Repo company question

[aquarius75]

What is the name of your state (only U.S. law)? Montana

My husband and I are filing bankruptcy. We have a piece of commercial equipment that we are giving back to the financial institution. My attorney is going to call me and give me a date as to when the equipment is to be returned. In the meantime a repossession agency has been harassing the gentleman who leased the equipment from us n still has possession of the equipment. I explained to the repo agency what is going on n that we will have a date n set up the return, but they continue to harrass this gentleman, who at this time has absolutely no financial obligation to this loan or equipment. Is this legal for the repo agent to do, considering he knows that a date is being set up n that the gentleman is NOT to be contacted? Any ideas where I would find the legal jargan I would need to present to the repo company outside of Attorn info which he told me he will not call or deal with? Very frustrated n now getting angry with this company.

[JETX]

Originally Posted by aquarius75

Is this legal for the repo agent to do, considering he knows that a date is being set up n that the gentleman is NOT to be contacted?

Absolutely. Clearly, you don't OWN the equipment and didn't have the OWNERS persmission to 'loan' it to someone else. The repo company does represent the owners and they have every right to recover the equipment in compliance with your state laws.

Very frustrated n now getting angry with this company.

Then either pay for the equipment, or recover it yourself and turn it over to the owner (repo company).

[I_Got_Banned]

The repo company represents the financial institution and was hired by them to recover the collateral which you are supposed to have. Once you defaulted on your loan, the financial institution has the right to recover the collateral whether they do it themselves or whether they hire someone else to do it. And they have the right to recover it NOW, not at a later date when the lease period expires (during which time, you're making money off of equipment that does not belong to you).

Also, the repo man gets paid if he recovers the equipment, NOT if you deliver it to the financial institution when you're done making money off of it!

So you're trying to keep money which you think you rightfully earned -although you didn't-; and the repo man is trying to make money which he can rightfully earn.

[aquarius75]

Wow these replies are dripping with scorn n sarcasm....is that suppose to be helpful?
The trailer was leased, not loaned. It was also leased with written permission from the finance company, who made the money, not I. The money earned was sent directly to the finace company n paid part of the monthly payment. SO everything was done legal n through the right channels. No one is or was ripping off the financial institution. No one other than the institution itself was making money either.
As to the actual question. No the repo company can not legally contact the leased individual as they were not a legal buyer on the contract. Any contact was to be done through the finance company, our attorney or ourselves. Once this was established they stopped contacting the leased party n worked through us. Which allowed us to get everything done in a manner that was satisfactory for all. As to just getting the equipment, that was not an option or would have been done so earlier. Lastly, we were following the guidance of the attorney, which is why a date was set up...never having been in this position before, we found it to be smart to listen to those who have our best interest at heart.
I sincerely hope in the future that someone at least asks for more details prior to making assumptions. When people are going through things like this they need guidance. They rest can be left at the door.

[I_Got_Banned]

Originally Posted by aquarius75

The trailer was leased, not loaned. It was also leased with written permission from the finance company, who made the money, not I. The money earned was sent directly to the finace company n paid part of the monthly payment. SO everything was done legal n through the right channels. No one is or was ripping off the financial institution. No one other than the institution itself was making money either.
As to the actual question. No the repo company can not legally contact the leased individual as they were not a legal buyer on the contract. Any contact was to be done through the finance company, our attorney or ourselves. Once this was established they stopped contacting the leased party n worked through us. Which allowed us to get everything done in a manner that was satisfactory for all. As to just getting the equipment, that was not an option or would have been done so earlier. Lastly, we were following the guidance of the attorney, which is why a date was set up...never having been in this position before, we found it to be smart to listen to those who have our best interest at heart.

Those are material facts to the question at hand. And by you leaving them out of your original post, you left yourself open to catching a few drips of scorn and sarcasm.

Originally Posted by aquarius75

As to the actual question. No the repo company can not legally contact the leased individual as they were not a legal buyer on the contract. Any contact was to be done through the finance company, our attorney or ourselves.

The repo company was attempting to recover a collateral which they were hired to do. And if a certain party had possession of said collateral left themselves open to such contact

Originally Posted by aquarius75

I sincerely hope in the future that someone at least asks for more details prior to making assumptions. When people are going through things like this they need guidance. They rest can be left at the door.

And I sincerely hope that in the future and if you post a question online, that you will prepare yourself for the answers no matter what they maybe. Instead of asking for help, telling half the story and expecting us to psychically assume there is more to the story.

Additionally, and since you claim you have an attorney (who (this time) I will assume that he's being paid for his time) why are you soliciting free advice and coming back to knock it down?

[aquarius75]

I was asking for advice as we were very early into this with our attorney. I needed to know what to do quickly n my attorney was not available. That is not a crime to "Solicite help" n yes our attorney has been paid. As stated earlier, this is new to us, n therefore the reason for some left out information. This site however is not new n should know that when people come seeking help they may leave out important facts. Therefore questions could be asked rather than assumptions made.....
As to the gentleman who leased the trailer, well your absolutely wrong. LEGALLY he was not allowed to be contacted in any form from the repo agent or financial institution, regardless of their desires to get the equipment back. Especially as everyone one doing exactly what they were supposed to be doing.
I am not knocking down the asked for help. I am knocking down the manner in which it was done, n pointing out that sometimes it is not only more helpful but more polite to ask a question before one puts out info that is assumptive.

[I_Got_Banned]

I’m only going to address two points:

Originally Posted by aquarius75

As to the gentleman who leased the trailer, well your absolutely wrong. LEGALLY he was not allowed to be contacted in any form from the repo agent or financial institution, regardless of their desires to get the equipment back.

Can you cite the Montana statute that says he "not allowed to be contacted in any form from the repo agent or financial institution"?

LEGALLY, the lender has the right to recover the collateral no matter where you had it; at home, at work, in Walmart’s parking lot, or out in the middle of nowhere… It is still their equipment, You had not completed paying for it…

Originally Posted by aquarius75

Especially as everyone one doing exactly what they were supposed to be doing.

You are absolutely wrong again…
Actually, there was one party that was not doing exactly what they were supposed to be doing.
That party is YOU and you were not making the payments that you were supposed to be making….
Had you been doing that, no repo man would have shown up, no attorney would have been hired…
Hence the process of repossessing the equipment!

As for the rest of your post, I already addressed those points in my previous reply… No need to repeat what I already stated.

[aquarius75]

Can you cite the Montana statute that says he "not allowed to be contacted in any form from the repo agent or financial institution"?

No I am not going to look up the technical. Your the help guru. You find it...this is information passed from the Attorney, which then was followed up with the proper actions from all involved. Once people were confronted about what they were doing wrong, it stopped.

While yes the Financial Institution has the legal right to reposess equipment, they do not have the right to harass or hire someone to harass those who have NO legal obligation.....that is saved for the purchaser or Attorney, in the case of filing bankruptcy.

You are absolutely wrong again…
Actually, there was one party that was not doing exactly what they were supposed to be doing.
That party is YOU and you were not making the payments that you were supposed to be making….
Had you been doing that, no repo man would have shown up, no attorney would have been hired…
Hence the process of repossessing the equipment!

Wow, now not only scorn and rude, but also, childish. . Yes we did default, but that is neither here nor there to the original question. The facts are that we were doing as we should have been n the financial company along with its repossession company were breaking the law. Period! I know that now n I know how to address it. Have done so, n it was amazing to see how fast they backtracked, apologized, n worked with us to get things done.

Apparently the need is there as you cant seem to stick to the original issue....

Thank you this has been very interesting, n all I can say is I hope in the future that others have more help than you seem able to give.....

Thank you