What are my options?

[CELL7627]

What is the name of your state? Pennsylvania

My car was reposessed the other night for not making payments since Oct.
I now have the money to catch up on my payments and even pay a month ahead, however...the financial provider who I drew the loan from isnt offering me that option.
Theyre telling me that my only option at this point is to pay off the car in full or it goes to auction.
I have a friend who is a bankruptcy lawyer telling me that PA law DOES, in fact allow for a deal to be negotiated....? But...im not being offered any.
What are my options at this point to get my car back, besides paying the amount in full?
And if I have any, how do I go about doing this...
Thank you

 

[racer72]

It should be spelled out in your purchase agreement. Some lending institutions will only accept a full payoff after a repossession. Read your then hold it up to your moniter for 5 minutes so we can read it too.

 

[shortbus]

You breached the contract. You don't get the right to set the terms of the cure.

 

[CELL7627]

You breached the contract. You don't get the right to set the terms of the cure.

How touching of you to immediately side with the bank. In your world, everything is black and white, huh?
Anyways...a little research has netted me info that the only way a repo man can take your car is if their is a court order to do so and a sheriff is present.
Other then that, I was within my rights when I asked him to leave my property.
He didnt. I didnt want to struggle any further because I would rather find a passive way to deal with this situation.
However, if aggressiveness is required, then i'll go that route as well

 

[justalayman]

I have a friend who is a bankruptcy lawyer telling me that PA law DOES, in fact allow for a deal to be negotiated....? But...im not being offered any.

As you noted here. It allows for a deal to be negotiated. It does not REQUIRE a deal to be negotiated. Unless you can show that it is mandatory, you're out of luck.

 

[CELL7627]

As you noted here. It allows for a deal to be negotiated. It does not REQUIRE a deal to be negotiated. Unless you can show that it is mandatory, you're out of luck.

My point was the repo dept. of the lender lied to me and told me that their is NO such option in PA.

 

[teflon_jones]

My point was the repo dept. of the lender lied to me and told me that their is NO such option in PA.

This is not what your original post said:
Theyre telling me that my only option at this point is to pay off the car in full or it goes to auction.

Regardless, this doesn't matter. The lender has offered you a deal: pay off the loan in full or they're auctioning the car. As for how they obtained the car, that's not your problem. If they broke the law, that's a criminal matter for the police and has nothing to do with the civil matter of you missing your payments. I wouldn't count on the police doing anything about it though. They have better things to do than go after a lender or repo guy who's taking a car for nonpayment of a loan.

You either need to come up with the full amount of the loan or kiss your car good bye. Sorry!

 

[CELL7627]

This is not what your original post said:
Theyre telling me that my only option at this point is to pay off the car in full or it goes to auction.

Regardless, this doesn't matter. The lender has offered you a deal: pay off the loan in full or they're auctioning the car. As for how they obtained the car, that's not your problem. If they broke the law, that's a criminal matter for the police and has nothing to do with the civil matter of you missing your payments. I wouldn't count on the police doing anything about it though. They have better things to do than go after a lender or repo guy who's taking a car for nonpayment of a loan.

You either need to come up with the full amount of the loan or kiss your car good bye. Sorry!

Sorry, but im not a lay down.
Im preparing a report for the PA attorney general now to look over concerning matters in violation of The Fair Credit Extension Uniformity Act.
The practices used by the lender were in direct violation of this act.
-The lender did in fact attempt to contact me at work, on several occasions, after being told not to by myself as well as my employer.
-The lender did misrepresent the current legal standing of my contract
-The repo man who was sent to my house did not leave my property after I asked him to
-The repo man also refused to document an inventory of all personal belongings in my car for me to sign.

These are just a few violations ill be forwarding to the AG office if the lender decides to deny renegotian of the contract.
I do plan on following thru with this action swiftly and aggressively as advised by my attorney.
I plan on being nothing but a huge headache to the lender at this point.
I have made a more then fair offer to reinstate my contract, so on tuesday, when a final decision is reached, I will make an offer once more.
NB my position at this point is im fully prepared to pay off the over due debt, the repo fees and all related, as well as 2 months worth of payments to put me ahead, and a 1% raise in my interest rate.
This is a MORE then reasonable offer and they would be morons to refuse it
and if they do, im prepared to fight.

 

[Zephyr]

did you call the police and report the car stolen as soon as it left your property?

 

[CELL7627]

did you call the police and report the car stolen as soon as it left your property?

Thats a useless tactic.
Repo men call the local police before they show up to let them know that a car is being repo'd so IF anyone tries to report it stolen, theyll know.

 

[justalayman]

My point was the repo dept. of the lender lied to me and told me that their is NO such option in PA.

You seem to be misunderstanding this whole situation. The fact that the law allows a negotiation does not require them to offer the same.

So when you asked them if this was an option they told you no because it is not an option. They do not wish to negotiate any settlement other than payment in full.

When you can show statute showing the REQUIREMENT of negotiations, then you can yell.

As far as all the other items you mentioned, have at it. Even if they have broken those rules and may or may not be punished for it, the fact still remains,

you refused to pay as you agreed so they took their car back.

Good luck

 

[CELL7627]

You seem to be misunderstanding this whole situation. The fact that the law allows a negotiation does not require them to offer the same.

So when you asked them if this was an option they told you no because it is not an option. They do not wish to negotiate any settlement other than payment in full.

When you can show statute showing the REQUIREMENT of negotiations, then you can yell.

As far as all the other items you mentioned, have at it. Even if they have broken those rules and may or may not be punished for it, the fact still remains,

you refused to pay as you agreed so they took their car back.

Good luck

And you seem to be only reading what you want.
I said they LIED when they stated that PA does not allow for such negotiations.

That is a violation of Fair Credit Extension Uniformity Act.
Its called false information. Misreprsenting the legal status of someones account is a direct violation.
The woman I spoke to said "PA does not allow for negotiations"
She didnt say..."this service doesnt allow for negotations" etc etc..
No, she blatantly lied about PA law and the standing of my contract

 

[Some Random Guy]

And you seem to be only reading what you want.
I said they LIED when they stated that PA does not allow for such negotiations.

Fine, now prove it. I bet they will claim they never said that.

That is a violation of Fair Credit Extension Uniformity Act.
Its called false information. Misreprsenting the legal status of someones account is a direct violation.

This relates to reporting the status of your account to others, such as the big three credit reporting agencies. You may be able to stretch that to cover your situation, but once again, good luck proving it.

None of this helps you with the fact that you lost your car. Find a way refinance it with another lender, get a HELOC, or in some way come up with the money or your car will be long gone. Your current lender has decided that you are not worth the hassle.