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Repossession Stories and Questions



  • I hate to sit here and disagree with all of you that think this person is wrong! BUT! I have just recently had the same thing happen to me!!!! They say everything is ok over the phone and the next day it was just GONE!!!! I called the police and they told me! Then I worked with Honda and did everything they said to do just for them to come back and tell me today that they still will NOT give me my car back unless I pay it off in full! I have been paying them for 3 years... 2 of which I didn't have a job. Now they will not continue to finance me!!! They are terrible! Mean people!
  • lemkolemko Philadelphia, PAPosts: 15,294
    For how long did you finance the car - 48 mos, 60 mos, or 72 mos? If you only had a year or two left to pay off the car, that stinks.
  • Karen_SKaren_S Posts: 5,094
    This doesn't fit the discussion, but thought I'd give it a shot here.

    A reporter is looking to interview the victim of a tow truck scam: someone who has had their car towed illegally, has had their car held hostage due to extremely high fees, has been approached by a town truck they didn't call for help, etc. Please send your daytime contact information to no later than Jan 6, 2011.

    Edmunds Manager UGC Click on my screen name to send a personal message. Need help navigating? Check out Getting Started in Edmunds Forums.
    Need help picking out a make/model, finding inventory, or advice on pricing? Talk to an Edmunds Car Shopping Advisor

  • I was out of work for a year and half and during that time capital one moved three payments to the end of the loan. My loan matured and they wanted every cent due at once well I had just started working and tried to work out a payment plan to no avail. They repossed the truck from the train station while I was at work for 2437.00 I redemmed the truck by paying off the balance but they put it as a charge off on my credit the same month I paid it off. is that legal
  • shepardboyshepardboy Posts: 1
    decided to get my repoed trk back, but before i pay the past due and repo fees do i have the chance to see if truck is in the condition it was in when repoed? its in a lot in Oklahoma city, i live in enid. do they have to keep it in side or can it stay out side in a lot. if it has severe storm damage can i just forget it and deal with them selling it and dealing with the balances later are they responsible to keep it in good condition
  • steverstever Posts: 52,571
    A reporter would like to talk to a car buyer in his/her 20s who has a 72-month or longer term auto loan. If you would like to share your story, please send your daytime contact information to no later than Tuesday, 7/16/13 at 10 a.m. PT/1 p.m. ET.
  • tabathavmtabathavm Posts: 2
    We are thinking of doing a voluntary repo with our van. It's finaced through Wells Fargo. We owe more than what its worth. What I want to know is what happens after that? Do they garnish his wages? Im not worried about the credit report at this point, but really want to know if they are going to take us to court and sue or have our wages garnished. Or do they give you a certain time frame to pay it back?
  • mikefm58mikefm58 Posts: 2,882
    In all likelihood, they could come after you for the difference but usually someone who can't pay the car loan doesn't have anything to go after. So banks don't usually do that. But if they do not come after you, I believe any difference between the outstanding loan amount and value of the car will be a "debt forgiven", and you'll then have to claim that as income on your taxes. The IRS doesn't care.
  • jprocjproc Posts: 135
    interesting question. I worked in the car business a few years and lots of car buyers would roll the negative equity of the trade-in into the loan on the new one.
    So I would guess that banks have lots of loans like yours and if they make no effort to collect them that could add up to lots of money.
  • tabathavmtabathavm Posts: 2
    Yea we have looked into that but it wouldn't lower our payments. We owe 17295 on a 2007 odyssey exl.
  • Just because property has a sign saying private property doesn't make it private property. 

    If the property is not gated and locked, it's open property. If you have my my possession on your property "cause a repo order gives me temp ownership" I have every right to take that property. 

    i cannot break or damage an entry point to the property to take the collateral. 

    the matter is Civil. Police cannot get involved. If they do, they then violated my civil rights. If you create a disturbance by yelling and screaming, your property or not, you can be arrested. Civil law and rights protect a repo agent. Police officers have learned the hard way with me and states have paid me generously for it. 

    You our can try and manipulate the law to continue driving a vehicle that you call yours and don't pay for. A smart repo agent will school the officer and possibly get you ticketed or arrested and still take the vehicle. 

    For the original question. If you acted aggressively toward the repo agent "screaming, running after, etc" , he or she has the right to do what he or she needs to get away from a dangerous situation. If any damages occurred during that time on your property, your property insurance will cover that ;) 

    If the agent is uneducated in his or her job you might be able to win it in court. Repo agencies are covered for property damage. But I never lost. 

    Pay your bills. It's not your car. The title you hold is not an ownership title. They are color coded in all states. Your basically renting the car until a defined date. After that date you are mailed the ownership title as long as you paid every payment. 

    If you didn't, see you soon ;) 
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