topic Re: Anyone want to share their opinion on this Repo??? in Rebuilding Your Credit

Anyone want to share their opinion on this Repo???

abadfish66 — Fri, 06 Mar 2009 04:13:23 GMT

So I think I finally found the answer I was looking for, and now I know the reason Whychat says to wait 2 years before doing anything. This definatly helps me, and may be useful to someone else in a similar situation.....

Never did I recieve any papers regarding the repo, before during or after.

This is Colorado law....

"The primary AND the co-signer MUST receive all of the required notices before and after the sale (generally within 2 years from the sale).
(UCC § 9.506 and also in your states RISA and MVISA statutes)"

"If the original creditor fails to send the required notices then the repo would be considered void and the deficiency would be legally uncollectible."

I also read on the Colorado state law that states a vehicle repo must be recorded in the county it was repo'ed from. I have looked and looked, and pull up no recorded documents on myself for this vehicle.

Also they must notify the sheriffs office prior to a repo, and no later than 1 hour after a repo, so if this ever did go to court, there is alot of things they must prove they did within the law.

So the real question here is do I start the process now, or should I wait till the 2 year mark is up?? Whychat does say you can send the letter before the 2 years is up if you are sure you never recieved any notices.

Message Edited by abadfish66 on 03-05-2009 08:13 PM

Re: Anyone want to share their opinion on this Repo???

miay2k4 — Fri, 06 Mar 2009 13:52:33 GMT

This may or may not help you but, I would like to share my own experience with a repo. I had a auto loan with US Bank and I could not keep up with the payments, so I did what I thought was right and called them up and told them I wanted to do a voluntary repo. I didn't know that a voluntary repo is the same as a involuntary repo in there eyes. Anyway the cam and got the car and sent me a letter in the mail a week later stating that they would sell the car at auction and settle the difference whether it was more or less. After that first initial letter I never heard from them again. I am active duty military and deployed to Iraq for 15 months then came back still having never heard from US Bank. I called them and got transferred arround never being able to talk to anyone who new the outcome of my account. All they had in there system was that I defaulted on the loan and owed them $1,1300. So I researched the comany and got a hold of some VP, SVP and other people higher up on the food chain. I sent half a dozen letters to US Bank with no responses. It wasn't until I filled a complaint with the BBB when I got an immediate response from a very nice lady in there recovery department, who told me that the car was sold at auction for more than what I owed and there were going to mail me a check for $675.00. Sure enough a week later the check came and US Bank is reporting paid/closed. I guess my point is that you have to get a hold of the right person in order to get anykind of action done. Hope that helped.

Re: Anyone want to share their opinion on this Repo???

Anonymous — Fri, 06 Mar 2009 15:12:15 GMT

abadfish66 wrote:
So I think I finally found the answer I was looking for, and now I know the reason Whychat says to wait 2 years before doing anything. This definatly helps me, and may be useful to someone else in a similar situation.....

Never did I recieve any papers regarding the repo, before during or after.

This is Colorado law....

"The primary AND the co-signer MUST receive all of the required notices before and after the sale (generally within 2 years from the sale).
(UCC § 9.506 and also in your states RISA and MVISA statutes)"

"If the original creditor fails to send the required notices then the repo would be considered void and the deficiency would be legally uncollectible."

I also read on the Colorado state law that states a vehicle repo must be recorded in the county it was repo'ed from. I have looked and looked, and pull up no recorded documents on myself for this vehicle.

Also they must notify the sheriffs office prior to a repo, and no later than 1 hour after a repo, so if this ever did go to court, there is alot of things they must prove they did within the law.

So the real question here is do I start the process now, or should I wait till the 2 year mark is up?? Whychat does say you can send the letter before the 2 years is up if you are sure you never recieved any notices.
Message Edited by abadfish66 on 03-05-2009 08:13 PM

Notifying the sheriff's office is so that if you call and report your car stolen, they know what is going on.

I am unclear what you are trying to do here, what kind of letter are you trying to send?

Are you trying to get this off your report? What?

Re: Anyone want to share their opinion on this Repo???

abadfish66 — Fri, 06 Mar 2009 16:39:36 GMT

What I am trying to accomplish is getting rid of the deficiency they say I owe. Here is the letter I want to send...

To whom it may concern;

I am writing in regard to the above referenced accounts and transactions.

This is not a refusal to pay, but a notice that this account is disputed.

This vehicle was repossessed by (name of OC) in the State of (X) on or about, xx/xx/xxxx, and resold on or about xx/xx/xxxx.

Under the laws of the State of (State of Repo) UCC § 9.506 and State RISA and MVISA statutes a deficiency can not be claimed unless all of the required notices were properly and timely given, and all of the allowable redemption and cure time limits were adhered to.

Please provide copies of the legal notices and proof of the commercially reasonable manner of the resale of the subject vehicle.

If no such proof is provided within 14 days from receipt of this notice, the alleged claim of a deficiency will be considered null and void, and any continued collection activities, or continued reporting of this invalid claim on my credit reports will be considered a violation of the FDCPA and FCRA.

In addition, if you singularly or severally fail to comply with the above requests, I reserve the right to seek damages against all parties, under all available State and Federal statutes and UCC § 9 remedies.

Sincerely,

XXXX

Re: Anyone want to share their opinion on this Repo???

kjm79 — Fri, 06 Mar 2009 16:44:31 GMT

How far away are you from the two year mark?

Re: Anyone want to share their opinion on this Repo???

abadfish66 — Fri, 06 Mar 2009 16:52:52 GMT

2 months, I am wondering if I send the letter and they send me the documents, would that be considered sending the documents within 2 years, therefore they are within the law. I am guessing it is better to wait, but wanted some opinion.

Re: Anyone want to share their opinion on this Repo???

kjm79 — Fri, 06 Mar 2009 16:57:47 GMT

If you are only 2 months, I'd wat, why take the chance. And as far as the recorder's office goes, part of my job requires me to search for liens against clients. Very often the creditor files a lien (or whatever other document) and perhaps transposes some letters. Technically, they did file the lien but by a mistake of theirs or sometimes even the recorder's office your search comes up empty because of the error. So keep that in mind as well.

Re: Anyone want to share their opinion on this Repo???

Anonymous — Fri, 06 Mar 2009 18:17:19 GMT

I don't know about the letter.

You'd have better luck getting advice from a consumer law attorney in your area. They would know the laws better.

Re: Anyone want to share their opinion on this Repo???

abadfish66 — Fri, 06 Mar 2009 19:13:15 GMT

I agree, problem is I live in AZ it was repo'ed from my ex-wife who had the vehicle in Colorado (should have never let her have it without refi) anyway, I'll see if I can speak with an attorney over the phone in Colorado.

Re: Anyone want to share their opinion on this Repo???

kjm79 — Fri, 06 Mar 2009 19:44:09 GMT

You should also check with an atty in Az as well.