My oldest daughter (the one who recently had twins) bought a new used car about a month ago from a "reputable" car dealer in town. She put several thousand dollars down and financed the rest through a bank. Her first car payment is due in a week and a half.
Well, she called me pretty hysterical this afternoon as there were some men in a tow truck out in front of her house repossessing her car! Evidently the dealer had financed his inventory and skipped out on the bank, so they had a whole list of cars and are going around town repossessing them! Unbelievable! (And, according to my attorney, illegal.)
She called her hubby who raced over to the car dealer only to find the place empty and locks on the doors. He then went to the police to report it, but the guys in the tow truck wouldn't give my daughter any information and had no lettering on the truck.
Anybody else ever hear of anything like this? Any advice?
I hope you know which bank ordered the repossession. Thats really all you need to know. Definitely need a lawyer here. I would probably report this to my States Attorney General.
How do you find out what bank it is? I would be totally surprised if it were a legitimate financial institution as I don't know any who are who would do this.
Take the VIN number off your insurance papers and call the DMV.
Find out who has the lean on the title. Move fast on this...
I'm sorry, you just can't seem to catch a break lately. We'll keep you and yours in our thoughts and prayers.
OMG Irohner! I am so sorry. I have never heard of this before but I am not too surpirsed at what dumbasses these days will do to rip people off. I hope everything gets sorted out right. *HUGS*
My advice: breath!
Man, irohner, no. I never heard this. It's outrageous. Your daughter didn't default on any debt. I'm not surprised the reposession was illegal. The only thing I can think to do is to find out where the car is, making sure you got the name of the towing co. from off the side of the truck, and call the Sheriff's Office. I think they might be able to get the car back, with a little help from a judge.
I hope someone got the plate number of the tow truck.
Other than that, damn, I don't know what to say. What a mess!
It sure is a mess! Her hubby is still at the police station. Evidently, when a car is repossessed, they repossessor notifies the police so they know the car is not stolen. This outfit did not notify them. There were no markings on the tow truck, and my daughter said she didn't get the license number of the truck because she was focused on getting the baby carseats out of the back. The guys didn't want to let her get her stuff!
The police are totally confused and are doing what they can to track down the car, but have told my daughter to get on the phone ASAP and report the car as stolen to the insurance.
And her bday is tomorrow. Happy birthday, huh?
that is sad, I hope with the help of police, she can do something, as of the moment, she just wait and see after reporting it to insurance, does insurance company divulge some information to police like if there are also customers on their list with the same dealer? then they can trace if something happened before involving the same dealer?
happy bday to your daughter...
That is aweful! What a low-down thing for someone to do. I hate that this has happened to your daughter.
Well I'm from Texas and if she was from here it would be time to get the gun! Here you can use deadly force to protect your property.
So sorry this happened to your daughter. Unfortunately, banks can use repo companies of their choosing and they don't have to have identifying marks on the truck. They do however have to let the police know they are doing this just in case someone does get nasty about it and violence errupts.
OMG! Thats terrible! I don't know what to suggest and I have not heard anything like it before but I do hope you manage to sort it out.
This is definitely an illegal repo, regardless of what the dealer may have done, if the car was sold and the finance company took possession which they do when granting a loan, then the car can not be taken unless by loan default, even then you have to be contacted before the actual repossession. I hate to say it, but sounds like someone has come up with a new scam, and stole your car. You need to report it as such and notify your lender and the police as such.
Thanks, Scott. Done, done, and done. I'm with you -- I don't think this is a misinformed repo. I think it's a scam. Plain and simple.
Scott was spot on and exactly what I was going to write. Glad to hear you took his advice. Let us all know what happens - this is not a new trick, it used to be quite "the thing" up in the NY area years ago then scooted out to CA, haven't heard of it happening in years though. Looks like someone revived it.
Did she call the finance company? I mean, if they paid for the car and made her the loan, they have an interest in it at the very least. Usually they would be the ones initiating a repo, but in this case that makes no sense.
It does kind of sound like a new way to steal cars--kind of like the 'moving vans' that back up to houses and steal all the furniture and so forth.
I hope it wasn't for NC, we just had a dealership where the owner was selling cars, keeping the cash and financing it and keeping the money, twice. Never paid so the cars were repossessed. He did this to about 38 people, he ran and they finally caught him, he is in so much trouble. 11 people had their car repo'd and had paid cash for it. Hope you get it all straightened out.
There is a wrinkle that could exist in this situation. Would if the car lot had not actually secured the financing yet... If thats the case the lender to the car lot may have a legitimate claim against the car. You see in this case the contract your daughter entered into with the car lot had not been fully executed....Depending on you states laws, this could be BAD!
In any case, I would definitely file a police report for auto theft. That is if you can prove that its not a valid repossession. Sounds like it isn't....
The police are investigating it as a stolen car. I understand what you mean about whether the dealer received the money from my daughter's bank or not. (And I would assume he had as it's been a month or so...)
Be that as it may, my attorney said it's called BFP -- Bona Fide Purchaser Without Knowledge. (Learn something new every day!) The minute she gave them the deposit and received a legitimate Bill of Sale, the car became hers and nothing can supercede that short of her not paying her own lender.
This sounds like theft. If she paid the deposit and signed the agreement the insurance would kick in. Inconvenient but she is well covered. it's outrageous and annoying for you all. I do hope she has a great birtday.
I agree. Your daughter was robbed Irohner and she should sue the repo guys, they had no right to that car. They should have only dealt with the car dealer.
From past experience...of having worked where we financed car repairs...I would make a strong guess that the vehicle is at the impound yard of the repo people that the bank financer uses. The bank financer probably got scared. There is no justification for what they did...but depending on what state you live in...there are many laws put in place to protect buying/selling/trading of automobiles. (It is mainly because most laws were re-written into the books by just swapping out "horses" and putting "automobile" in its place. And..."horse" sales laws and trading were very, very strict back in the day. Still, no justification for what they did...but there is a slight possibility that the police may not be able to do anything about it...just saying...as a possibility...if somehow there were a clause protecting the financer of the vehicle...in case of a "broken contract".) I would place a huge bet on the fact that finance company knows exactly where the car is...may renegotiate the contract of your daughter...and that they probably are using some excuse as some type of "broken contract" arrangement as the reason for what has happened (Even though...she had no control over that). Just a guess though...it could have just been crooks...also! The person she bought the car from sure was one...for sure! I would hound the finance company and deff report the car as stolen to the insurance company...maybe they will get down to the bottom of it? (I wouldn't be surprised if she gets a certified letter in the mail from some impound yard in 10 days either...saying that they have the car) I hope it works out...the problem is also...it might go against her credit too as a repo even with the finance problem not being her own. It always seems like the odds are not stacked in the favor of the consumer...it seems we always get the short end of the stick...
Not sure this is helpful, but "Down Under" we have a thing called an Encumbered Vehicle Register. If any vehicle has any finance on it, it can be found and banks/financiers will let you know to stay away from it.
Maybe you should lobby the govt. there to do likewise.
Something doesn't sound right! She must have had a title in her name with the lien holder on it. I know it's too late to say it but she shouldn't have let them take it. She should have called the cops!
Good luck Lisa! Sure thing it's a robbery. And happy b-day to your daughter
Let her take it as a b-day present. You never know what is good and what is bad. Think about it, could it be that if she drove this car today, she would have been into a serious accident?
pgrundy makes a good point. Your daughter and the finance company own the car together. They have an interest (and presumably the money) to put a fight on your behalf. Just make sure you fill out the police reports so you give them all the information they need.
They most likely have insurance policies on this type of thing and the insurance company is really the one who will do the fighting. Either way, somebody will be raising a stink that will have the resources (high priced annoying attorneys like me) to demand results.
Just when you thought you had heard it all ... Definitely pursue this to the hilt!
As your daughter never defaulted on her payments that car is definitely still hers and the loan defaults to whoever the car dealership defaulted to. As such, she will still need to make payments (I'm assuming the car isn't paid off yet) and the terms of her loan can not be modified by any means.
I would also seek damages for the towing fees, any time lost from work resolving this, and a rental car (if a car was rented to get by), as well as any legal fees.
Bite 'em in the ankles!
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