Will you get default notice before repo of a car?

[Ifonly]

I should have my case number by tomorrow at the latest but my van went to over 60 days on May 5th.

Is the lender legally required to send you a default notice before the repo guy just shows up?

[StartingOver08]

No. Its in your note.

[Ifonly]

Ouch...I really need that automatic stay so I can sleep better.

[HHM]

That bill they send you that says, "PAST DUE", that is your default notice

[Ifonly]

Thanks! LOL

If I call them with the case # (when I actually get it), do I have a chance of stopping them? (Legally, yes, realistically?)

[JoeBankrupt33]

It can depend on your state too. In Colorado, a lender is required to give a 20 day right to cure notice before a car can be repossessed. Once they've given you the notice, it's good for 1 year. So, if you are 2 months late, get the notice, then become current, they can repo your car if you are late again in the next year without giving you the 20 days.

[Ifonly]

Yes, the van is actually going to be surrendered in the BK. I'm just trying to get a couple of weeks to buy another car (which I know I'm completely screwed APR-wise on - my credit score is currently 506). I'm trying to scrape together a few thousand so I won't have to "finance" so much at my bargain rate of 25% or whatever it is you end up with at the "buy here, pay here" place.

[BigJohn]

We bought a new car before we filed. We pay within the plan and for some reason, it looks like we only have to pay less then $9000 with zero interest. Even my credit report says that.

[sassiebaz]

I did get a notice to repossess from chrysler. It was about 10 days after that when they actually showed up at my house. You can stall these repo guys as long as you make sure they cannot get their hands on the vehicle. I even had a lady call and impersonate someone from our state officials office(who she was claiming to be, I still dont understand) and she threatened to have me arrested. Well, that didnt happen and now I have the automatic stay. It is truly a relief! Good luck......

[BigJohn]

A car dealership tried last year to repossess our car. They didn't get the car. The dealership even went to the point of filing a fraudulent police report claiming that we had embezzeled a car from them. Fortunately, we were able to unravel what the dealership had done. Will the dealership do that kind of activity again? Probably!

[Ifonly]

We bought a new car before we filed. We pay within the plan and for some reason, it looks like we only have to pay less then $9000 with zero interest. Even my credit report says that.

Wowwww....wanna co-sign for me?

[sassiebaz]

A car dealership tried last year to repossess our car. They didn't get the car. The dealership even went to the point of filing a fraudulent police report claiming that we had embezzeled a car from them. Fortunately, we were able to unravel what the dealership had done. Will the dealership do that kind of activity again? Probably!

Was it a mom and pop kinda dealership? I thought once it left the lot, they washed their hands of the vehicle? I hope our dealership doesn't know about this, my husband knows all of the managers. They actually got us a really good deal. I just got a claim in the mail today filed in response to my BK. I hadn't yet said if we plan to reaffirm yet or not. But, we don't plan to. we are int he process of finding another car.

[BigJohn]

Was it a mom and pop kinda dealership? I thought once it left the lot, they washed their hands of the vehicle? I hope our dealership doesn't know about this, my husband knows all of the managers. They actually got us a really good deal. I just got a claim in the mail today filed in response to my BK. I hadn't yet said if we plan to reaffirm yet or not. But, we don't plan to. we are int he process of finding another car.

It was one of the largest dealerships in the area. Nice people [not].

[denisejohn65]

I filed June 12th 09 and I'm not keeping the car. I'm in Colorado. 341 is July 20th. I missed my first pymt this June. When will they take my car? On the lawyers papers he gave me, just some info. It said you have to contact the lender within 45 days after your hearing and surrender it if your not keeping it. Anyone heard of this????

[treehugger1]

BB, I don't have a collateral loan with a CU other than a car payment that I am curren ton. However, they have been more than willing to rewrite the loan a couple of times even with my now terrible credit.

I did have a defaulted CU (different) CC that we once wrote down to nearly 0% finance and 5 year payment plan. In the end this also was charged-off. This has been close to a year and not a peep out of the CU. What I do find interesting is that many CU's use a "loanliner" type of application. It's often a one-page document with NO disclosures attached. This was even true for my auto loan. Nothing, nada, zip in terms of anything but me signing a one-page document and them writing a check to the dealership. I wonder if there are some CU issues out there where CU's also got caught up in the rush to extend credit without thinking about all the other legal documents required to do so.

On the other hand, my current CU is very small and they are very easy to work with. I've been up to 90 days behind on payments for the auto, and they always seem willing to work out something that is in both our best interests. This experience has been completely different than what I experienced with the big national CC's. I'd say you give them a call, but perhaps you should wait until either you have results for your SS claim, or the CU calls you.

If you are following today's news, you can figure that the entire credit issue is still unresolved around the world. The amount of unsecured and upside-down debt on collateral is staggering. Perhaps the government should have focussed on helping consumers resolve unsecured or upside-down auto/RV/etc loans. In terms of helping folks with mortgage relief, it clearly appears that folks with 700+ credit scores and solid jobs are now walking away from mortgages. The great thing about our country now-a-days is that you can't MAKE folks do anything in terms of financial situations. The consumer makes the final call. Bunch of idiots attempting to decide how to stimulate things. Stimulate the consumer directly, and this includes relaxing the BK constraints through means testing. If the debt is unsecured, or the collateral doesn't meet the resale value, relieve the consumer of the burden and let's get on with encouraging consumers to spend their hard earned or deserved monies. The new BK 13 laws claim to do this, but everything continues to spiral down in terms of value. The deflating of consumer products is already apparent in my local community. The value of simple things such as produce, meat, etc. is finally reaching the consumer here. How can it not? I've always claimed that housing, food, transportation, communication, education, and healthcare are what drive the economy. And if the ability of the consumer to pay for these goes down, then eventually the prices have to deflate. Perhaps your small local CU understands this better than the biggies!

I'm a dyed-in-the-wool bleeding-heart liberal, but perhaps the government should shut down all government-backed healthcare for two months and then see "who" comes begging to the table.

I'm not saying that credit (mortgage, healthcare, autos, etc) isn't an important factor in any capitalist system. It is important. But when employed folks are walking away from all debt, secured and unsecured, there's a problem somewhere that has not been accounted for.

Maybe your CU is willing to ride things out. Or, perhaps they have far greater issues than your contract.