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No. Happens all the time, but I've never quite figured out why.
Consider this: you owe $1000.00 on your car. It gets repossessed. You do not redeem it, so it get sent to auction. The repossession fees are $300.00 dollars which is applied to what you owed. Now you owe $1300.00. It cost another $200.00 for transportation fees, which is also added to what you owe. Before it is sold, the car is stored for ten days at $50 per day. The storage fee is also yours. So, now you owe $2000.00. The car sells at auction for $500.00. That amount is applied to the balance you owe. You bought it so you got a good deal on a used car. But, wait a minute, you still owe the lender $1500.00 for the past due balance and the accrued fees from repossession. So, you didn't get such a good deal. All you did is remove the security the lender had on the original loan and leave them no other option but to sue you for the balance. Now they are going to garnish your wages, garnish your bank accounts, and hound you for at least ten years.
$1000 - Unpaid balance
+$300 - Repossession Fees
$1300
+$200 - Transportation Fees
$1500
+$500 - Storage Fees
$2000
-$500 - What you paid for the same car at auction
$1500 - What you still owe.
If you had the $500 to buy your car back at auction, why not just pay that to the lender to redeem your car after it was repoed? Or, better yet, why not just pay it before the car is repoed and avoid it altogether?
What else can I help you with?
Can you pay only part of repo fees to get your car back after a repossession?
YES, even though the repo may be expensive you may only pay part of it. Even though your probably better off just buying a new vehicle because you have to pay all of the repo
What is special about the Repo Truck company?
There is no company with the name "Repo Truck", but "repossession" of a vehicle simply means the financial lending company "takes back" the vehicle, because monthly payments on the vehicle have ceased.
When repo man hits another car when repossesion a vehicle?
when repo man repossess the car and was in an accident before you can get it back, what happens
Can you get in trouble hidding the car from repo?
yes you can. thats why the bank usually hires people to come out and take your car back.
Can the repo men hook up your car with you in it?
No, it's illegal to ride in a towed vehicle. However, if you're getting into the vehicle to prohibit the car from being towed, you could find yourself in trouble with the law. Once the car is on a repo list, it's no longer technically yours due to default on payments.
What are the release dates for Operation Repo - 2007 Busing into Trouble SUSPENDED?
Operation Repo - 2007 Busing into Trouble SUSPENDED was released on: USA: 15 February 2012
Do repo people have to ID who they are when they come on private property?
Repo people are the scum of the earth. They are nothing more than prostitutes for finance companies. Yes, the can follow you as long as they do NOT try to physically remove you from your vehicle. That would be an assault. If they enter your private property, you can tell them to leave, if they don't, that is criminal tresspassing. Anytime you park your vehicle, either have it parked in a closed garage or have it blocked by other vehicles. Repo folks cannot enter a closed garage (at your house) or remove any vehicles blocking your vehicle. Repo folks can have keys cut to your vehicle WITHOUT your permission. Repo folks can tell you by law, you must give up your vehicle to them...THAT IS A LIE I am in the towing business and they cause so much trouble for towing companies. If you get out of your unattended vehicle for just an instance, consider your vehicle GONE ........
Can they repo a vehicle after dark?
Yes
Can they repo a vehicle if it is in your driveway?
Yes.
Can a repo company take your car from behind a locked gate in California?
No one has the right to enter your property to repo a vehicle. I your vehicle is out in the street, then its fair game. If you see the repo man coming but has not hooked up to your vehicle, you legally still have possession of the vehicle. Once the vehicle has made contact with the truck the vehicle belongs to him.
What are your rights for buying back a repossessed vehicle?
It varies by state and by the company. Go back and read through your contracts. Usually you have to do it within 30 days. Some companies will let you catch up the payments, plus a repo fee and let you have the car back. I've also seen them tell a customer that they would have to pay the car in full to get it back. Good luck!
How does the repo rate affect the buying power of houses in south Africa?
In South Africa houses cannot buy anything. So the repo rate doesnt effect their buying power
