit report through equifax, experian or transunion to see who as made inqurries and chance;s are you will know who the loan was sold to, Note: when you make an inqurrier online on your own credit report it is invisable to anyone checking your credit. I could probaly write a book on this subject, howevr I am stopping here, good luck...........One More tidbit depending on the state the statue of limitations is usally 5 to 7 years after the 1st default date, you can apply for your title free and clear after the limitations is up.

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