topic Re: Repossession law in Auto Loans

Repossession law

MrsRazcu — Mon, 13 Oct 2008 15:40:29 GMT

My car was recently repossessed. It's only listed on my EX report and shows no balance due. My question is more about the repo process in Texas. I went to purchase another car and the finance guy said that the car should have went to auction. The car never went to auction. Can I get this removed from my credit?

Re: Repossession law

Anonymous — Mon, 13 Oct 2008 22:47:12 GMT

If this was recent it just means the bureaus haven't caught up with the status of the vehicle yet.

If the original loan or lease was reported on all 3 bureaus, it will come back eventually as a repossession with a balance on it on all reports the original loan was reported to.

You can not have this removed. And sadly, you probably aren't going to be able to finance another car any time soon without a huge downpayment and an awful interest rate.

Good Luck!

Re: Repossession law

MrsRazcu — Mon, 13 Oct 2008 23:17:16 GMT

This happened in Sept08. From what I'm told this creditor never reports a balance due. They just wanted to car back, i guess to resale. How can I find out if the repossession was lawful. Aren't they suppose to send the car to auction. Can they just take the car and put it back on their lot? If this wasn't an actual repossession, then I should be able to get it removed.

Also, I went to remove my things from the car and they wanted me to sign a form releasing the car to them. The guy said it would go on my credit as a repo with a zero balance. I didn't sign the form.

Re: Repossession law

Anonymous — Tue, 14 Oct 2008 00:02:09 GMT

The fastest way is to auction it off, but they can do whatever they want with it because it is their car....You will be responsible for the difference of the amount owed and the amount they get for the car either at auction or sale from the lot....Which is why the amount hasn't caught up with your credit reports yet.

It doesn't matter if you returned the car voluntarily or by force, it is a repossession.

Message Edited by 1111mel on 10-13-2008 07:02 PM