Car repo'ed

[wherzwaldo]

Someone my wife knows had their car taken by their bank this past week. I don't know how far behind they were on their payments, but do they have any hope of getting the car back or is it too late for that?

 

[texascoder]

I've never been involved in a repo situation, but I think it would stand to reason that if a lender has to resort to a repo, then the person must be seriously behind in their payments and it's most likely too late. I would think if the person really wanted to make it right and avoid the repo, they should have been working with the lender prior to that. Just my $0.02...

 

[pasotex]

Can you get it back? Yes. The likelihood is that the debtor does not have the money to get the car back or buy it at auction.

 

[Fievel121]

She would probably have to be close to 6 months behind on the payments. Or, if she declared bankruptcy, the lender my opt to repo the car rather risk it.

 

[rhorn27]

April?

 

[HornBud]

^^ nice!

 

[accuratehorn]

I'm sure the bank would be happy to turn the car back to the buyer, but now there is a large "repo" fee, storage for every day the wrecker lot has the car, and of course, the back payments. So unless there is a lot of equity in the car, it probably would be cheaper to go down to the note lot and buy another car. Just call the lender and find out what the total charges are, and see if it is worth it.

 

[notreally]

i've known a couple of folks that have had this happen. yes, they can most likely get it back.... however they would have to pay all oustanding payments and the extra charges noted above. mostly likely, that is not possible or it would not have been repo'd in the first place right?