Is this "typical" for a surrendered vehicle?

[olivies]

SO very glad we got our discharge, and the bank wasted no time picking up the vehicle.

Today they send a "Notice of Repossession and Your Right to Redeem". It's the typical "we repossessed your vehicle because you were in default on this loan, you have until August 8th to redeem the vehicle and exercise your rights to do so"....

Is this pretty typical? Because now I'm wondering if they will be reporting this surrendered vehicle as "repossessed" and if they should be doing so?

[malf1204]

Most states have specific laws that require a lender to notify the owner that a vehicle is repossessed and there right to redeem. It should not show up on your credit report as repossessed and you do not need to do anything. The lender is just doing what is required under state law and the law does not make a distinction between repossession due to bankruptcy or any other default. Here in Maryland the lender must notify within 15 days of repossession by certified letter and you have the right to cure the default or redeem the vehicle. If they do not send this certified letter they cannot sell the vehicle at auction. So it is merely a formality.

[olivies]

Most states have specific laws that require a lender to notify the owner that a vehicle is repossessed and there right to redeem. It should not show up on your credit report as repossessed and you do not need to do anything. The lender is just doing what is required under state law and the law does not make a distinction between repossession due to bankruptcy or any other default. Here in Maryland the lender must notify within 15 days of repossession by certified letter and you have the right to cure the default or redeem the vehicle. If they do not send this certified letter they cannot sell the vehicle at auction. So it is merely a formality.

I find it interesting they're just following the letter of the law one way, but breaking it the other. Our notice said we had until August 8th to cure the default, etc. DH finally called yesterday and spoke to someone about how to get our plate off the vehicle and just make sure it was empty of personal possessions. Guess what....... the woman said it's already been auctioned! They do have the plate however, and will mail it to us if we provide a SASE for them. For all they know, we could have hit the lottery last night and have wanted our vehicle back, which we would have the right to if we paid what we owe, but they already sold it??!