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Ratings. Guidance. The Right Lawyer.
Repossession of an automobile
Norwood, MA
Viewed 276 times.
Posted about 1 year ago in Debt / Lending Agreements
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My husband had his car repossessed last week. His loan is now over12,000 dollars while his car is only worth 3,000 dollars. He never received any notification that they were going to repossess it until after it was already repossessed. I read that the bank must let the car "owner" know that it is going to be reposssessed within 10 days of the repossession. Also, the person who repossessed the car opened our garage looking for the car as my husband's car was parked outside and covered in snow. I read that this is illegal. I just don't know where to go from here. We can't afford to continue paying this enormous loan off. My husband was paying over $400 per month. He contacted Americredit (the bank) to let them know that his money situation changed since taking out the loan, but they refused to work with him to lower the payments so that it's something he can afford.
Can they sue him? Was it an illegal repossession? Will he continue to have to pay 400 per month even after the car is auctioned off? Do we have any options here? Thank you very much for your time. - Is this your question? Add additional information Answers (2)
Ronald Lee Burdge
This attorney is licensed in Ohio and 1 other state.
Posted about 1 year ago.
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Generally the lender does not have to give an advance notice that they are going to repo a car if the loan payments are not brought up to date, but they aren't allow to "break and enter" to get the car either. Any "breach of the peace" is usually forbidden under most reposession laws. Repo law in each state is a little diffferent, however, and you need to talk to a Consumer Law attorney who knows the law in your state. Contact your local attorney Bar Association and ask for a referral to a Consumer Law attorney. Or, you can check this online web page for a local attorney near you listed on this Free National List of Consumer Law Attorneys.
Phil A. Taylor
This attorney is licensed in Massachusetts.
Posted about 1 year ago.
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Based on your question, you should speak to an attorney about your situation.
Massachusetts has laws addressing Retail Installment Sales of Motor Vehicles. The statutes address what notices are required before and after a vehicle is repossessed. The law also requires that the fair market value of the vehicle be deducted from the loan amount to determine the deficiency balance you would owe. It is also unlawful for the agent repossessing the vehicle to enter your property without your permission. There may also be violations of the Massachusetts Consumer Protection Statute (M.G.L. ch. 93A). This is a case that some lawyers would consider accepting on a contingency basis and will offer a no fee or obligation consultation. Feel free to check out my Avvo profile. DISCLAIMER: This answer is provided for general, informational purposes to the "hypothetical" questions posted and does not create an attorney/client relationship. It is recommended that you speak to an attorney to discuss your specific legal issues. |
