View Full Version : How much can a repossession agency charge me to get my car back
angel1981
Nov 9, 2011, 10:40 AM
My car was stolen my car place found it. They stole my money to whenthey stole th vehicle. But the car company gave me another week 2 pay then they repossed it the following week. Now trying to charge me $750 to get my car back when payments are only $150 evry 2 weeks. $400 of that is for repossession. Is that legal to charge that much for one day?
smoothy
Nov 9, 2011, 10:47 AM
What state is their business located in... those laws are what will be in effect.
Who stole what? If you didn't pay for the car, they are legally entitled to take it back, with or without your "Permission". That's what reposession is... as long as their lien is on the vehicle they have that right, and it will until the loan is fully paid.
THey didn't steal your money either... you bought the car, you owed them payments and interest on a fixed schedule. Also late fees are added... get late enough and they can take it back... they are entitled to costs incured to take it back. Those costs are more than just paying the tow truck driver. They pay for the people that had to fill out the forms and everything else required when you did not make payments on time.
Around here towing companies get $250 just to hook up to your car plus a certain amount for every mile it has to be towed.
On a repo you also have storage fees, that are due the minute the car enters the yard.
You would have been hit for more than $400 around here just for being towed for parking illegally.
*Edit* You can even be current on your payments... but if you fail to maintain the required level of insurance coverage (full coverage in most cases)... they can reposess the car too. As you put their investment at risk. The as yet unpaid for car.
Fr_Chuck
Nov 9, 2011, 02:44 PM
First who ever gave smoothy a negative rating shame on you, this is abuse of the system and the answer was very good.
Plus who ever did it, would not even give an answer or follow up info.
The issue here is, you provided no real info to give an answer?
Who stole it, if it was stolen, report it to the police, and your insurance company will pay any and all recovery fees to get it towed and more.
Next car sale places do not "find" stolen cars, so there is more to this,
Please give proper and more complete info