My 84 year old mom has been duped at a car dealership

[andy158]

Car got repoed today. The repo people (man and wife team) were very nice and said they did over 800 repos in the state of WV alone this year! They had a nice 2011 motorcycle on the trailer as well. I carefully read over the paper work she signed, took photos of the car and demanded a reciept.

[bcohen]

And what exactly did the paperwork say? That you are agreeing to pay repo costs/deficiency balance/etc? What about the "voluntary surrender" agreement with the bank? What did that say?

[andy158]

The repo paperwork basically said that the repo company is in possesion and has full responsibliity of the vehicle from the point it leaves the driveway. Transportation and storage costs are the responsiblity of the leinholder. No figures reguarding bank figures were on the paperwork. No mention of cost/balance, etc. They have done hundreds of repos for the finance company that gave her the loan. That raised an eyebrow. They did make mention that they are paid less for voluntary surrenders than regular repos that are made covertly. I had her immediately cancel the insurance when the repo man left.

The bank will not persue any deficiency balance due by my mother as she is a "no asset" case and her income is non garnishable. The only provision was that if her income increases for any reason she would then be responsible to make "reasonable effort for payment" on any balance after the vehicle is resold. I am still baffled as to how she was financed for a car payment that took 30% of her monthly income.

[bcohen]

Very good to see everything worked out ok for you and your mom!