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Mr. BIG January 15, 2011 at 6:25 pm

Only at an Auction.

The Auto Evaluator™ January 16, 2011 at 6:19 am

Well, the best answer would be which ever gives you a better rate. I would see what both have to offer, and the one with the lowest rate gets your business. They are both great lenders, so either way you go, you’ll have a quality bank backing you up. Good luck.

RICK January 16, 2011 at 5:58 pm

Exact same thing has happened to me and several people I know. I traded a car in on a used truck and then two weeks later dealer called and said bank backed out and bring truck back. What did it for me was dealer had already sold my trade also!! I’m sure this will raise much controversy on here, but if you bend over in front of any car dealer, someone’s going to take advantage of that posture. I told him, in no uncertain terms, there was NO WAY he would ever see that truck again! He turned me over to owner of lot and after explaining to him the same thing, about a week later they called and said “after really going to the mat” for me they got it approved and everythings cool. I’m not saying that this is what everyone should do, but I think people should stop being so #$@% complacent and spineless, and stand up for your rights and stop thinking that just because someone tells you they’re going to screw you, that it has to happen!!!! P.S. another thing you could try is mail the bank a payment, if they cash the check, the truck is yours.

bob k January 17, 2011 at 6:16 am

Bank accounts are easy. Any one can be added and new checks ordered, etc. The mortgage will be difficult. Have him call the bank to find out. Car loan, probably not. The best and easiest thing to do is call the banks. Good luck.

ManU115 January 17, 2011 at 6:03 pm

No, it won’t work. I stole a titan and put it in my garage. When I took it out and blew it up there was no money. Seems like the only way to get money from the Titan is to blow it up when you find it on the street.

Jay P January 18, 2011 at 6:07 am

Unfortunately, regardless of where the paperwork is, you signed a contract for the truck so you own it as is. Getting title properly signed over from dealerships and banks often takes weeks. Sorry about the engine.

Angel Wings January 18, 2011 at 6:35 pm

If he will look at his contract it probably states they can do such a thing. But it could also be that the towing company was not contacted in time and maybe the bank is just not aware of it yet. Have him call the loan department first thing Monday morning and find out. Good luck.

echo January 19, 2011 at 6:33 am

A repo is extremely bad. Better to sell the truck than have it repo’d. I’m not just talking about your credit, I’m talking about you will probably end up having to pay somewhere around 1/2 of what you currently owe – and not even have the truck.What will happen when you let them repo a vehicle:1. They will sell the vehicle for somewhere around 50% or 60% (if you are lucky) of what it is worth. (not what you owe – what it is worth, which is probably less than what you owe)2. They will have repo charges that will start to add up. Cost of repoing, cost of prepping the vehicle for sale, cost of transport to the sale, + cost , + cost , + cost………..3. They will come after you for the deficiency balance after they sell the vehicle. Which could be 40% to 50% of what you originally owed. PLUS all of the added repo fees, which could be a couple thousand $’s (more or less)4. If you don’t pay voluntarily, they will probably sue. (which will raise the cost that you would owe)My advice, go through the hassle of selling it. Even if you have to take a bit of a loss on selling it, which you will have to pay to the creditor as soon as you sell the vehicle. It is still better than dealing with a repo. I’m including a couple of links. One is to the Illinois Legal Aid that describes what to expect with a repo. Even though it is from Illinois, the basic’s of a repo are the same You should research your own states statutes concerning repo’s.edited to add: If you go ahead with the repo, do not sign anything!!! You may sign your rights away if you do.