Financial institution taking a very long time to repo someone's car

[black_citi]

An employee at my job couldn't make the payments on his car. Its a 2006 hyundai accent. He did a volunteer repo and drove the car to our job and parked it in the lot to be repoed there. He then paid cash for a beater to get to work in.

This was 6 months ago and the car is still sitting at my job. It has over 60k miles on it. Apparently, from what he told me, the car isn't worth anything to the bank so they are trying to get him to take the car back. He don't want it.

This can't go on forever can it? I mean the bank will have to come get it one day right?

[pizzadude]

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@black_citi wrote:
An employee at my job couldn't make the payments on his car. Its a 2006 hyundai accent. He did a volunteer repo and drove the car to our job and parked it in the lot to be repoed there. He then paid cash for a beater to get to work in.

This was 6 months ago and the car is still sitting at my job. It has over 60k miles on it. Apparently, from what he told me, the car isn't worth anything to the bank so they are trying to get him to take the car back. He don't want it.

This can't go on forever can it? I mean the bank will have to come get it one day right?

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It's probably due to the value of the car.    The price they'd get at auction would be pretty low and might not even cover repo & associated fees.    I'd assume they'd have to eventually come after it, but I can see why they're taking a while.

How much did he owe on the car when he stopped paying?

[black_citi]

I believe he said he still owed about 8k.

[pizzadude]

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@black_citi wrote:
I believe he said he still owed about 8k.

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Ah, well that makes sense;  if they repo the car they'll get next to nothing, so they'll probably keep after him to at least get some portion of the $8K before they repo.

[coterotie]

Leave the keys in it, print up a sign "FREE CAR," place in car window, send picture to bank.

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@pizzadude wrote:

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@black_citi wrote:
I believe he said he still owed about 8k.

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Ah, well that makes sense;  if they repo the car they'll get next to nothing, so they'll probably keep after him to at least get some portion of the $8K before they repo.

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