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Repo

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Repo

I'm going to try and get these reposestions off my credit.
Hear is the deal. I went through a divorce and when my ex left we made a deal. Lol I know! But anyways I would take the rent and house and she would take the other big payment which was my truck. Well Christmas Eve 2013 I saw my truck leaving on a tow truck. That one is mostly my fault for trusting her with that! But still want it gone.
So I was without a vehicle with bad credit and wound up at Herby's auto. What a big mistake they got me right into a car. They told me it was a 7 thousand dollar loan when truly it was a 20% interest loan for almost 20 thousand dollars. But I was in a cloud because of everything so I didn't notice and to be honest I think they didn't say anything!!
That's not all they said it would fix my credit. NOPE they didn't report any of the two years that I paid! Also i finally got the balence and it hadn't gone to even 15 I think it was exactly 15341.
The car was a 2002 Nissan Altima. Well that car is only worth about 3 thousand on a good day!! I was basically renting the car for two years with nothing to show at all for it!! So I emedaitly got a loan for another car. This time I made sure they would report good payments. So I just bought the keys to Herby's and gave it to them at told them thanks for the rental!!
Well of course the reported it as a repo! This is the one I think needs to be pulled!

What are my options? How do I go about getting them off?

Also is it illegal to do what Herby's did?
Message 1 of 4
3 REPLIES
Valued Contributor

Re: Repo

If they gave you the loan terms to sign and you didn't read it, it isn't illegal at all.  You signed for a bad loan, and that's your responsibility.

 

The repo will stick.  There is no way that a lender who took a $12,000 haircut on a repo is going to goodwill off the tradeline.  Worse, they CAN sue you for the difference, or sell that to collection agencies.

 

Never, ever sign an auto loan without running calculations on the terms.  This is a lesson many have had to learn the hard way, too.

 

Best bet for a car when you have poor credit is to only buy what you can afford for cash.  I was at the auto auction last summer and saw some amazing deals for $1500 for relatively low mileage cars that are easy to maintain.  No reason to get a loan with poor terms.

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Message 2 of 4
Established Contributor

Re: Repo

Who was the original truck loan with? 

As to Herby's yes that repo will stick but you said you had secured another auto loan at this time, so you should be good. The repo's will be there but they will also age. After so long you can still get a car loan but it will likely be with a subprime lender, but they will report even though the interest will be high. I deal with it every day. Folks have Buy here pay here loans and are buried in their cars hen they want to buy from us who are a franchised dealer. 


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Message 3 of 4
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Community Leader
Epic Contributor

Re: Repo

When you turned the vehicle over to them, what were the terms remaining on your contract, and did you meet them?

If you defaulted on your contract, it would be a voluntary repo.

However, if you met the remaining terms of your contract (i.e., no default), it would not.

 

If in doubt, consult an attorney or contact your state bureau that regulates repossession of vehicles.

Legality depends upon whether either party breached the contract, and whether they complied with any state regs or statutes defining repossession of the vehicle.

Message 4 of 4