Vehicle repo ??

[nomoneynomore]

I no longer have any questions regarding the pickup, or the repo. We have that part figured out. I thought I posted that we were planning to let it go...sorry I was replying to this post...which is where the confusion set in!

"Since you are two months behind in payments already, what makes you think you can suddenly start paying on time, let alone come up with all the cash for redemption? Please don't say you are going to borrow the money to pay the back payments on the car. My advice would be to buy a beater for the amount of the two back payments and repo fee ($125)...and forget about car payments for a while...."

[nomoneynomore]

NO, no no.... You all are thinking about it in the wrong context. We are not getting the pickup back, we chose to let them keep it.

The monthly payment on loan $300 (THIS is the PICKUP that was repoed)
We will no longer be making the above $300 payment, so this frees up $300 per month.

The monthly payment on SUV $250 (THIS is the SUV we plan to KEEP)

Once we get caught up on payments on SUV, we will be able to use the amount we used to pay on the loan ($300) to continue making the payments on the SUV ($250)

Because we are not paying to get the PICKUP back, we returned the tags to the treasures office, who issued a refund which will catch us up on payments for the SUV.

From now until Nov, we will be able to pay the SUV payments on time because we will no longer be paying for the loan on the PICKUP.

[HHM]

There is a disconnect here...you are going to use the registration refund to get the car back from Repo, but then what money are you going to use to register the car, and for that mater, to continue to make the payments.

[no_it_all]

How are you going to pay for it once you don't have refunds coming in?

[no_it_all]

I still don't understand...How is making the back payments up on the SUV going to get your pickup truck back ?

Is it possible to get the vehicle back?
We are 2 months behind on the payments, do we just need to catch up on payments to get it back, or come up with the total loan amount to get it back?

[nomoneynomore]

We had 2 vehicles, a pickup and an SUV. The pickup was repoed last week. The tag we just purchased for the pickup was able to be returned to the county treasure for a refund. We are using the money from the tag refund to pay for the back payment on the SUV.

[no_it_all]

Well, we actually have the cash to make up the payments. We refunded the tag from the vehicle that was repoed, and since we plan to let them keep it, we can use the money we would have used out of this check for that loan payment, to make up the the remaining past due on the vehicle we want to keep. We have paid over $7K on this vehicle, and it will be paid off in Nov, so it seems crazy to let it go so close to being paid off.

Huh? I have no idea what you mean...You had a car repo'd and you <cashed> in the tag since you were going to let the creditor keep it, but you want to use that cash for <what> exactly??? My mind must be a little slow today...

[HHM]

All you can do is answer the questions honestly. Again, as has been mentioned in other posts, all the creditor is going to do at a 341 is ask you questions. (they may make an offer and bring the paperwork, but that happens outside of the 341).

[nomoneynomore]

Knowing the nature of the bank (and the personal loan officer we worked with) that our vehicle was repoed to, I am about 95% sure they will show up at our 341. This bank is a local one where we know many of the officers, and the personal loan officer has always been a jerk to us. Since they did get the vehicle, I am wondering if they would be able to dispute and make us pay the rest back.....How should we handle it if they show up?

[nomoneynomore]

Well, we actually have the cash to make up the payments. We refunded the tag from the vehicle that was repoed, and since we plan to let them keep it, we can use the money we would have used out of this check for that loan payment, to make up the the remaining past due on the vehicle we want to keep. We have paid over $7K on this vehicle, and it will be paid off in Nov, so it seems crazy to let it go so close to being paid off.

[no_it_all]

Since you are two months behind in payments already, what makes you think you can suddenly start paying on time, let alone come up with all the cash for redemption? Please don't say you are going to borrow the money to pay the back payments on the car. My advice would be to buy a beater for the amount of the two back payments and repo fee ($125)...and forget about car payments for a while....

[lrprn]

We live in Kansas. The car itself is paid for. We took out a personal loan using the car as collateral and got two months behind on that loan.

This is not a typical car repossession where it's the car loan payments that are late. Let's see....

According to http://www.car-repo.com/Repossession...0/Default.aspx here are the vehicle repossession laws in Kansas:
TITLE STATE: Yes
SECURITY INTERESTS: Shown on title held by lien holder.
LICENSE REGISTRATION: Kansas Division of Vehicle, Docking State Building, Topeka, Kansas 66626-0001. Tel: (785) 296-3621.
RECOVERY REQUIREMENT: After 20 day "Right to Cure" letter from lien holder to debtor, repossession allowed without committing a breach of peace. (Applicable only once during term of security agreement.) Not applicable to any "substantial impairment" such as lack of insurance, etc.
DOCUMENTS REQUIRED FOR LIQUIDATION: No out of state repossession affidavits are accepted. Repossession affidavit may accompany Kansas title and an application for title together with a certified copy of the Security Agreement to the vehicle.
PLATES: Remain with the debtor

According to Consumers Union, Kansas has nothing specific in its law regarding the right to reinstate the loan and recover your vehicle after it's been repossessed by a lender - http://www.consumersunion.org/mh/doc...005/right.html . You need to talk with a Kansas lawyer familiar with repossession right away to get a reliable answer about what you need to do to reinstate your loan and get your car back. Good luck - keep us posted about what you find out.

[nomoneynomore]

We live in Kansas. The car itself is paid for. We took out a personal loan using the car as collateral and got two months behind on that loan.

Thanks,

[follie]

Was this a lease or were you buying it? That changes things. If you were leasing, you have to pay off the car completely, not just what you owe.

[lrprn]

Is it possible to get the vehicle back?
We are 2 months behind on the payments, do we just need to catch up on payments to get it back, or come up with the total loan amount to get it back?

If the car hasn't gone to auction yet, then it is possible to get the car back. However, whether you are forced to pay the entire loan amount back at once or not depends on loan contract you signed and the state you live in - what state is that?

For example, in Illinois, if you've paid at least 30% of the car's purchase price before repossession, then you can pay back all back payments, any late charges due, and pay the costs of repossession to get your car back - http://www.illinoislegalaid.org/inde...&contentID=349 . If you've paid less that 30%, then the lender can ask for the full loan amount. Your state probably has a different set of requirements. If you tell us your state, we can help you find out what to expect there after a repossession.