Robert
Irvine,#2Consumer Comment
Mon, May 14, 2012
I made my monthly car payment in two payments through money gram a week apart, I made the second half on Friday and on Saturday the tow truck was there to pick my vehicle up
- Based on how you wrote this report it sounds like your car was already "up for repossession", and I have a feeling you knew it. So yes when you made the Payment you should have called them to give them the tracking number. Because it can take a few business days for the payment to "filter" through the system to call off the repo man.
I then asked what the payoff would be as I have been paying on this loan for almost 5 years and the loan is only down by a couple of thousand of where I started out to begin with, how does that happen????
- Because it sounds like being late is a very common occurrence for you. So you have what is probably years of added Interest and late fees to pay off as well.
Not sure at this point if I am gonna be able to come up with what they are wanting to get it back but I am looking into legal action for what happened and if I have any recourse will certainly take it.
- You have to remember one thing. Until you pay off the ENTIRE amount it is not your car. So while you have no recourse you may be involved in legal action. If you do not get the car back they will sell it at auction, and while they will reduce the amount they sold it for from your balance. They will sell it for a significant amount less than you owe. You will then be responsible for the deficiency balance. If you fail to pay that amount they may turn you over to collections, if you still fail to pay they may file a suit against you.