How to get a repossessed car back?
 

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Not being a smartass, but the best way to get the car back is to pay for it.

At age 24, he's clearly not mature enough to own a car. He ought to be taking the bus till he grows up a little.

It's probably not worth the back payments and fees to get the car back. Maybe he needs to buy a bicycle and suffer for a little while.

The local police will have a log of cars repossessed, so finding that it wasn't stolen will be a phone call.

As for getting it back, I would assume that it has to be payed up to date plus towing/storage/other fees; in other words unless you are willing to make the $$$ comittment to bail him out, he's not likely to get it back on partial payment.

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I worked in repossession for a few years. In NC, we are indeed required to report the repo to the local police.

Each state is different, but generally the lender has to provide the debtor with a chance to get the car back before they sell it in auction. 99% of the time, though, they require full payment on the balance of the note, plus reimbursement of the reposession fee they had to pay to the repo man, which is usually in excess of $500.


Banks are indeed patient. They are not in the business of buying and selling cars, thus they really hate to have to repo the car and deal with the inconvenience of auctioning it off. Having staff in place to do that costs them overhead.

I would also impress on the young man that he has not only lost his ability to travel freely but has also obliterated his credit for many years.
So he can forget about loans (at least low interest ones) and securing work at many businesses who now do background checks and credit checks.

If he is not willing to sit down to develop and follow a plan to straighten this out I'd ask him to make other living arrangements. In my book this is as life changing as a DUI would be.
Good luck.

You can tell him some more good news too -- when the bank auctions it, they will surely get less than is owed. The boy will receive a 1099 at year end for amount of the shortage. That's right, the IRS sees this as "income" and taxes will be due.

i see how this could have been avoided. should have not taken him in your house, see this way he is sleeping in the car and it does not get repo'd.

actually in all seriousness, i had friends that were doing the very same stuff at 23/24 years old and NEVER got any better. from what i have seen is that the more parents try to help a kid of 20+ years old get out of trouble, again and again the worse off the kid is.

could i have gotten where i am today without help from my folks on the + side of 20? hell no, but it was not jail, bail, or repo'd cars they helped me with. my parents gave me an oppertunity that i realized i had to grow up and take advantage of if i ever wanted to amount to anything. they have since said that it was my last chance with them, i did not know that at the time, but part of me must have known.

kick his ass out, let him fend for himself and see how your help should not be taken lightly. had this happened to me at that age, my pops' last course of action would not be "how do i (he) get the car back?", it would be how to i get him off my books

Hate to provide more bad news, but be advised that the bank will sell the car at auction. Your wife's son will be responsible for the difference between the amount owed and the amount sold at auction. Also read the pourchase agreement, he may be responsible for the costs of repo, storage and attorneys fees and costs.

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After He's out you might want to relocate
yourself with no forwarding address.

He will most likely be back.

K.T.
1973 911E 2.4 MFI
1965 Devin "D" - 1967 912 Power Plant
1997 GMC 4X4 Z-71

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Here is the site www.REPOMAN.com

Well that tip is about 3 feet higher than the tip I used to think with at his age. :D

This is none of my business but since you posted it to the Porsche Owning Community of the US (Pelican) I feel obliged to inform you that most young folks I have encountered with money and credit problems also have drug and alcohol problems.

Step 1 is to sober up and then the rest will eventually come in line.

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If he's got a job, he can rent a cheap room in an apt. There's lots of mass transit in the Bay Area, bikes and scooters are cheap, he'll find a way to get to work. Get him out of your house. At 24, he shouldn't be sponging off anyone and he obviously needs some tough lessons.

So you've actually met my brother? That's amazing!

Seriously... my 45 year old brother could be the one being discussed in this thread. I got a call from a bill collector who was looking for him. Strange, since he's in NC and I'm on AZ. Seems my bro went to Room Stores or somewhere like that and bought an apartment full of furniture on the "No payment for three years" plan and then sold all the furniture! I hate that he's such a loser, but am amazed that he keeps getting credit.

Is his name David Winters? Because that's my name and I'm in NC, and every so often I get calls from collection agencies looking for 'me'. Apparently I have a doppelganger that dodges his creditors with gusto. Whenever I get the calls, they always sound surprised they actually got 'me' on the phone. Then they're always sheepish and disappointed when I tell them they've got the wrong 'me'.

Having repo'd professionally...man...the stories!! If I'm ever knocking back a few with any of you guys, remind me to recount a few.