Today I was cleaning out the garage and a tow truck came rolling up the street slowly. It was a quick hookup truck-the kind that can be backed right up to a vehicle to pick it up in less than 10 minutes-the kind repo companies usually use. Plus it had no AAA stickers on it, but did have some phony looking police logos on it which I've seen repo companies use in order to intimidate people to make them think that the company/driver is somehow connected with law enforcement. The driver made eye contact with me as he came up the street, sped up, pulled into the driveway a few houses down, backed out, turned around, and hightailed it out of here. 
I wouldn't give this a second thought except for two things-first, I recently read the story of the attempted phony repo of a vehicle that was owned outright by a member here, and second, my wife just bought a new car. Let me lay out my situation and I just want to hear from some folks here who know better than I that there's nothing to worry about. I defaulted on my cards about two months ago-Chase, BofA, and Citibank. All CC debt-never had an auto loan with any of them. The only auto loan we've ever had prior to the one my wife just got was on my truck through a credit union. I paid the truck off and sold it in a private sale. That cash was used as a down payment for my wife's car (we wanted to make sure we purchased a late model reliable vehicle with an active factory warranty before we filed), which she financed in her name through Citizens Bank of Rhode Island. She has not defaulted on either of her two credit cards yet. Neither of us have any other debts with Citizens Bank so there is no chance of cross collateralization with them.
There could have been a million and one reasons that this guy was in the neighborhood, but I'm guessing it was a repo job on somebody. I looked up the company and they are located 60 miles away. If your car is broken down in the driveway and you need it towed to a shop you don't call a towing company three counties over. Is there any crazy convoluted way that any of my creditors could repossess the car based on my defaulting on my cards? I was thinking of some hairbrained schemes such as the fact that I sold my truck and in essence "gifted" the cash to my spouse for a downpayment on her car. Could a CC company make the argument that the money should have gone to them therefore they have a right to repossess the car? Again, I know this probably sounds crazy, but the BK process doesn't exactly impart calmness on a person...
I wouldn't give this a second thought except for two things-first, I recently read the story of the attempted phony repo of a vehicle that was owned outright by a member here, and second, my wife just bought a new car. Let me lay out my situation and I just want to hear from some folks here who know better than I that there's nothing to worry about. I defaulted on my cards about two months ago-Chase, BofA, and Citibank. All CC debt-never had an auto loan with any of them. The only auto loan we've ever had prior to the one my wife just got was on my truck through a credit union. I paid the truck off and sold it in a private sale. That cash was used as a down payment for my wife's car (we wanted to make sure we purchased a late model reliable vehicle with an active factory warranty before we filed), which she financed in her name through Citizens Bank of Rhode Island. She has not defaulted on either of her two credit cards yet. Neither of us have any other debts with Citizens Bank so there is no chance of cross collateralization with them.
There could have been a million and one reasons that this guy was in the neighborhood, but I'm guessing it was a repo job on somebody. I looked up the company and they are located 60 miles away. If your car is broken down in the driveway and you need it towed to a shop you don't call a towing company three counties over. Is there any crazy convoluted way that any of my creditors could repossess the car based on my defaulting on my cards? I was thinking of some hairbrained schemes such as the fact that I sold my truck and in essence "gifted" the cash to my spouse for a downpayment on her car. Could a CC company make the argument that the money should have gone to them therefore they have a right to repossess the car? Again, I know this probably sounds crazy, but the BK process doesn't exactly impart calmness on a person...
Comment