Auto was Repoed

[nythng4mygrl]

I have been in and out of the hospital for 4 months and fell behind on bills. I was 60 days late on my car payment and chatted with lender through online chat from the hospital. I gave them 100.00 last week and said that I would pay remaining past due balance this Friday the 13th. Lender said ok that he would notate the account. My car was picked up today and I did not receive any written notice from them that I was in danger of repossession because I was informed by the agent that we were "good" so now I have to pay 2400 to get my car instead of 700.00. I was told that in Louisiana the lender must give written notice before taking a vehicle. Please advise what happens if I did not get any written notice. I do plan on getting the car back within the next 10 days. But I would just like to know if I have any sort of right since I kept in contact with the lender and eas misinformed... TIA

 

[adjusterjack]

You are bound by what is in your loan contract, not by what somebody said to you on the phone. In fact, it's typical for a lender to say OK this and OK that so you don't take the opportunity to hide the car if you know that it's going to be repo'd no matter what you say. My guess is that the repo was ordered long before you were "told" that you were "good" and the "agent" had no authority to stop it anyway.

Your contract allows for the repo. You may have been given notice of delinquency two months ago that probably looked something like this:

“Louisiana law permits repossession of motor vehicles upon default without further notice or judicial process.”

The law doesn't require that they send you notice immediately before the repo.

 

[LdiJ]

You are bound by what is in your loan contract, not by what somebody said to you on the phone. In fact, it's typical for a lender to say OK this and OK that so you don't take the opportunity to hide the car if you know that it's going to be repo'd no matter what you say. My guess is that the repo was ordered long before you were "told" that you were "good" and the "agent" had no authority to stop it anyway.

Your contract allows for the repo. You may have been given notice of delinquency two months ago that probably looked something like this:

“Louisiana law permits repossession of motor vehicles upon default without further notice or judicial process.”

The law doesn't require that they send you notice immediately before the repo.

I don't disagree, but isn't 60 days pretty rapid for repoing a car?

 

[quincy]

Here is a link to the law:

http://legis.la.gov/legis/Law.aspx?d=106274

“Unless otherwise agreed, a secured party has, on default, the right to take possession of the collateral.”

If you have personal items in the vehicle, you have 10 days to demand the return of these items.

 

[nythng4mygrl]

You are bound by what is in your loan contract, not by what somebody said to you on the phone. In fact, it's typical for a lender to say OK this and OK that so you don't take the opportunity to hide the car if you know that it's going to be repo'd no matter what you say. My guess is that the repo was ordered long before you were "told" that you were "good" and the "agent" had no authority to stop it anyway.

Your contract allows for the repo. You may have been given notice of delinquency two months ago that probably looked something like this:

“Louisiana law permits repossession of motor vehicles upon default without further notice or judicial process.”

The law doesn't require that they send you notice immediately before the repo.

I wa

You are bound by what is in your loan contract, not by what somebody said to you on the phone. In fact, it's typical for a lender to say OK this and OK that so you don't take the opportunity to hide the car if you know that it's going to be repo'd no matter what you say. My guess is that the repo was ordered long before you were "told" that you were "good" and the "agent" had no authority to stop it anyway.

Your contract allows for the repo. You may have been given notice of delinquency two months ago that probably looked something like this:

“Louisiana law permits repossession of motor vehicles upon default without further notice or judicial process.”

The law doesn't require that they send you notice immediately before the repo.

Thanks. I actually found this in Louisiana legislature law.
(2) Prior to the use of the procedures set forth in this Chapter, a secured party shall send notice to all debtors in writing at the last known address of the debtors, of the right of the secured party to take possession of the collateral without further notice upon default as defined in R.S. 6:965(C). Such notice shall include the debtor's name, last known address, and description of the collateral and the following in at least twelve-point type:

"Louisiana law permits repossession of motor vehicles upon default without further notice or judicial process."

 

[nythng4mygrl]

Here is a link to the law:

http://legis.la.gov/legis/Law.aspx?d=106274

Thank you. This helped.

 

[quincy]

Thank you. This helped.

You’re welcome, nythngmygrl.

I hope you have now fully recovered from whatever caused your hospitalizations.

 

[nythng4mygrl]

You’re welcome, nythngmygrl.

I hope you have now fully recovered from whatever caused your hospitalizations.

Thank you. I have not and think I coukd have early stages of colon cancer. Colonoscopy set for next week and bloodwork taken today. I appreciate the kind gesture.

 

[quincy]

Thank you. I have not and think I coukd have early stages of colon cancer. Colonoscopy set for next week and bloodwork taken today. I appreciate the kind gesture.

Oh, I am really sorry to hear that. I hope your test results bring you only good news.

Good luck with your vehicle.