little advice please...

[shotstopper]

alright, not trying to make a sob story, just looking for some advice.....
long story short, my dad did some stuff and ended up in jail, in the process he didnt forward my money for my rig to the bank and it was reposesed on friday....im supposed to head back to school next week and am without a ride. Bank is telling me the only was I get it back is by paying off the full amount now at once (which Im not sure I can do)...does anyone know of a way to get around this/satisfy the bank so I can get my baby back? much thanks for any advice

 

[YELLAHEEP]

The bank is shootin' it to ya straight. If your dad owes on the loan and didn't pay, repossession is the only recourse the bank has.

The only other thing you could try is to ask the bank if they'd re-finance the jeep under your name with a co-signer..... that is IF you're able to make that kind of payment. I'd think that if you qualify, that'd be a good option for both you and the bank because the bank knows they won't get what's owed on the jeep by selling it outright.

That truely sucks man, I feel for ya.

 

[JohnJohn]

Troy, not sure that is correct...not all of it anyway.

When we popped cars...we never "wanted" them. We would much rather have a happy customer driving them. However if the account was consistently costing us man hours to collect on a repo might be the lesser of two evils.

Assuming the Bank that repo'ed it actually owns the note...they can do pretty much anything they want when it comes to giving you your car back. First is the car yours or your Dad's? If it's your Dad's, legally. It's going to be almost impossible. Is he out, and available to go with you down to the bank? Which Bank? <--- you can PM me if you like I know a lot of folks in the auto lending business around here.

 

[YELLAHEEP]

I think you pretty much said the same things I did JohnJohn......

The bank sets the rules once it's defaulted on and repo'd. I never said there weren't options, but HE said that the bank told him the only option was to pay the note in full...... There may be civil remedies if they repo'd after only one payment went un-paid, but I can't imagine the bank acted that fast.

You and I also said that the bank would be more interested in having the loan paid rather than keeping/selling the Jeep - that's why I suggested he talk to the bank about changing the loan over to him.

But hey, the goal is to get the kid his XJ back right? Hook him up with some direction JJ!

 

[JohnJohn]

I think you pretty much said the same things I did JohnJohn......

The bank sets the rules once it's defaulted on and repo'd. I never said there weren't options, but HE said that the bank told him the only option was to pay the note in full...... There may be civil remedies if they repo'd after only one payment went un-paid, but I can't imagine the bank acted that fast.

You and I also said that the bank would be more interested in having the loan paid rather than keeping/selling the Jeep - that's why I suggested he talk to the bank about changing the loan over to him.

But hey, the goal is to get the kid his XJ back right? Hook him up with some direction JJ!

agreed.

I just took issue with your first statement but after re-readin it, you are right it is the only recourse for non-payment.

We told fresh repo customers that the only way to get your car back was to pay it off. Let them stew for a few days...trying to come up with a way to pay it off. Most can't...or they wouldn't have been behind. I thought it was kind of a stupid thing to say. "Mrs Jones you were three payments behind and we repo'ed your car" "Maam, to get it back you have to come up with 36 payments." DUH

Anyway, there are other options if your Dad is out. If he is not out and your not on the note, it's REAL tough. Is your Dad the only person on the note? Mom?

PM me

 

[planefixer]

Holy crap T, that sucks.Hope everything works out for you.

 

[shotstopper]

thanks guys....apparenty there is 3500 still owed on it (which is ridiculous) but anyways I can come up with 1500 cash before I leave on the 31st maybe 2000 but not the 3500...I tried the refinance route already, Ive only had a credit card about a year (always payed cash or debit) so my credit is real good but not long enough history Im told...thanks again hopefully it works out

 

[shotstopper]

forgot to mention my dad isnt out but I do have a power of attorney to act in his name

 

[Gunner]

This may have already been taken care of. But they didn't repo it because 1 payment was missing. Most likely its 90+ days past due. There is a redemption period, I think it's 10 days. There should have been a "Notice of right to cure" sent to the borrowers on the note. If you can't get it back it has to be sold at a "public" auction which you can attened and maybe get it back. The down side off all this is that the bank can tack on repo and legal fees to the cost and if there is a shortfall at auction you/ or dad will still own the balance. The double stinker is by Colorado law the bank is also not required to dipsurse any excess of payment back to you. It's standard practice to refund the customer the excess but they don't have to. Depending on your bank and loan (direct or indirect) I would think they would want to try and solve this before auction. I haven't done consumer notes in years but if you came to me with $2000 to put towards a $3500 note even with little credit it may be in the best interest of both parties to utilize a "work out" option before auction. Might be worth talking to them again. Just my $.02 worth.

 

[shotstopper]

thanks all for the advice....I was able to come up with the money with some help from my grandpa...so Ive got the jeep back, heading to MN for school on Saturday and will hopefully see ya'll wheeling next spring

 

[JohnJohn]

VERY COOL. Have a good school year!

 

[planefixer]

Good to hear it worked out for you.:thumbup: