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Repossession Stories and Questions

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Comments

  • oregonboyoregonboy Posts: 1,653
    In these extraordinary economic times, some lenders have shown flexibility in dealing with customers who contact them and attempt to work out alternative payment plans.

    He is understandably unhappy because the person at Honda that he talked with told him it could be worked out, but then his car was repossessed without notice. :(
  • delthekingdeltheking Posts: 1,152
    Yes, I do agree on that ,but I think there is more to the story here. Hope the OP responds back with more details. Then we can help him out or give him further options.
  • lemkolemko Posts: 15,120
    Could you have borrowed an amount equivalent to the last 5 month's payments and paid off the car? At least this way, Honda Finance could not have repo'd your ride. Paying off the new loan may have been a problem but would've bought you some time. If you were only five months away from paying off the loan, I'd have given you a chance or worked out a deal, unlike AHF. Somebody who was a deadbeat would start missing payments immediately after buying the car, not somebody who almost had it paid off.
  • lemkolemko Posts: 15,120
    ...if he can get current with his payments, he can have his car back. What other fees would he have to contend with a repo? Would the repo be expunged from his credit report if he becomes current and/or pays the car off?
  • Kirstie_HKirstie_H Posts: 10,822
    Pretty harsh, del. I've known others in a similar situation, and lenders have been willing to work with them as long as they stay in contact and are making attempts to get current on payments. No, the financial situation isn't the lender's fault or problem, but if they agreed to take the catch-up payment deal, it's just not very nice to repo the car without further discussion.

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  • fezofezo Posts: 9,328
    Yes, staying in contact and working with the lender will do wonders. Several years back I had a medical situation that backed things up only because I didn't feel well enough to attack the bills. As soon as the Honda payment was missing they called. At that point I asked if they could just skip that one month and extend the loan out one month and they'd get everything. They agreed right away and the rest is history.

    That said, if they are going to repossess the thing it's some third party that will come in the dead of night because they get fewer people fighting with the tow guy. Happened to the daughter of a friend.
  • delthekingdeltheking Posts: 1,152
    Kirstie, Did not mean it to be harsh. I had said in a follow up post that I think there is more to this story. We are not getting the full picture here. Unlikely for a company like Honda to agree and say it is documented and then repo a car. Dont know if there was some mis-communication or something.

    If AHF agreed to the deal,then I would have asked them to send me a written copy of the documented proof that both parties agreed to . If AHF has documented proof of the agreed deal and they still repoed the car,time to contact a lawyer.
  • fezofezo Posts: 9,328
    My experience with AHF is that they do document and send written confirmation of what was agreed to on the phone.
  • delthekingdeltheking Posts: 1,152
    edited April 2010
    So then , I guess we are not getting the full picture here !!
  • kyfdxkyfdx Posts: 27,652
    .. if I'm training call center agents, and they look on your file and it shows that a repo has already been scheduled.... then, they better not let you know that!

    Assuming you are past the point of no return, then tipping off the repo-ee that you are on the way, just wouldn't be too bright. That might have been the case here. It was already too late, and they had to keep mum about it.

    just throwing that out there..

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  • bolivarbolivar Posts: 2,316
    I'm not sure, the memory is going fast, but I think dhamlett has been in here in the past with his credit problems.

    I'm not going to jump on him while he is down, but if I'm right in my rememberances, he seems to have long-term ongoing financial problems.
  • oregonboyoregonboy Posts: 1,653
    Maybe it's just me, but I don't think that that kind of speculation is helpful or appropriate. :lemon:
  • tidestertidester Posts: 10,110
    but if I'm right in my rememberances

    I don't believe you are but the right course of action would be to contact a host by email rather than going off topic in the Forums.

    tidester, host
    SUVs and Smart Shopper
  • Kirstie_HKirstie_H Posts: 10,822
    That sounds logical. However, I think it'd be nicer if they'd somehow put him off instead of making what seemed to be a deal. "Let me discuss that with my manager and we'll have someone call you back." That way, the person doesn't hang up with a feeling that anything's been resolved.

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  • lemkolemko Posts: 15,120
    ...on a car note, I'd go out of my way to find the money to pay it off! It's like you flushed anywhere from 31 to 55 months of payments down the toilet only to have the finance company repo it after all that effort. I forget what kind of Honda he said he had, but I'm sure the car had a lot more than five years lifespan. He could've at least not worried about a car payment for a while when he got the rest of his financial house in order.

    As for swearing off Honda, I doubt very much he'd be dealing with AHF in the near future. He could still buy a Honda, but he'd either have to pay cash for it or go the sleazy subprime route with their usurious rates. Sad how unemployment can upend one's life!
  • bolivarbolivar Posts: 2,316
    Clicking on his member name, I see he became a member the same day as he posted, and has one post. So, he obviously is not the person I was 'remembering'.
  • fezofezo Posts: 9,328
    Looks like he was here to vent. Looks like a one and done post.
  • blueiedgodblueiedgod Posts: 2,803
    I hate American Honda Financial:
    My car will be paid for in 5 months, September 2010. I've been out of work twice in the past 18 months, for a 4 month total span. I've explained to AHF that I've been out of work and that I would pay them what I owed but to please be patient with me. The last conversation took place on 4/16 and I told them I would make payment for the 2 months I was behind on the 4/30, they said okay and it is documented. I'm living week to week, like many Americans, and I need a car to work. On 4/21, they repossessed my car.

    I will never buy another Honda, my 3 sons will never buy a Honda, and if I have any influence before I die, my grandchildren will never buy a Honda.


    There has got to be more to this story.

    I was laid off in 2008, I called American Honda Finance right away and explained my situation. I was 3 years into a 5 year payment plan. They agreed to defer payments, as long as I paid the interest every month. the interest on the loan was like $20-30/month, it was financed ar 2.9% APR.

    Luckily, I found a good job within 2 months and was back on track.

    I can tell you from personal experience that AHFC will let you skip payments.

    I would guess that OP missed payments without contacting Honda, and then, after receiving threatening letter, contacted, but it was too late. Repo was probably scheduled already.
  • fezofezo Posts: 9,328
    Yeah, i had an experience with that sort of thing with American Honda Finance. I'd been sick and just fell behind a month. I asked them to extend the loan out a month instead of em trying to play catch up. They agreed right away. Didn't even have to kick me up to a supervisor.

    The last thing they want to do is repossess the car.
  • isellhondasisellhondas Issaquah WashingtonPosts: 17,596
    " The last thing they want to do is repossess the car"

    Bingo! That is a last resort and an expensive thing for them to do.

    I bit my tongue (I know, hard to believe) but I smelled something fishy. I have heard of several instances where Honda will make special arrangements ESPECIALLY if the person has a good history with them.

    More to this story for sure...
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