When a car gets repo'ed...

lendaddy · 08-12-2008, 12:53 PM

No not me (yet

)

Seriously though, is that it, "the car is just gone man" or is there a potential redemption period? I'm trying to figure out if someone is blowing smoke up my a55. They claim their car got repo'ed but that they can go there with $x,xxx and get it back.

Do I need to consult Penn and Teller on this?

Hugh R · 08-12-2008, 12:59 PM

In CA you can get current with the repo man and get it back. Not sure of the specifics. I think there are repo man fees involved.

widebody911 · widebody911's Garage

There was a chick with whom I worked years ago that had her car repo'd from the lot at work no fewer than 3 times. I guess she'd make the payments to get caught up, get the car back, only to fall behind again.

lendaddy · 08-12-2008, 01:08 PM

Thanks guys, I wonder if that's a California only thing?

vash · vash's Garage

a girl i know just did this. she owed 14g, and it got repo'd. they sold it for 9k, and handed the money over. new guy drove away. my friend that helped her, felt dirty.

lendaddy · 08-12-2008, 01:14 PM

Quote:

Originally Posted by vash

a girl i know just did this. she owed 14g, and it got repo'd. they sold it for 9k, and handed the money over. new guy drove away. my friend that helped her, felt dirty.

You lost me on this, she made money on the deal?
And yes of course this is a young lady.

azasadny · azasadny's Garage

The bank (or whoever financed the car) really does not want the car back. They will generally demand back payment and an agreed-upon schedule for future payments. When I worked at a FL bank, way back in the early 80's , we always tried to work out a deal to prevent us (the bank) from having to resell the car to an auction house and lose $.

m21sniper · 02:13 PM

Quote:

Originally Posted by lendaddy

No not me (yet

)

Seriously though, is that it, "the car is just gone man" or is there a potential redemption period? I'm trying to figure out if someone is blowing smoke up my a55. They claim their car got repo'ed but that they can go there with $x,xxx and get it back.

Do I need to consult Penn and Teller on this?

30 days under PA law to reclaim the vehicle by bringing the past due balance up to date. A dealer can also hold the vehicle in lieu of full payment, if they so wish. I can accept (cash) payments on the scene if i am so inclined.

I am rarely so inclined.

Quote:

Originally Posted by widebody911

There was a chick with whom I worked years ago that had her car repo'd from the lot at work no fewer than 3 times. I guess she'd make the payments to get caught up, get the car back, only to fall behind again.

Yes, i have many steady customers.

If the car is sold at auction for less than the note, the financee is liable for the difference.

slakjaw · 08-12-2008, 02:50 PM

in Nebraska you got 30 days then its off to auction. I imagine its similar here in MN.

I havent had a car payment in like 6 years though.

vash · vash's Garage

Quote:

Originally Posted by lendaddy

You lost me on this, she made money on the deal?
And yes of course this is a young lady.

no sorry. the car was for sale when the repo man came. my friend stopped him from taking the car, and got him to allow time to make a sale. he sold it for 9k, handed the cash over to the repo guy, and the deal was done. she still owed alot more, but the debt disappeared.

Zeke · 08-12-2008, 03:56 PM

Quote:

Originally Posted by m21sniper

30 days under PA law to reclaim the vehicle by bringing the past due balance up to date. A dealer can also hold the vehicle in lieu of full payment, if they so wish. I can accept (cash) payments on the scene if i am so inclined.

I am rarely so inclined.

Yes, i have many steady customers.

If the car is sold at auction for less than the note, the financee is liable for the difference.

So this is what you do, repro man? Have I seen you on TV along with the dude in the black cowboy hat and always a tooth pick in his mouth? Oh, wait, he's from Sacramento Ca.

MysticLlama · 08-12-2008, 04:01 PM

Happened to me in WA several years back and I was able to borrow sell some stuff, work some overtime, and borrow from family to get it current and back. In hindsight it might have been better to just let it go, but I really did like the thing, just wasn't making enough.

Hugh R · 08-12-2008, 04:06 PM

I think my POS sister-in-law had her cars repo'ed several times. Her solution was to go and brow beat her 80 y/o mother for a few grand whenever it happened. Did that to her mom on just about everything it turns out. Mom now lives with us cause she has no money. The POS sister-in-law has pretty well convinced the rest of the in laws that we're the bad guys who control mom cause we won't let the POS sister-in-law in our house.

mattdavis11 · 08-12-2008, 05:06 PM

In Texas, the repossession agency may resolve the issue in several different manners, one of which is collecting outstanding debts on behalf of the lein holder and releasing the vehicle to the proper individual.

They also can take bids on the property and sell it before it heads to the auction.

dtw · 08-12-2008, 07:42 PM

Banks and lenders prefer to be banks and lenders, not used car dealers. They'll bend over backwards to keep collateral off their lots. When I was a repo man, we worked mostly for high risk lenders. They would usually only accept full payment + expenses (ie, my bill) before they'd give the car back. A lot of practices surrounding repossession are in legal grey areas, so you should check the specific laws and treatment in Michigan. For example, around here, it is of course illegal trespassing to get on someone's property/premises to snatch their car. Have I ever been sued, or seen a repo man get sued for it? Nope...

If you don't want to be a cop but would still like to have all the cynicism and disdain for the public that they have, be a towman or repo man for a while. I did it for 2-3 years and dealt with the dregs of humanity. Draining.

Lots of fun stories, though.

914goingdown · 08-12-2008, 08:02 PM

Quote:

Originally Posted by dtw

Banks and lenders prefer to be banks and lenders, not used car dealers. They'll bend over backwards to keep collateral off their lots. When I was a repo man, we worked mostly for high risk lenders. They would usually only accept full payment + expenses (ie, my bill) before they'd give the car back. A lot of practices surrounding repossession are in legal grey areas, so you should check the specific laws and treatment in Michigan. For example, around here, it is of course illegal trespassing to get on someone's property/premises to snatch their car. Have I ever been sued, or seen a repo man get sued for it? Nope...

If you don't want to be a cop but would still like to have all the cynicism and disdain for the public that they have, be a towman or repo man for a while. I did it for 2-3 years and dealt with the dregs of humanity. Draining.

Lots of fun stories, though.

interesting thread i've been really considering being a towman too..

got any tips..

m21sniper · 08-12-2008, 10:36 PM

Quote:

Originally Posted by milt

So this is what you do, repro man? Have I seen you on TV along with the dude in the black cowboy hat and always a tooth pick in his mouth? Oh, wait, he's from Sacramento Ca.

Yes, i'm a freelance repossessor. The guys on TV are amateurs.

m21sniper · 01:55 AM

Quote:

Originally Posted by dtw

Banks and lenders prefer to be banks and lenders, not used car dealers. They'll bend over backwards to keep collateral off their lots. When I was a repo man, we worked mostly for high risk lenders. They would usually only accept full payment + expenses (ie, my bill) before they'd give the car back. A lot of practices surrounding repossession are in legal grey areas, so you should check the specific laws and treatment in Michigan. For example, around here, it is of course illegal trespassing to get on someone's property/premises to snatch their car. Have I ever been sued, or seen a repo man get sued for it? Nope...

If you don't want to be a cop but would still like to have all the cynicism and disdain for the public that they have, be a towman or repo man for a while. I did it for 2-3 years and dealt with the dregs of humanity. Draining.

Lots of fun stories, though.

What's up fellow repo man.

Quote:

Originally Posted by 914goingdown

interesting thread i've been really considering being a towman too..

got any tips..

Tip #1, a tow truck is not neccesary in the repo business...you can hire a driver/partner for far less money and if something happens you have backup. In the case that you should need a tow(pretty rare), a trusted local tow guy will jump at the extra off the books work for $100 cash on the barrel.

Most young guys will take the job almost regardless of pay because of the "prestige" that comes along with being a big city repo man.

For many years i used my 928 for repos.

Scuba Steve · 08-13-2008, 04:58 AM

Anything ever happen while repoing someone's car? You've gotta have some stories.

dtw · 08-13-2008, 05:58 AM

Quote:

Originally Posted by m21sniper

What's up fellow repo man.

Tip #1, a tow truck is not neccesary in the repo business...you can hire a driver/partner for far less money and if something happens you have backup. In the case that you should need a tow(pretty rare), a trusted local tow guy will jump at the extra off the books work for $100 cash on the barrel.

Most young guys will take the job almost regardless of pay because of the "prestige" that comes along with being a big city repo man.

For many years i used my 928 for repos.

100% good advice. Not to mention that an F550 or whatever uses a lot of fuel and makes a lot of noise. We did all our detective work in regular cars, and would leave the truck somewhere. Once we had a positive ID on the car we'd swoop in with the truck. On average, the truck was only on the scene for 30 seconds or less and the debtor never knew we were there until it was too late. We did our own truck driving, as your average roadside-assistance wrecker driver does not a good repo-driver make.

Tips? Nerves of steel. With the truck, you're dealing with an extremely expensive piece of equipment, not to mention the collateral you're grabbing. The bank wants it back in one piece with no new scratches/dents. You're often in the dark while trespassing on someone's property in a bad neighborhood. If you get shaky, game over. Or if you are confronted by someone, you have to remain calm and take control of the situation, or you're plucked. That's really the only skill - in my opinion - required to be a quality repo man. Cool nerves. The truck pretty much does the work itself these days, and the detective work is a breeze with current technology, especially if you have lenders with good documentation.

Stories? Tons of 'em. Was just remembering one yesterday where I was checking out a car in a very tight back alley behind an apartment complex. Had just slid in the slimjim when a light pops on above and there's a guy standing on his deck in his tighty-whiteys. He goes "HEY man what are you doing???" Those who know me know that I'm sorta matter-of-fact so I just paused a second and said "Well, I'm breaking into this car...is it yours?"

There's some Miami Vice type stuff, too. Friend of mine had his truck shot up with Uzis down in Ft. Lauderdale. He grabbed a drug dealer's Lexus, and it apparently had a trunk full of cocaine, which he was reluctant to let go quietly.