Re: Repossesion

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On 9/06/02, Brian wrote:
> On 9/05/02, Jamie wrote:
>> We are currently are few months behind on our car payment.
>> A few days ago the repo. man can to our house, but I did
>> not answer the door. I called our bank were we have the
>> loan and apolagized that we were so far behind. The banker
>> said that they would "work with us" and thanked us for
>> calling. We had made a agreement that I would have my
>> payments made up by the following month. Does the repo.
>> guy still that the right to come get my car before I am
>> cought up?
> In Missouri, banks are required to send two letters notifying
> you of default on the auto loan before repo can begin. After
> that, look out! They practically stole my vehicles from my
> garage and driveway in my situation.
>
> Call your bank and ask if they have any letters on file
> showing that they have notified you of default on your loan,
> then get copies. You may be able to re-write your loan, which
> could start you off with zero default letters, since they may
> refer to loan numbers in their policy.
>
> The best thing is to keep it paid up, or trade down to
> something you can make payments on every month. Sorry, you
> might not like that advice, but it came from my bankruptcy
> attorney!

We recently bought a house back in November to be exact and my
husband lost his overtime hours at work so up until March we
were good and the bank gave us a double extension but with me
out of work and a huge mortgage payment I decided the house was
more important to us than the truck. Now I wonder if the bank
can do anything else to us because the truck had 3 flat tires
and a broken driver's side door. I even tried making a payment
on the stupid thing while the repo man was here! And they still
wouldn't take it. So basically we're screwed because we have no
transportation. The payments were insane $406.73 because when we
got it our credit wasn't so good and the interest on it was
23.99%. So what do you think was it a good thing that we
defaulted and do we have more in store for us? I want to be
ready just in case.