We just got our truck repo-ed. We have had it for 5 yrs paying on it and recently we were not able to make the payments so we were 75days behind. We sent in a payment last week which was returned. So, now our truck got repo-ed. When we called to see about making arrangements to get our (ex) truck back we were told that the only way to get it was to pay the full amount of $9,000. They said for us to go to another financial institution and get a new loan. When we did do this, the bank said they needed to see the vehicle so that was not possible. Is this so? Do we have to pay the full amount to recover our truck? I thought that what we had to do was get current on the past 75 days and we could recover our truck? Why would they return the check?

Hello ant:

Read your loan agreement. All the things you "have" to do, and all the things they "can" do, are in there. They returned the check, because you no longer have a loan with them.

The new bank needs to see the truck, so tell them where it is. Most people seeking a loan on a used truck DON'T bring the truck with them to the bank, so the bank sends someone out to "see" it. If the bank you're dealing with won't do that, go to another bank.

You're still going to be liable for the difference between what the truck is sold for and the loan amount. The bank doesn't care if it gets "full" value for the truck when they sell it either, because they know they can collect the difference from you.

If you can, re-finance it, even at higher rates if you have to. It will cost you a great deal less in the long run.

excon