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Auto Loans and Financing
Repossession
Bank of America

Would a bank lie about having your car repossessed?

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2015-07-17 17:48:14
2015-07-17 17:48:14

yes..

They will have to notify you in writing that they have repossessed your car. They could have made a mistake when someone told you they didn't, or they could not want you to know about it any earlier than they have to. You will be notified before it is sold, you can also check with the police and report it stolen, they always notify the police and the police will check with them if they haven't and they won't lie to them.

Chris, you make some BOLD assumptions about the veracity of banks and repomen. You should at least check the state laws you purport to quote. BTW, have YOU ever repoed a car?? LOL

Yes I managed a Financial Branch that specialized in NON PRIME Auto Paper - the branch had in excess of 7 million of auto loans and I repossessed 1-4 cars a month most months. Seldom did I personally do it, but yes I have repossessed a car from a customer. I can only speak about the laws in Florida, but what I say if fact.

Lenders will tell you anything. But they should tell you if they took the car. Call the police and report it stolen. If the car was repo'd, the police were notified when the tow was enroute to pick up the vehicle. The police, however, do not keep records. If the police weren't notified, (not all repo guys report that they're picking up the vehicle), report it stolen. It's then entered into NCIC and then the lender will have the headache when they try and sell the car that's listed as stolen. Of course when the lender tries to get the title, the DMV will have a hold listed which will tell them the car was reported stolen. It will create a problem for the lender. LOL

Yes. I recently had a vehicle repossessed and the bank told the repo company that I was in default since 05/05. When the repo man showed up and was shown the receipts for payments from 01/05 to the present he refused to take the car. A three way call was made with the bank and the rep told us that the car was in default since 05/05. When the repo man told her that wasn't true her story changed to being in default for 2 months which was also untrue. The bank still ended up taking the vehicle and I'm currenlty in a legal battle with them over it.

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No, a car can not be repossessed due to having no registration. A car can be repossessed for non payment. The police can have a car towed to an impound lot if there is no registration.

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If your car has been repossessed by the bank for missing payments, the quickest and most efficient way to retrieve your vehicle is to contact the bank and make your back payments. When contacting the bank about back payments see if there is a new payment plan system that you can set up with them that is more beneficial to you, to avoid having the car repossessed again.

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They will auction the car and you will have to pay the difference of what you owe and what the car sold for.

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Maybe, if you have the original, but, it is ultimately up to the bank.

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Yes you can make profit on the car if you buy it from the bank.


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