Just about had my truck repo'd...wrongfully...

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  • countryboy
    Growing pains
    • Sep 2003
    • 52843

    #16
    Re: Just about had my truck repo'd...wrongfully...

    Originally posted by TJdaSportsGuy
    NCoffey,

    I could be wrong here but I don't know if there's such a thing as "wrongful repossession". The bank owns the car until you finish paying for it and they can reclaim possession of it anytime they want. Now, most of the time, the banks never invoke this right they have but if they deem the loan to be risky enough, that's when they come get your car. My guess is because of your payment history, they decided to cut their losses and go get their car back.
    Yeah, I agree with this. Once you pass 60 days deliquent(sp?) they can reposess the car. Even if you become current or up to date, at anytime once you've gone deliquent they feel as though you're a bad investment and they can minimize their "losses" by repoessing the car and re-selling it, they will. And if they were to have resold it, you would be responsible for the difference between what you owed and what they sold it for.

    Now, I'm surprised given the economy that they actually took the action of repo'ing the car, due to how difficult I would think it would be for them to resale, especially since, even though you've had rough areas, you are current on your loan.
    I can't shave with my eyes closed, meaning each day I have to look at myself in the mirror and respect who I see.

    I miss the old days of Operation Sports :(


    Louisville Cardinals/St.Louis Cardinals

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    • kt-od
      MVP
      • Feb 2008
      • 2355

      #17
      Re: Just about had my truck repo'd...wrongfully...

      Originally posted by TJdaSportsGuy
      NCoffey,

      I could be wrong here but I don't know if there's such a thing as "wrongful repossession". The bank owns the car until you finish paying for it and they can reclaim possession of it anytime they want. Now, most of the time, the banks never invoke this right they have but if they deem the loan to be risky enough, that's when they come get your car. My guess is because of your payment history, they decided to cut their losses and go get their car back.
      Originally posted by countryboy
      Yeah, I agree with this. Once you pass 60 days deliquent(sp?) they can reposess the car. Even if you become current or up to date, at anytime once you've gone deliquent they feel as though you're a bad investment and they can minimize their "losses" by repoessing the car and re-selling it, they will. And if they were to have resold it, you would be responsible for the difference between what you owed and what they sold it for.

      Now, I'm surprised given the economy that they actually took the action of repo'ing the car, due to how difficult I would think it would be for them to resale, especially since, even though you've had rough areas, you are current on your loan.
      I agree with TJ and CB. If a bank feels like you are a bad investment, they have a right to repossess their property. They own the title, so basically they can take it anytime they want to.

      I will say that I think most banks wait until your 90 days late. CB said 60, so I'm not at all positive. I know the banks I have dealt with in the past were 90. I don't worry about repossession anymore. I pay for a vehicle with cash, straight up, or I don't buy it. I finally realized that a car is the worst investment you can make, it gains no equity, so I'm not going to pay on something for 5-6 years that depreciates every year.
      Twitch

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      • TJdaSportsGuy
        Hall Of Fame
        • Dec 2002
        • 11146

        #18
        Re: Just about had my truck repo'd...wrongfully...

        Originally posted by GoodVela
        I've always wondered this as I've never had it happen to me. If you do have your vehicle towed for any reason, how do you know where it has been towed to? I know where I live there are several towing companies around. Do you just have to call around to all of them to see where it went?
        If you're like...parked in a parking lot you're not supposed to be parked in and you get towed, there's usually a sign up somewhere that gives you the number of the towing company they have a contact with. Usually it's on the No Parking sign, lol.

        For repo's, you don't call the towing company, you call the bank you had your car loan with.

        Comment

        • nc0ffey
          PS/XB: nc0ffey84
          • Jul 2002
          • 6223

          #19
          Re: Just about had my truck repo'd...wrongfully...

          My truck is on its way home! Last time I have a late payment that is for certain! :P

          Comment

          • countryboy
            Growing pains
            • Sep 2003
            • 52843

            #20
            Re: Just about had my truck repo'd...wrongfully...

            Originally posted by kt-od
            I agree with TJ and CB. If a bank feels like you are a bad investment, they have a right to repossess their property. They own the title, so basically they can take it anytime they want to.

            I will say that I think most banks wait until your 90 days late. CB said 60, so I'm not at all positive. I know the banks I have dealt with in the past were 90. I don't worry about repossession anymore. I pay for a vehicle with cash, straight up, or I don't buy it. I finally realized that a car is the worst investment you can make, it gains no equity, so I'm not going to pay on something for 5-6 years that depreciates every year.
            it may be 90 days, I just knew that after a certain period of deliquency, the bank/lien holder has the right to repossess their property no matter the status of the loan at that time.
            I can't shave with my eyes closed, meaning each day I have to look at myself in the mirror and respect who I see.

            I miss the old days of Operation Sports :(


            Louisville Cardinals/St.Louis Cardinals

            Comment

            • fishepa
              I'm Ron F'n Swanson!
              • Feb 2003
              • 18989

              #21
              Re: Just about had my truck repo'd...wrongfully...

              To the people that responded at 3am:

              What the hell are all you all doing up at 3 in morning? lol

              Comment

              • Brandwin
                Hall Of Fame
                • Jul 2002
                • 30621

                #22
                Re: Just about had my truck repo'd...wrongfully...

                Let us know what happens and if they are going to reimburse you.

                Comment

                • countryboy
                  Growing pains
                  • Sep 2003
                  • 52843

                  #23
                  Re: Just about had my truck repo'd...wrongfully...

                  glad that you got your truck back.
                  I can't shave with my eyes closed, meaning each day I have to look at myself in the mirror and respect who I see.

                  I miss the old days of Operation Sports :(


                  Louisville Cardinals/St.Louis Cardinals

                  Comment

                  • elTodd
                    Little Big Puig
                    • Feb 2004
                    • 1333

                    #24
                    Re: Just about had my truck repo'd...wrongfully...

                    Originally posted by fishepa
                    To the people that responded at 3am:

                    What the hell are all you all doing up at 3 in morning? lol
                    Unknowingly partaking in my favorite, unknown pastime....sleep-browsing OS.

                    Comment

                    • TJdaSportsGuy
                      Hall Of Fame
                      • Dec 2002
                      • 11146

                      #25
                      Re: Just about had my truck repo'd...wrongfully...

                      Originally posted by elTodd
                      Unknowingly partaking in my favorite, unknown pastime....sleep-browsing OS.
                      You think that's fun? Try sleep-modding OS! That's how I wound up celling myself one time.

                      Comment

                      • madscientist
                        Pro
                        • Jun 2003
                        • 504

                        #26
                        Re: Just about had my truck repo'd...wrongfully...

                        I'm glad to hear you got your truck back.

                        I work nights, so I was up trying to "calibrate" my body for the first night of my shift.

                        Comment

                        • MC Fatigue
                          Banned
                          • Feb 2006
                          • 4150

                          #27
                          Re: Just about had my truck repo'd...wrongfully...

                          I don't mean to be an *** - but if you're late on a payment or two, then it would appear you can't afford this truck.

                          And if you can't afford it, why did you buy it?

                          I'm just kind of curious why so many people appear to buy things they can't pay off without issue.

                          Comment

                          • RAZRr1275
                            All Star
                            • Sep 2007
                            • 9918

                            #28
                            Re: Just about had my truck repo'd...wrongfully...

                            Glad it worked out
                            My latest project - Madden 12 http://www.operationsports.com/forum...post2043231648

                            Comment

                            • nc0ffey
                              PS/XB: nc0ffey84
                              • Jul 2002
                              • 6223

                              #29
                              Re: Just about had my truck repo'd...wrongfully...

                              Its not that I can't afford it, some things came up that were more important (medical) at the time, things are good now.

                              Comment

                              • Matt Diesel
                                MVP
                                • Mar 2003
                                • 1637

                                #30
                                Re: Just about had my truck repo'd...wrongfully...

                                Not that it matters now, and you may want to check with your state's laws, but I am certain that in most states a vehicle cannot be repossessed by your bank if they do so by "breach of the peace" methods.

                                That is, they cannot use physical force, threats or take it under your protest. So if you are out there in your skivvies telling him he cannot take your truck, he cant. If that is the law in your state.
                                Return of the Mack

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