My car was repossessed… however….?
I was never given any information about what was to be done with the car (auction, private sale, etc). Now a couple of months later, I have a collection agency (AIC) calling me. I haven’t answered yet because I really don’t have the time to talk when they do call so I don’t know if it’s post auction or pre auction.
If it’s pre auction, I’m guessing they are just trying to collect the total amount -
Oh, and on a side note, never deal with HSBC or Ed Voyles in the Atlanta area. 2002 Jetta TDI that was $12k got financed by HSBC for $18k. That’s 50% interest and Ed Voyles had to lie to the bank saying I was putting $1k down but wrote me a $1k ‘miscellaneous’ check and withdrew it after I deposited it into my checking account using the $1k check I wrote them to be cashed after theirs cleared.
- However, if it’s post auction and they are trying to collect on the remainder of what it didn’t sell for, I’ve never received any written or oral information from the bank regarding what they were going to do with the car. If I’m not mistaken, I was supposed to be informed as to the course of action they would be taking prior to it being taken. If so, I was not.
What ‘rights’ per se do I have if this stipulation holds true?
Thanks in advance.
Ok, you first 3 posters are idiots and trolls.
Read the information. I’m not asking ‘oh lordy lordy what do i do?’
I admit I should have stated that I co-signed with my brother who ended up losing his job [when the layoffs started] just over a year ago and all attempts to keep the payments up HAVE been made, so I’m not some punk who signed a contract and said ‘nah, i don’t wanna pay it.’
I TOLD them to repossess it because they kept calling me asking about when I was going to bring the payments up to date.
My question isn’t How will they, why have they, or when will they repossess it. Those of you who read it as such are retards.
What I asked was [due to some information that I had read regarding Rights of People Going Through a Repossession] if anyone knew of a law that stated what happened when a creditor doesn’t inform you of what will be done to said repo’d property. Such as ‘Breach of Contract’ on the creditor’s end.
Not all repo’s are the fault of the person being repo’d.
You already knew that if you didn’t make payments on a vehicle you had financed that the financial institution would reposess it.
End of story. You had all the chances they would give you.
Now yes, they sell it and you pay balance owed, see you signed a contract with the bank- you said “I will pay you this amount of money” . You havent paid it all yet.
Next step for the bank is to garnish your wages, clean out your checking and savings accounts. Oh and you will pay even more money for their trouble of getting their money from you.
I woulkd suggest that you contact your bank and find out just how much you owe.
If its been months since the repo then they have already auctioned off the car at pennies on the dollar. So unless you had equity in it you will owe tons of money.
Your only recourse is to ask the collector for proof of your debt. And then pay it, ignore it whatever. But dont think you are off the hook cause they took the car back. You signed a contract and must fulfill your obligation and will lose in court and have your wages garnished. You need to work out a payment plan to payoff your debt.
You have proof of what would happen and your rights. Read your contract, it’s spelled out there. That was easy.
As for what your bank charged you, that’s your problem. Read the paperwork before autographing the thing.