Car in repo - New York State laws

This is a discussion on Car in repo - New York State laws within the Debt Collection forum, part of the BANKRUPTCY & DEBT COLLECTIONS category; I have a car loan (NY STATE) that is more than 90 days late, car now in repossession, but was ...

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Old May 29th, 2010, 11:41 PM   #1
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Default Car in repo - New York State laws

I have a car loan (NY STATE) that is more than 90 days late, car now in repossession, but was not taken yet. I canít see my account on line and so forth. Can I reinstate loan and what do I need from bank to guarantee the reinstatement?
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Old May 30th, 2010, 12:39 AM   #2
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I wish to inform you that the first step is in studying your car loan contract. The provisions regarding repossession of the vehicle and reinstatement of the car loan will guide this matter. If there is an 'acceleration clause' then you will have to repay complete amount and take back the car. Thereafter, you must contact the lender and inform that you would like to reinstate the car loan. You must ask for the loan amount due presently including interest. If there are additional fees and charges, you can ask the lender about them. You may then pay off the amount and repossess your car. You can also renegotiate the car loan terms and sign a new agreement. Your car loan is subject to Federal Trade Commission and New York State laws.

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Old Oct 13th, 2012, 06:49 AM   #3
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Default Re: Car in repo - New York State laws

I have a similar nightmare, my car was repossessed and the bank told me i must wait five business days for the paperwork to redeem vehicle while its $40 a day storage fee...and it would be $25 to retrieve my personal property! I live in nyc.....please someone help me! What can i do.....?
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Old Oct 22nd, 2012, 04:38 PM   #4
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I am the same situation right now. How is this coming along for you?
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I have a similar nightmare, my car was repossessed and the bank told me i must wait five business days for the paperwork to redeem vehicle while its $40 a day storage fee...and it would be $25 to retrieve my personal property! I live in nyc.....please someone help me! What can i do.....?
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Old Oct 22nd, 2012, 09:13 PM   #5
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Money people, money!!! Pay what you owe and they will work with you, unless you drag your feet and they sell the car.
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Old Oct 22nd, 2012, 10:57 PM   #6
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Default Re: Car in repo - New York State laws

Examine your finances closely and determine what you can afford to pay immediately on the vehicle and how much you can apply to the loan over the next month. Contact the creditor. Stress that you want to keep your car and tell her what amount of money you can pay and when you can pay. Explain what caused your situation and how you plan to recover and repay the past due debt. You can contact a local bankruptcy attorney also to set up an appointment to discuss your options. Bankruptcy proceedings will halt all repossessions and any other debt collection.
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Old Jan 7th, 2013, 07:56 PM   #7
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Have a friend put a mechanics Lein on it
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Old Jan 7th, 2013, 08:03 PM   #8
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Have a friend put a mechanics Lein on it
^good idea....a buddy of mine owns a shop and a family had an engine changed.....when they dropped the car off the put down a $750 deposit and my buddy never heard from them again...after a few weeks he went and had a Lein put on it and then he came to his shop about a month later and the car was gone....called the cops blah blah blah...the finance company had to give it back or pay off his Lein (which he made very pricey as the only proof of the $750 was gone) they didn't pay it...he tore the car down to bear frame and sold everything then junked the frame....screw the repo man...bahahahahhha
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Old Jan 8th, 2013, 02:17 AM   #9
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^good idea....a buddy of mine owns a shop and a family had an engine changed.....when they dropped the car off the put down a $750 deposit and my buddy never heard from them again...after a few weeks he went and had a Lein put on it and then he came to his shop about a month later and the car was gone....called the cops blah blah blah...the finance company had to give it back or pay off his Lein (which he made very pricey as the only proof of the $750 was gone) they didn't pay it...he tore the car down to bear frame and sold everything then junked the frame....screw the repo man...bahahahahhha
Oh the crimes we do commit. Conversion and embezzlement for starters. Nevermind the ludicrous nature of ^. Mechanics liens are well-regulated in most states as far as when you can place one, for how much, and what happens if it's not paid. The first lie holder always gets priority so GMC or whomever financed the vehicle in this supposedly true account would not have been beholden to a lien by "Joes Garage" until and unless they were first paid in full.

Please don't bother with your fanciful (yet altogether untrue) stories here.
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Old Jan 9th, 2013, 01:29 PM   #10
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Oh the crimes we do commit. Conversion and embezzlement for starters. Nevermind the ludicrous nature of ^. Mechanics liens are well-regulated in most states as far as when you can place one, for how much, and what happens if it's not paid. The first lie holder always gets priority so GMC or whomever financed the vehicle in this supposedly true account would not have been beholden to a lien by "Joes Garage" until and unless they were first paid in full.

Please don't bother with your fanciful (yet altogether untrue) stories here.
^ repo man that doesn't want you to know the truth
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