Thread: need legal advice re:repossion

OK, so I am needing some help here. Here is the situation, back in 1999 we bought a used van for 8500 through a loan agency. we were to make 60 payments on it. months later, sept of 2001 we let get get trepossesed. We took it back, on our own becase it was a true lemon, we have had nothing but problems with it. well, the loan company supposudly auctioned it off for 1100 or 1200. My inlaws were a cosigner on this. Anyway, we had a fire feb 03, which forced us to claim bankrupsy for some reasion our homeowners insurance was never started (long story) my point, we ahd to keep paying on this loan becase his parents were the cosigners and we didnt want it to fall back on them, kwim? Well this past jan. we refinanced it and put it in our name only, this loan was STILL at 7500.00 I told jason I am not paying it, it is rediculous that we have been paying 191.00 a month for almost 6 years, and it hasnt even made a dent. Granted, we did refinance once and got an additional 1000.00 to make repairs on the van. Well, they have been threatening us to send it to the magistrates office for non payment. Well, today we got notice of a hearing (we didnt pick up the letter yet, but I am assuming that is waht it is for.)

We do not have much, my question is what can they take to pay off this debt, or what will happen to us? I am really going to try to fight this, I mean we have already paid back close to 8000.00 I am concerned. anyone kow where I could find some information about this, or something, DH is having a fit, and i too am worried, I know I should have just paid on this stinking thing, but I will in total be shelling out over 20000.00 fo something I dont even have anymore!

Thanks

They can take or put a lien on anything that you own that they deem of value.

You might want to call them and see if they will reduce the amount if you pay a lump sum, but it usually only 10% to 20% less than the owed amount.. better than nuttin.

Originally Posted by buttrfli

They can take or put a lien on anything that you own that they deem of value.

You might want to call them and see if they will reduce the amount if you pay a lump sum, but it usually only 10% to 20% less than the owed amount.. better than nuttin.

See, in Texas we're a homestead state and they can't put a lien on your main home. Seriously, all they can do is put a judgement amount on your credit. They can't garnish your wages or anything either. And with these laws, when we want to settle a debt with a company, they will take MUCH less than the amount originally owned.

We were in the same situation with our brand new dodge ram quad cab. It honestly was a lemon since we bought it brand new and in the first year had the transmission rebuilt 5 times (no lie). We voluntarily let it get repossessed and after auctioning it off we owed $12k. The collection agency called a few weeks ago offering to settle for $3k.

I think it really depends on the state you are in and those laws.

Ugh!
Makes me glad I live in Texas. Here they can't do anything but put it on your credit. Maybe you could call a local attorney and have them bring you up to speed on what can be done in your state.

Originally Posted by HaveKids,LostMind

Ugh!
Makes me glad I live in Texas. Here they can't do anything but put it on your credit.

Dang I'm movin to Texas.

Seriously though.. that just dosen't sound right. Someone takes out a $20,000 loan and can't pay it back and all they do it put it on your credit history?

Originally Posted by buttrfli

Seriously though.. that just dosen't sound right. Someone takes out a $20,000 loan and can't pay it back and all they do it put it on your credit history?

We had 13 credit cards maxed out and we defaulted on them, plus 2 cars repossessed. They cant do a single thing other than put it on your credit. Trust me, I'm living proof. It sucks because now my credit still isn't back to being perfect and I cant finance a new house like I wanted to, but just a couple more years and it all rolls off my credit. (After 7 years its off.)

Originally Posted by HaveKids,LostMind

We had 13 credit cards maxed out and we defaulted on them, plus 2 cars repossessed. They cant do a single thing other than put it on your credit. Trust me, I'm living proof. It sucks because now my credit still isn't back to being perfect and I cant finance a new house like I wanted to, but just a couple more years and it all rolls off my credit. (After 7 years its off.)

That nuts! If you default here, you pay and pay and pay until they say you are done.

Yeah, we've been debating whether or not to move back to Lousiana, where dh is from, but the second we get into that state, we'll be responsible for all of our debt and they can garnish our wages. So umm, we're staying put, at least for a few more years.