USAC Banner 728x90

Collapse

Announcement

Collapse
No announcement yet.

MN-Vehicle Repoed after check in full loan amount was mailed

Collapse
X
  •  
  • Filter
  • Time
  • Show
Clear All
new posts

  • MN-Vehicle Repoed after check in full loan amount was mailed

    Feb. 20th I was informed my Jeep was in the repossession process. On Friday, March 28th, I called and spoke with the bank about paying off our loan in full. After getting all the information needed, I told them there is a check being sent by mail for the full loan amount. At noon, I deposited $1,200 cash into our bank account as a way of proving that she could take our word that the full payment was sent out. Friday, March 28th, at 7 p.m. the vehicle got repossessed from our home. On April 1st, the check hadn't been received and the bank didn't know what location our Jeep was at. Thursday, April 3rd, 6 days since the check was mailed, they said they havn't received it yet and will call when they do.
    Basically, our credit is completely destroyed by this, we have a $17,000 check floating around, we don't have a clue where our Jeep is and we will have to pay to get the Jeep back from whatever lot they took it to on top of a $400 repossession fee was added to the loan payoff total before the repossession even took place. Is any of this illegal on their part or is it just coincidence that the day we sent the payment, in full, is the day they came to repossess it?

  • #2
    Re: MN-Vehicle Repoed after check in full loan amount was mailed

    I wish to inform you that bank can charge you for amounts informed to you when you have made payment. Generally if there is default in payment of loan amount then bank has right to repossession. As you had mailed check but that check was not received by bank thus bank may claim that on the day of repossession default in payment was continuing so repossession was done.

    AFF

    Comment


    • #3
      Re: MN-Vehicle Repoed after check in full loan amount was mailed

      Thanks for sharing.
      Due to a recent promotion, I should now be referred to as Major Obvious.

      I would not be trying to provide information and knowledge if I did not sympathize.

      Some days it is just not worth chewing through the restraints to face life.

      Comment


      • #4
        Re: MN-Vehicle Repoed after check in full loan amount was mailed

        Originally posted by hebyro View Post
        Feb. 20th I was informed my Jeep was in the repossession process. On Friday, March 28th, I called and spoke with the bank about paying off our loan in full. After getting all the information needed, I told them there is a check being sent by mail for the full loan amount. At noon, I deposited $1,200 cash into our bank account as a way of proving that she could take our word that the full payment was sent out. Friday, March 28th, at 7 p.m. the vehicle got repossessed from our home. On April 1st, the check hadn't been received and the bank didn't know what location our Jeep was at. Thursday, April 3rd, 6 days since the check was mailed, they said they havn't received it yet and will call when they do.
        Basically, our credit is completely destroyed by this, we have a $17,000 check floating around, we don't have a clue where our Jeep is and we will have to pay to get the Jeep back from whatever lot they took it to on top of a $400 repossession fee was added to the loan payoff total before the repossession even took place. Is any of this illegal on their part or is it just coincidence that the day we sent the payment, in full, is the day they came to repossess it?
        You had a full month to pay it off before it was repossessed -- from February 20 to March 28. "The check is in the mail" is not adequate to stop a creditor from repossessing, especially when there has been a month or more's notice.

        You could have paid it directly rather than mail it -- any time after February 20. All you can do now is, of course, stop payment on the check and see if the lender will accept payment in full plus their repossession fees. And if so, drive, fly, wire the money to be sure they get it.

        Comment

        Previously entered content was automatically saved. Restore or Discard.
        Auto-Saved
        Smile :) Stick Out Tongue :p Wink ;) Mad :mad: Big Grin :D Frown :( Embarrassment :o Confused :confused: Roll Eyes (Sarcastic) :rolleyes: Cool :cool: EEK! :eek:
        x

        the color of a pink dog is ... (write the answer twice with an "@" between the words)

        widgetinstance 213 (Related Topics) skipped due to lack of content & hide_module_if_empty option.
        Working...
        X