Car Repossession Situation

[NCW20]

California, but the car was purchased in Virginia and the new Lienholder is in Texas.

I currently have a car loan, and the loan was transferred to another lender - I was unaware of this change for roughly 6 months. When I was made aware of the change, I contacted the new lender and had a verbal agreement to get back on track. I was under the impression I was going to receive paperwork for the new agreement and never did. As I result, I continued to make the scheduled payments unaware I needed to complete and return some written agreement and my car was repossessed. I travel a lot for work, and the company that holds the loan is based in Texas, originally the car was bought in Virginia. The Car was repossessed in California where I work. They want the entire past due amount within 2 weeks, or they are suggesting they will sell the car. I have tried to come to another agreement unsuccessfully. I am reaching out to see what the legality is of them selling my car within 2 weeks of it being repossessed. I am unsure of which state laws this situation will be guided by, the state the vehicle was purchased, the state it was repossessed in or the state the lienholder resides in.

Any insight or guidance would be appreciated.

 

[Zigner]

What happened to the six months' worth of payments that you made to the first lender?

 

[NCW20]

What happened to the six months' worth of payments that you made to the first lender?

They simply stopped collecting payments, as the the auto payments stopped after December.

 

[Zigner]

They simply stopped collecting payments, as the the auto payments stopped after December.

Then you should have those amounts sitting in an account somewhere, right?
Or, and I suspect this is more likely, did you spend the money?

 

[quincy]

California, but the car was purchased in Virginia and the new Lienholder is in Texas.

I currently have a car loan, and the loan was transferred to another lender - I was unaware of this change for roughly 6 months. When I was made aware of the change, I contacted the new lender and had a verbal agreement to get back on track. I was under the impression I was going to receive paperwork for the new agreement and never did. As I result, I continued to make the scheduled payments unaware I needed to complete and return some written agreement and my car was repossessed. I travel a lot for work, and the company that holds the loan is based in Texas, originally the car was bought in Virginia. The Car was repossessed in California where I work. They want the entire past due amount within 2 weeks, or they are suggesting they will sell the car. I have tried to come to another agreement unsuccessfully. I am reaching out to see what the legality is of them selling my car within 2 weeks of it being repossessed. I am unsure of which state laws this situation will be guided by, the state the vehicle was purchased, the state it was repossessed in or the state the lienholder resides in.

Any insight or guidance would be appreciated.

Was this other “lender” a debt collection agency?

 

[NCW20]

Was this other “lender” a debt collection agency?

The original lein holder was the dealership who then transfered the contract to a service in Texas. Its a portfolio service of some type.

 

[quincy]

The original lein holder was the dealership who then transfered the contract to a service in Texas. Its a portfolio service of some type.

That’s a debt collection agency.

 

[Zigner]

Do you have the money that you didn't pay them set aside somewhere?

 

[adjusterjack]

I am reaching out to see what the legality is of them selling my car within 2 weeks of it being repossessed.

It's legal. Probably in your loan contract as well.