I just responded to a post where someone was being told that the automatic stay was in placed for a case filed yesterday and that the repo agent has been after their car for two weeks.
The attorney involved when the case was filed called and left a message for the repo people and got no response. Then the people with the car that filed yesterday called the repo agent to tell them about the BK.
Bad idea!
Look people, I used to work around the car business with my father who was a dealer. I knew many repo companies and how they worked.
Lenders issue what is known as a "hold harmless agreement" to repo agencies which in effect states that as long as they don't break any laws the lender is responsible for any and all fees and actions that result as a matter of getting that car or truck back.
Now, calling a repo company as the attorney did is just plain stupid. Now the company will do everything they can to collect that car because if they don't they get nothing for looking for the car and the time they have put in so far! That's the way the business works!
So knowing that you have filed means nothing to them. Only the lender can rescind that order for repossession of the car and chance are that the lender may not even be aware that the BK has been filed yet. It takes time for the BK notice to get to the right people and where it has to go.
In the meantime your care is taken, legally, and put into storage in most cases. Sure, you'll get it back and the lender will have to pay for the repo anyway but in the meantime you won't have the car and nothing is going to happen to the repo company for doing their job.
If you are about to have your car taken and you know it and you have filed recently please take the time to contact your lender and give them your case number so they can notify the repo agency that the contract is canceled.
I sent all of my lenders emails with the BK number the day I filed so I would have a record of sending that information.
In my opinion, as so many are at risk here, this should be a sticky.
The attorney involved when the case was filed called and left a message for the repo people and got no response. Then the people with the car that filed yesterday called the repo agent to tell them about the BK.
Bad idea!
Look people, I used to work around the car business with my father who was a dealer. I knew many repo companies and how they worked.
Lenders issue what is known as a "hold harmless agreement" to repo agencies which in effect states that as long as they don't break any laws the lender is responsible for any and all fees and actions that result as a matter of getting that car or truck back.
Now, calling a repo company as the attorney did is just plain stupid. Now the company will do everything they can to collect that car because if they don't they get nothing for looking for the car and the time they have put in so far! That's the way the business works!
So knowing that you have filed means nothing to them. Only the lender can rescind that order for repossession of the car and chance are that the lender may not even be aware that the BK has been filed yet. It takes time for the BK notice to get to the right people and where it has to go.
In the meantime your care is taken, legally, and put into storage in most cases. Sure, you'll get it back and the lender will have to pay for the repo anyway but in the meantime you won't have the car and nothing is going to happen to the repo company for doing their job.
If you are about to have your car taken and you know it and you have filed recently please take the time to contact your lender and give them your case number so they can notify the repo agency that the contract is canceled.
I sent all of my lenders emails with the BK number the day I filed so I would have a record of sending that information.
In my opinion, as so many are at risk here, this should be a sticky.
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