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slcarrtel · May 28, 2009, 06:44 AM

I recently put $36,000 cash down on a new Auto Loan with the balance being $35,000 for financing. The Dealership made a mistake on my mailing address. About tree weeks past my first payment due, I went to the dealership and contacted Qualtrust Financial (lender). Gave them an updated address and they stated not to be alarmed a new payment book would be sent. Well, before I received anything, the Car was picked up and I was given a PAY IN FULL notice or my car would be sold as a repo and all of my equity lost.
No one would allow me to bring the account current. Is this LEGAL AND DO I HAVE A CHANCE AT GETTING MY CAR BACK?

N0help4u · May 28, 2009, 07:07 AM

When I worked with a re-po guy he said the law was you have, I think it was 30 days, to get current as well as any fees and extra charges tacked on during the re-po.

MsMewiththat · May 28, 2009, 07:09 AM

Soundsfishy, but I guess possible. Generally speaking cars are not repoed after one missed payment, it's kind of two to three. However, if it is written in your contract to not allow any late payments without this penalty you may have to obtain a new loan to pay off the balance of the car. Best of luck. That's a lot of cash not to be on top of... time is of the essence, I guess you don't need me to tell you that.

excon · May 28, 2009, 07:12 AM

Hello S:

I don't know if it's legal or not... But THAT'S not the question. The question is what are you going to do about it BEFORE they sell your car... You can figure out the legalities later.

My suggestion is to hire the meanest lawyer you can find.

excon

JudyKayTee · May 28, 2009, 10:13 AM

I'm a little confused why you didn't send the "late" payment to the lender as soon as you were advised it was late - as opposed to running up late fees and risking forfeiture.

Unusual for a car to be repoed after one missed payment but this is a Federal Credit Union and they obviously take no chances.

LEGALLY - and this is, of course, a legal thread - the car can be repoed after one missed payment. If you miss a payment you default on the contract.

I'd be at an Attorney's office now instead of on this board - you obviously drive high end cars and must have some business sense/experience.

slcarrtel · May 28, 2009, 11:01 AM

I appreciate everyone's feedback so far. JudyKayTee asked why I did'nt forward a payment anyway. Well, actually I went on line and found an Address, mailed the payment and about 3weeks later I was returned unopened W/wrong address notice stamped on it.

N0help4u · May 28, 2009, 11:11 AM

I hope you kept the envelope and the payment. I would definitely fight it.
I only hear of them repo-ing cars at the first missed payment when it would be a big profit to them if the people let it go. They hope you don't pursue this to their benefit. I do not think it is legal but they hope you just leave it go.