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Thomas February 21, 2011 at 11:38 am

I am shocked that they have not acted sooner. Usually banks tow the car at the third missed payment or sooner. If you are 5 payment behind and another is due May 1 then you are basically 180 days behind. WOW! I have never heard of one going that long unless they couldn’t find the car.As far as the reason they want that much money i can’t say. I suspect that there are fees involved including loan reinstatement fees which can be large. Frankly I would hesitate to pay them the 2k if that is all the reserve you have – you may need that to buy a beater to get around after they take your car. The problem is that they may take the money and the car. Your credit should have take a massive hit from this situation so the repo will no really matter you will not be getting another car loan soon. I would frankly take to a lawyer to make sure of your options for redeeming the car at this stage. Somehow a call from a lawyer gets information that the hesitate to give you.

Entidtil February 22, 2011 at 12:01 am

You can call the bank, get the amount in arrears straightened out, pay that amount and get the car back

Larkie February 22, 2011 at 11:20 am

I think you need to speak with an attorney.You may not be able to cancel the echeck since the bank has already processed the transaction…too late to put a stop payment on it. And any echeck transaction may take up to 5 business days to post. I am not a lawyer, so this is just an opinion, but I’m pretty sure you’re going to have to eat those repo fees.

mbrcatz February 22, 2011 at 11:32 pm

A mechanic’s lien doesn’t age off, or expire.So a. yes, a bank holds the title until every last penny is paid off on the loan – including late fees. And there’s no statute of limitations on a mechanic’s lien. b. this seems to be a valid debt. Your defense, is to prove it’s NOT a valid debt. I don’t think you have a chance. You did a voluntary reposession, which didn’t (and doesn’t usually) pay off the loan balance, and you didn’t pay off the loan balance afterwards . You didn’t notify the lender of your change in address. And apparently, you haven’t made any attempts to check your credit report.

Scott H February 23, 2011 at 12:02 pm

Most likely, no. Car sales are final, no returns, refunds or exchanges.

oklatom February 23, 2011 at 11:25 pm

Grab your local phone book. Open to the Yellow Pages. Once you get past all the attorneys, you will find “Auction Houses” and “Auctioneers”.Call, ask to added to the notification mailing list.

steve February 24, 2011 at 11:16 am

pay them or they will sell it

S P February 25, 2011 at 12:02 am

First..you can try and talk to them until you’re blue in the face, but..if they want the payment on May 1st, then that’s when they want it. You are are 6 months behind on your loan, that’s why the repo man is out looking for the car. And by the way, if you hide it, it’s called FRAUD. My suggestion…try and talk to a “manager”, explain your situation, a collections rep isn’t going to car what day you want to make your payments, talking to a manager, you may have a better chance at getting a good answer. Now…Some word of advice, if you decide you aren’t going to give them a penny, and let it repo…the only way to get that off of your credit is to either pay the balance in full or filing a bankruptcy …If you don’t pay, they will use you, seek a judgement against you and garnish wages, if your state allows it, and/or bank accounts 100%. If you default on the loan, the debts are on your credit report for 7 years. 2k isn’t alot of money to ruin your credit for that long. Contact a manager and see if they will help you out. Good Luck!

alphatrasnport February 25, 2011 at 11:17 am

They can’t repo your car without a judgment from the court. Ask to have the repossession order faxed to you. Also they will not show up on your door to take your car on May 1. It will take several weeks to get the paperwork straight to get your car. Its up to you if you pay the $2K and then finish it up on May one. But I would not let them take your car if you don’t have to. Make sure you document every payment you make. Copy your checks, keep receipt of any wire transfers etc. They are intimidating you to try and get money from you as fast as possible. Tell them you are recording their calls and that you will be reporting their tactics to the SEC. Then request the info on your loan in writing and do not let up until they give it to you or flat out tell you they won’t. If they won’t give you the info they are in violation of about a dozen SEC laws and can get in BIG trouble. Don’t take that from these chumps. Stand up for yourself and you will get this resolved.

Chaos_Mngr February 25, 2011 at 11:34 pm

First of all let me tell you how impressed I am with what you’ve accomplished so far in your young life Keep up the good work.Your best bet is to look for a loan when you have the $ to pay it (ie now or very soon)… because once your main source of income (repo business) starts declining, then the bank’s willingness to lend you the $ will too. Unfortunately that means you’d have to run two businesses at once (at some point) and definitely will have to disclose your current business practices/income/expenses etc. (have all your paperwork audited and checked BEFORE they do). Because you have the time/credit (and obviously the drive/know-how), I would definitely suggest going through SBA…The banks will not look down on you because of your young age or the length of “time in business” if your loan is SBA approved However I must warn you that the SBA approval process is lengthy (and paperwork filled) because they’re technically “cosigning” the loan with you and will be liable if you defaulted (or your business failed). If you start soon (while you still have a decent income) your chances would greatly improve since you won’t seem “desperate” and you’d have the time for all the “revisions” you’d have to make to your plans. They will require formal business plans that their counselors will be more than happy to help you write. And by that I really mean “formal”. There are 5yr projected income/expenses involved, market research etc. Go see the them. Get the process started now (or very soon)… it will be worth it.

anonymous February 26, 2011 at 11:59 am

You can send them a formal letter through certified mail with return reciept saying that they have 24 hours to come get the truck from the date they sign the return reciept on the letter. Put in the letter that if they don’t pick up the truck in 24 hours you will charge $100 a day for storage fees. Be sure you also put in the letter that you have been waiting a year for them to remove it from the premises and by legal judgement you could have already charged them for fees.Then you have a legal document showing that you can charge them for fees if they don’t pick it up.Then if they try to pick it up after the 24 hour period you can hold the truck and call the police on them if they try to pick it up without paying you the money for storage. That is all legal. I’ve done this before. You cannot collect before the letter because you don’t have a binding contract to go by, but after the 24 hours you do. They are ruthless to you, why not be ruthless to them too.

brandeddesire February 26, 2011 at 11:25 pm

Im not sure how its legal but aparently it is because almost the same thing happened to me last month.I called the car lot which I was purchasing a car and made a oral agreement with them on Monday that I would be in Friday to catch up my payments. That very next day they sent a tow truck for my car!! The repo lady and her “gang” told me that by me calling them I had proven that I would not hide the car and they knew that this would be the best time to jump and come get it!!!Its a scam to finance a car in my mind, These places thrive on you not making your payment on time so they can repossess and sell it to another person!! I have found that if you just save up a few thousand and buy your car straight out, its much nicer! So what if you dont have that car of your dreams, least you wont have to worry about the repo man again!

Ron February 27, 2011 at 11:44 am

Your bank said you did have enough money. That’s good. Now the hard part is getting your truck back. I hope you get all this sorted out soon.

SPIFIMAN1 February 27, 2011 at 11:39 pm

Auto finance is what I do for a living and the best advice I can give is to listen to Echo she is correct in all she has said.

Todd L February 28, 2011 at 11:17 am

I’m not a big fan of mean jokes, but Drake Haven has a good one. It is equally as mean as what he pulled on you.Here’s one I pulled on my son once that might work good to. I was getting myself a cup of coffee and asked if he would like one. when I mixed it for him I added a couple of drops of tabasco sauce to the coffee. The look on his face when it hit was priceless. Just make sure you are being sweet and kind when you do it.

lucy February 28, 2011 at 11:27 pm

when they did not call back, you should have recalled them. 1st; call again; have pen/paper ready. ask name of person you are talking to; ask they spell their name and ask for their id or badge numberif they say go to western union and pay now, do so. ask if there is someone to call to let them know after payment made.make sure you have all of the confirmation information of your transfer so they can note your account. i would even wait an hour or so after talking to someone of your payment to verify noted again.if they repossess your vehicle, not only will you owe the past due, but you will owe the tow fees and storage fees.until payment and confirmation the creditor has, i suggest you “hide” your vehicle to make it more difficult for them to find. my step daughter had this problem, she waited and had till 8pm to send. her mother went with her to verify she did this. it did save her from having her car repo.