Repoed trucks Ford won't let me buy back

[bigal1128]

What is the name of your state? CT.

We had 4 work trucks repoed two weeks ago. I have a buyer for all 4 vehicles but i want to know how much time do i have by law to purchase these trucks back? All of these trucks were included on one lease.

 

[advicesucks]

Ford was the lienholder (legal owner) not you. You wont be getting these trucks back unless you have the funds to pay them off in full (or at least bring all the payments current) Yud have to be very nice and explain the financial hardship of your business and perhaps theyll return the trucks to you (but theres no guarantee - they may already be headed to auction).

If so, they will be sold at auction and they may sue you for the difference between the amount owed and the amount obtained at auction.

 

[JETX]

Connecticut allows the debtor to redeem the repossessed property within fifteen days after taking by payment of entire balance due if there was not a prior notification to repossess. If there was a prior notice and the debtor failed to respond, then there is no 'right to redemption'.

Contact Ford and ask them if you can recover the vehicles by paying them off. They will likely NOT agree unless you can show them either the cash or possibly signed confirmations of sale from the buyers.... or they may require the sale to occur at return.
If they refuse, you will have the right to purchase the vehicles at auction and then could sell them. You would still owe the difficiency (difference between amount owed and amount recovered by lender at auction), but can pay that from your sales proceeds.