repossesion

[r_uresti]

What is the name of your state? Michigan

I have a question regarding the legality of a repossesion.

I had a vehicle repossesed in July of 2003. My payment was only 35 days late and I had payment in hand. I found the car gone when I left my home to make the car payment. I did not receive any sort of notice from the finance company either before or after the repossesion. I attempted to contact the company several times to purchase the vehicle back from them, but they refused to return my calls.

I finally received notice from a law firm 4 months after the repossesion stating that they had sold the vehicle and demanding payment of $4700.00. If that is what I owe than they must not have gotten anything for the vehicle. Can I demand documentation of how they arrived at that figure? I will pay them what I owe, but this whole thing does not seem right. Please help.

Thank You.

 

[JETX]

"I had a vehicle repossesed in July of 2003. My payment was only 35 days late"
*** The lender has the right to take IMMEDIATE action on your failure to pay. Theoretically, they don't have to wait even one day.

"I did not receive any sort of notice from the finance company either before or after the repossesion."
*** They are not required to give you prior notice of the recovery (repossession) of the loan security.
A cursory review of the Michigan revised Code does not show that the repossessor is obligated to notice you AFTER the fact.

"I attempted to contact the company several times to purchase the vehicle back from them, but they refused to return my calls."
*** There is no obligation for them to do so.

"I finally received notice from a law firm 4 months after the repossesion stating that they had sold the vehicle and demanding payment of $4700.00. If that is what I owe than they must not have gotten anything for the vehicle. Can I demand documentation of how they arrived at that figure?"
*** Yes. Do it in writing.

 

[r_uresti]

Thanks for your help.

 

[girl1]

mississippi
I had something similar to this to happen I was only 20 days late I call the dealer and he said it would be ok and then 2 days late he repossessed my truck before 7:00 a.m. He did not provide with me with any type of contract stating how late I could be he did not even give me any thing with the interest rate in which he is charging me. Anyone have any advice for me

 

[jpritchett81]

mississippi
I had something similar to this to happen I was only 20 days late I call the dealer and he said it would be ok and then 2 days late he repossessed my truck before 7:00 a.m. He did not provide with me with any type of contract stating how late I could be he did not even give me any thing with the interest rate in which he is charging me. Anyone have any advice for me

You would need to start your own thread, then someone will answer your question.

 

[girl1]

You would need to start your own thread, then someone will answer your question.

I am new at this how do I post my own thread