Check out some similar questions!

djestwd · Nov 29, 2006, 08:24 AM

If you voluntarily let the bank Repossess a vehicle, will they still try to collect a Deficiency Balance? This pertaining to the State of Hawaii. Someone said if they come and Repo your vehicle, you don't have to pay the Deficiency Balance? But if you call the bank and tell them to pick it up, you do have to pay.

excon · Nov 29, 2006, 08:36 AM

Hello dj:

Whether you give it to them, or they take it, you're going to owe the balance due after they auction it.

excon

Fr_Chuck · Nov 29, 2006, 09:45 AM

Yes, unless you work out and agree for them to take it back for payment in full.

But yes giving it back is still a repo , they sell it, and you owe the difference.
The main savings you don't have a large repo cost added to the bill.

ON many cars you will owe almost as much as you did with it, after you turn it back in. depending on what you owe and what the car sales for wholesale at the acution normally

CaptainForest · Nov 29, 2006, 09:49 PM

Best advice:

Don't let them repo it.

Sell it yourself since you will sell it for more then the bank will, most likely.

siva2006 · Dec 5, 2006, 08:44 AM

Happened to me... I couldn't afford my payments and asked the bank to repo it. Now they are after me. They sold it for 1/2 the price the car was worth. I owe them almost the full loan-amount I originally had with all the penalty+repo charges. Don't ask the bank to repo it. I had the car loan in NJ and now residing in Ontario. I was working in NJ.

s_cianci · Dec 10, 2006, 07:29 PM

You can be held responsible for any balance that's not recovered when the creditor re-sells your vehicle, whether you surrendered it voluntarily or not.

anhng · Jun 26, 2007, 07:58 PM

I lived in Texas trying to repossession the car. What if you don't have to money to pay deficient what they can do> Someone told me they can not garnish my pay. Please let me know if I don't want to pay deficient balance. Please help

Brokemont · Sep 7, 2009, 06:44 AM

I know this is a old message board but I need to know if there is anything that can be done. Our Jeep was repo'ed the band would not let us sell it. The loan was $7500 the value is $7500.. they sold it for $1000?? And Over $6000 is due? Please help!

excon · Sep 7, 2009, 06:49 AM

Originally Posted by Brokemont

I know this is a old message board but I need to know if there is anything that can be done. Our Jeep was repo'ed the band would not let us sell it. The loan was $7500 the value is $7500..they sold it for $1000????? And Over $6000 is due? Please help!

Hello Broke:

You COULD have started your OWN thread to ask your question... Maybe some mod will move it...

If the band wouldn't let you sell it, then I'd get the money from the band. If YOU were the one on the loan, then I wouldn't have listened to the band.

excon

Brokemont · Sep 7, 2009, 07:48 AM

Originally Posted by excon

Hello Broke:

You COULD have started your OWN thread to ask your question... Maybe some mod will move it...

If the band wouldn't let you sell it, then I'd get the money from the band. If YOU were the one on the loan, then I wouldn't have listened to the band.

excon

Sorry BANK but they are a band of crooks.. the BANK is Chase! What happened to their bail out? Look for my new post thanks

excon · Sep 7, 2009, 08:07 AM

Originally Posted by Brokemont

Sorry BANK but they are a band of crooks..the BANK is Chase!

Hello again, Broke:

Well, that DOES make a difference, and I agree - Chase sucks...

However, I don't understand HOW they stopped you... Ordinarily, you SELL the car, and PAY off the loan. The bank can't STOP you from doing that...

Or are you maybe saying the bank wouldn't let some buyer assume your loan? Is that what happened?? You're going to have to fill me in on EXACTLY HOW the bank stopped you from selling your car...

If they actually DID, you and me are going to kick their a$$. But, as much as I hate 'em, I somehow don't think they did.

excon

Brokemont · Sep 7, 2009, 08:20 AM

Originally Posted by excon

Hello again, Broke:

Well, that DOES make a difference, and I agree - Chase sucks....

However, I don't understand HOW they stopped you... Ordinarily, you SELL the car, and PAY off the loan. The bank can't STOP you from doing that...

Or are you maybe saying the bank wouldn't let some buyer assume your loan? Is that what happened??? You're going to have to fill me in on EXACTLY HOW the bank stopped you from selling your car....

If they actually DID, you and me are gonna kick their a$$. But, as much as I hate 'em, I somehow don't think they did.

excon

What happened is that a detective agency was calling every member of my family.. demanding the Jeep for repo. Guy was showing up at my families houses at midnight.. waking everyone up looking for the Jeep. I called the detective agency and was told that we could not sell the jeep since Chase already wrote it off. That if we let them repo it we would walk away free and clear! Jeep had major brake problems since day one! It would slide down hill, very unstable. I myself hated it. It was a Liberty Sport looked great but had problems! I live in Phila and could have taken the Jeep to the mountains and sold it for the value! Now we are stuck over $6000 due on the loan and lost the Jeep! I am so tired of being conned! And to get or even talk to a lawyer it takes money!

excon · Sep 7, 2009, 08:35 AM

Originally Posted by Brokemont

I called the detective agency and was told that we could not sell the jeep since Chase already wrote it off. That if we let them repo it we would walk away free and clear!

Hello again, Broke:

Well, that clears things up. Chase didn't tell you anything... The repo man did, and you believed him. That was your bad. You COULD have sold the car assuming you could have kept the repo dude away while you did it. The bank WOULD have taken the money.

You're not going to be able to do anything about it - bad brakes or not. Yeah, repo dudes lie.

excon

Brokemont · Sep 7, 2009, 09:52 AM

Originally Posted by excon

Hello again, Broke:

Well, that clears things up. Chase didn't tell you anything... The repo man did, and you believed him. That was your bad. You COULD have sold the car assuming you could have kept the repo dude away while you did it. The bank WOULD have taken the money.

You're not going to be able to do anything about it - bad brakes or not. Yeah, repo dudes lie.

excon

Well that sux's! I let my hubby handle that matter.. Chase wrote it off and they called the detective agency.. if the info was a lie then they are out $6000 , because they can't collect as far as I know. Can't get blood out of a stone! I have to do a search on the VIN report it to the state of PA.. who knows what auto was turned into auction. Maybe not even the Jeep. The one family member that this so called detective agency was calling ispolice. They were claiming to be police. If you saw NBC dateline on Sept 6 you will see what the inside of some of these collection agencies look like! Thanks for your answer!

JudyKayTee · Sep 8, 2009, 10:11 AM

I've never heard of a detective agency doing collection work.

I've certainly heard of collection agencies doing collection work, however.

If you were unable to make the payments on the Jeep, why didn't you attempt to sell it (even if you only were able to get the balance due) rather than let it be re-poed?

Maybe all of these threads should be combined because they are all connected.

Brokemont · Sep 9, 2009, 07:06 AM

Originally Posted by JudyKayTee

I've never heard of a detective agency doing collection work.

I've certainly heard of collection agencies doing collection work, however.

If you were unable to make the payments on the Jeep, why didn't you attempt to sell it (even if you only were able to get the balance due) rather than let it be re-poed?

Maybe all of these threads should be combined because they are all connected.

Something is wrong here.. Here I go doing my husbands work AGAIN! The detective agency is globle from Texas.. they make you think they are Law Enforcement. Their part was to find you and send the repo man to pick up the auto. Now we couldn't sell the Jeep without a title. Something is wrong here, I never heard of a auction starting bid thousands lower then the amount of the loan or the value "Blue Book" or the auto. Take forclosed houses.. the bids start at the amount of the loan with late charges and interest right? I have to trace this Jeep back to the VIN and Tag number.. ANd yes I am contacting the Atty General office.. Not that they ever took any of my cases in the past! We gave up when they started calling my children and one is a cop and hounding them for the Jeep.. and also showing up at their homes at midnight trying to tow the Jeep. Even the clunker program gave more money then what this Jeep sold for!

charvanette23 · Nov 17, 2010, 02:32 AM

Hi what if I don't have the car I call the financed company 2 months after I had the car the engine blew on me in I was like its out side my house come get it no tag then I never heard from them again except letters for payment now 3 yrs later they put a lien on my reistration in saying they don't have the car I have to pay 5000 or find the car I don't have the car I thought they had the car what do I do