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  1. #1
    Senior Member nitrox28's Avatar
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    Question Heve you or someone you know ever had a car repossessed?

    Is it a big deal? What's involved? My brother bought a new car with cash
    (401k loan) and he has stopped making payments on his 1999 Dodge Dakota because he doesn't drive it anymore. He still owns $10k and it's worth about $8k. He evidently got a call saying the finance company with his truck is going to repo it but he isn't worried. I told him I would ask around and research the process. He's 25 years old, working full time and going to school part time. How bad will this effect his credit? Will they sell it and he will have to pay the balance? How does it all work? Thanks for any help or input.

  2. #2
    Detailing + Design third_shift|studios's Avatar
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    that is fucking lazy. tell him to pay for his shit or he'll get ultra fucked by the bank.

  3. #3
    Senior Member nitrox28's Avatar
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    We've all been over that with him. I'd just like to know what he's up against. Money has been getting pretty tight around his house evidently. You and I both know it's bullshit but I thought I'd ask anyway. He'd be beter off wrapping it around a tree and letting the insurance pay it off.

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    Dead 02 T/A M6 lakmflx's Avatar
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    Quote Originally Posted by nitrox28 View Post
    We've all been over that with him. I'd just like to know what he's up against. Money has been getting pretty tight around his house evidently. You and I both know it's bullshit but I thought I'd ask anyway. He'd be beter off wrapping it around a tree and letting the insurance pay it off.
    I had my V6 firebird repo'd a lil over a year ago due to an accident at my daughters daycare. The daycare decided to use a crock pot to warm up bottles for the babies in the baby room and apparently one of the teachers knocked over the pot and onto my 8 month old daughter(at the time) then of course they tried to blame it on my daughter saying she pulled the cord and knocked it on her(mind you at 8 months old she wasnt even standing on her own or even pulling herself up yet)

    Anyways long story short, car got repo'd since i wasnt able to work for 3 months since i was at the hospital with my daughter so of course, i wasnt making payments on the car. The bank will fuck you over any chance they get. When i brought my daughter home from the hospital i called the bank the next day and explained what happend. We came to an agreement that if i made a payment of the 3 months i owed thet would take the car off repo status and i could catch up the rest since i have never been late or missed a payment. So the next day which was on a friday, i take my ass down to the bank paid the 3 months i owed and thought everything was fine. Well i wake up saturday morning and guess what the fucking car was gone. Called the bank and they told me they no record of a payment being made and that no "notes" were in their computer about our so called "agreement"

    So after calling the cops and reporting the car stolen they found out it was repo'd and that very same day i went to one of those buy here pay here places and got another car before the repo had showed up on my credit.

  5. #5
    Member Fedge's Avatar
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    that's fucked up. whenever a bank makes an agreement with a customer, they send us a fax right away to place the repo order on hold. once that happens, we chuck the job until we hear otherwise. once the payments are made or whatever, it becomes closed and the file is put away (at least that how our company works). the bank was supposed to hold the account off repo until you broke the agreement or it was paid up to date, then it would back up for repo or closed. only thing that baffles me is why didn't you fight them if you paid? was it an actual agreement or did you promise to pay and it was just too late? (we have that piece of paper, we can't take the word of the lessee that they did or did not pay, cuz folks lie all the time, car's coming with us). eh, it's neither here nor there, you have another car...just be ready for the monies you may still be responsible for, depending on the amount owed vs the auction price and the repo fees that get charged to the bank...






    that being said, as far as buying a house or another car, if he keeps his nose clean for a year, pays his bills on time and whatnot, he will be ok, just won't get any of the perks that folks with good credit get like lower interest rates or better terms, blah blah blah. i've had a repo, I write mortgages and repo cars so I see it and have lived it, lol.

    it's not the end of the world, but if he can save his credit, he should. if the truck is too much, he can just take it back to the finance company, costs less too (you get charged a towing and storage fee for an involuntary, unless the repo order is already out, then it makes no difference)
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  6. #6
    Dead 02 T/A M6 lakmflx's Avatar
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    Quote Originally Posted by Fedge View Post
    that's fucked up. whenever a bank makes an agreement with a customer, they send us a fax right away to place the repo order on hold. once that happens, we chuck the job until we hear otherwise. once the payments are made or whatever, it becomes closed and the file is put away (at least that how our company works). the bank was supposed to hold the account off repo until you broke the agreement or it was paid up to date, then it would back up for repo or closed. only thing that baffles me is why didn't you fight them if you paid? was it an actual agreement or did you promise to pay and it was just too late? (we have that piece of paper, we can't take the word of the lessee that they did or did not pay, cuz folks lie all the time, car's coming with us). eh, it's neither here nor there, you have another car...just be ready for the monies you may still be responsible for, depending on the amount owed vs the auction price and the repo fees that get charged to the bank...






    that being said, as far as buying a house or another car, if he keeps his nose clean for a year, pays his bills on time and whatnot, he will be ok, just won't get any of the perks that folks with good credit get like lower interest rates or better terms, blah blah blah. i've had a repo, I write mortgages and repo cars so I see it and have lived it, lol.

    it's not the end of the world, but if he can save his credit, he should. if the truck is too much, he can just take it back to the finance company, costs less too (you get charged a towing and storage fee for an involuntary, unless the repo order is already out, then it makes no difference)
    I was going to fight them on it but the only piece of paper i had was a receipt from the bank when i made the 3 month payment. Didnt have anything in writing about our agreement. When i went to get my personal belongings from the car i brought a wire cutter with me so i can remove all my stereo equipment since they said i couldnt have it and just started snipping everything. I only did this cause 1. i was pissed car got repo'd 2. i had to come up with the full balance on loan to get car back 3. cause bank fucked me over, they pretty much wanted their $700 i was behind on so they can turn around and take the car from me and re sell it for more of a profit.

  7. #7
    Quote Originally Posted by nitrox28 View Post
    he has stopped making payments on his 1999 Dodge Dakota because he doesn't drive it anymore.
    Sweet! I didn't realize that I don't have to pay for my car as long as I don't drive it!!!! Gotta run...I'm off to buy a 911 so I can park it in my driveway and impress my neighbors!

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    When the bank repo's it they will hold it for said time until your brother can pay the amount due. After that it is very simple...the car goes to auction and your brother is responsible for the whole loan minus the auction amount.

    Example:
    Your brother owns truck and owes 10k on it. Truck is sold at auction for $1500. Your brother, by law is responsible for the remaining 8500 and the idiot now doesn't have the truck. That goes on his credit as a repo, late payments etc... and when it is paid off he will get a mark showing that but it will hurt him for a long time.

  9. #9
    Senior Member snaggeltooth's Avatar
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    if you get anything reposed or turn a car into the bank....Your credit is fucked for life ...Period

  10. #10
    10 year lurker DrMilhouse's Avatar
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    Sounds like he kinda deserves the shit that he's got coming because of it. Yes, he does have to pay the balance. Mind you, the bank doesn't really give a shit if they get $8k or $6k or $4k for the car because they're going to get $10k out of it after they're done with him, even if it resolves to be a judgement. It'll go to auction so it'll probably end up closer to the $4k end.

    What a dumb ass. Yes, it'll hurt his credit. His credit is dinged a bit because of some late payments, but it's gonna seriously suck ass when it comes time to finance something else. Trust me on that one. I've never had a repo, but I have had "hardships" in the past which effed up my credit. When I financed my Z at the end of my lease, it was financed at 21%. I'm not even kidding.

    but whatever... he knows it's coming, and he's a loser, so let him deal with it.

  11. #11
    "now,you pissed us off!!" Trouble maker's Avatar
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    Quote Originally Posted by nitrox28 View Post
    Is it a big deal? What's involved? My brother bought a new car with cash
    (401k loan) and he has stopped making payments on his 1999 Dodge Dakota because he doesn't drive it anymore. He still owns $10k and it's worth about $8k. He evidently got a call saying the finance company with his truck is going to repo it but he isn't worried. I told him I would ask around and research the process. He's 25 years old, working full time and going to school part time. How bad will this effect his credit? Will they sell it and he will have to pay the balance? How does it all work? Thanks for any help or input.
    Damn..did Grandma skip over him in the will?With all that money she had,you would think he can find someone to bail him out?

  12. #12
    "now,you pissed us off!!" Trouble maker's Avatar
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    Quote Originally Posted by snaggeltooth View Post
    if you get anything reposed or turn a car into the bank....Your credit is fucked for life ...Period
    There has to be reasoning for his non-payment.If he just doesn't want to,then all it can legally stay on his credit is 10 years.If he files a chapter 7,sends the car back,and all they can auction it off for is 2000.00,then they will eat the remainder.If he files a chapter 13,he can combine all his credit cards,this car,etc into one payment.If he pays the entire agreement,it will stay on his credit for 7 years.As far as your credit being fucked for life..that is a huge myth.You will pay high interest on any loan until you can successfully refinance with a decent rate.He can be in another car within one year easily.If he files,he can be in a new car within 60 days.This system is very easy to beat and you can beat it legally..

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    duh
    Last edited by bodyman5000; 11-22-2006 at 05:36 PM.

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    uhh, you don't even have to be a legal resident of this country to buy a house so I don't think he is screwed. Just have him finance stuff under the name Jorge Gonzales or something like that.

    I haven't been pulled over by the cops in years but if I ever do I will claim not to have ID. I will say I am an illegal immigrant from Mexico. When they ask how a near albino looking white boy who speaks English could be an illegal I will just tell him that my parents were murderers who fled the USA before I was born.

  15. #15
    Member Wulfe13's Avatar
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    It WILL screw his credit (not for life though) and yes he will have to pay the balance after it is auctioned off for pennies on the dollar. Letting a car get repoed is one of the stupidest things he could do... He should sell it for as much as he can and just pay back the difference. If there is a difference.

  16. #16
    Senior Member SeVeReDiStOrTiOn's Avatar
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    Quote Originally Posted by lakmflx View Post
    I had my V6 firebird repo'd a lil over a year ago due to an accident at my daughters daycare. The daycare decided to use a crock pot to warm up bottles for the babies in the baby room and apparently one of the teachers knocked over the pot and onto my 8 month old daughter(at the time) then of course they tried to blame it on my daughter saying she pulled the cord and knocked it on her(mind you at 8 months old she wasnt even standing on her own or even pulling herself up yet)

    Anyways long story short, car got repo'd since i wasnt able to work for 3 months since i was at the hospital with my daughter so of course, i wasnt making payments on the car. The bank will fuck you over any chance they get. When i brought my daughter home from the hospital i called the bank the next day and explained what happend. We came to an agreement that if i made a payment of the 3 months i owed thet would take the car off repo status and i could catch up the rest since i have never been late or missed a payment. So the next day which was on a friday, i take my ass down to the bank paid the 3 months i owed and thought everything was fine. Well i wake up saturday morning and guess what the fucking car was gone. Called the bank and they told me they no record of a payment being made and that no "notes" were in their computer about our so called "agreement"

    So after calling the cops and reporting the car stolen they found out it was repo'd and that very same day i went to one of those buy here pay here places and got another car before the repo had showed up on my credit.
    I hope you sued the shit out of the daycare

  17. #17
    Senior Member nitrox28's Avatar
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    My wife and I are going to lend him the money.

  18. #18
    10 year lurker DrMilhouse's Avatar
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    Let me tell you a story about a farmer that could understand the animals when they talk.

    One day, he heard the ox talking to the mule and the ox said that he was tired of pulling the plow all the time. It was wearing him out and he was sick of doing it. The mule, being smart and one of the farmers better treated animals told the ox to just fake being sick. He said when the farmer comes to get you tomorrow, just lay down and make sounds that you are in pain.

    Well, the farmer heard the whole conversation and when he came to get the ox, sure enough, he was laid out in serious pain and couldn't get up. So what did the farmer do? He grabbed the mule, put him in the yoke and made him pull the plow that day.

    After a long hard day of pulling the plow, the ox said to him, thank you so much for your advice, I think I'll do the same tomorrow. It was so nice to have a break. The mule responded and said, that the farmer was complaining all day about the ox and if he wasn't feeling better the next day that he was going to call the butcher.

    The moral of the story is really this: It's great to help someone out, but it's always a good idea to help them in a way that will not put you in a bad situation where their problem is suddenly your problem.

    I hope that helps.

  19. #19
    Senior Member nitrox28's Avatar
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    No biggie. He's my brother and we can afford it.

  20. #20
    Rollo Tomassee AKIRA's Avatar
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    Quote Originally Posted by Trouble maker View Post
    There has to be reasoning for his non-payment.If he just doesn't want to,then all it can legally stay on his credit is 10 years.If he files a chapter 7,sends the car back,and all they can auction it off for is 2000.00,then they will eat the remainder.If he files a chapter 13,he can combine all his credit cards,this car,etc into one payment.If he pays the entire agreement,it will stay on his credit for 7 years.As far as your credit being fucked for life..that is a huge myth.You will pay high interest on any loan until you can successfully refinance with a decent rate.He can be in another car within one year easily.If he files,he can be in a new car within 60 days.This system is very easy to beat and you can beat it legally..
    Thats a big 10-4!

    I have two friends that seem to always have money problems and have been beaten or beaten the insurance company.

    One had his bike repossessed and his credit is screwed cuz of it. He still has money problems, but hes still living comfortably. Having shitty credit doesnt really mean the end of the world at all. In fact, I have beautiful credit and life still sucks.

    Back to the stories...

    The same guy was going to get his truck repo-ed too, but luckily a friend totaled it and the insurance paid it off. Believe it or not, it wasnt intentional.

    Now my other friend is the real pisser. He was upside down on his Impala so he hired someone to steal it from a public place, leaving my friend stranded at the public bar. Meanwhile, the car was taken somewhere where it couldnt be recovered in time before the insurance had to pay THAT off. Then on top of it all, he goes and buys an Escalade. Needless to say, his credit cards are racked up, insurance and car payments are bonkers, so what does he do? He files Chapter 11 right before the law changed. Car was repo-ed, credit cards wiped clean, credit still got fucked with the Ch. 11, but he was living comfortably for a while. Until he lost his job...

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