Is Vehicle Repossion a Felony in Illinois

ilenas · #1 07-09-2006, 05:33 PM

Illinois
Hi, a friend of mine is behind in her payments, they called her and told her
that there is a new law in illinois that makes it a felony if you fall behind in
vehicle payment and has threatened to jail her mom (cosigner). They have
made it a practice to accept late payments and she have the balance due
in back payments... what should she do?

Mr. Knowitall · #2 07-10-2006, 02:39 AM

I doubt that there is any such law. Illinois repossession laws seem to be those available here and here. Some states make it a crime to intentionally conceal a car from a creditor who is trying to repossess the vehicle. She can ask them to identify the statute number for this "new law".

If your friend wishes to keep the car, she should consult her lender about catching up on the loan or refinancing. If not, she should consider (if still possible) selling the car and paying off any amount she owes over the sale price. A repossession will severely damage her credit, and she'll still end up owing the difference between the sale price (which will typically be lower than what she could sell the car for herself) and the total owed plus allowable fees and expenses associated with the repossession and sale.

Wyndstalker · #3 12-25-2008, 09:24 PM

Please note that there IS NO such law in the state of Illinois. This form of activity however, IS illegal, since it places the party in fear of their safety, or the safety of their lawful property. I suggest in the STRONGEST terms you contact FIRST: the agency who holds the loan (and find a NEW one to take the note), and TWO, an attorney who can hold the old loan holder for terroristic threatening.

cyjeff · #4 12-26-2008, 12:15 AM

Quoting Wyndstalker

Please note that there IS NO such law in the state of Illinois. This form of activity however, IS illegal, since it places the party in fear of their safety, or the safety of their lawful property. I suggest in the STRONGEST terms you contact FIRST: the agency who holds the loan (and find a NEW one to take the note), and TWO, an attorney who can hold the old loan holder for terroristic threatening.

ya know what would be great?

If you didn't dig up two year old posts just to say, "I AGREE!"

Betty3 · #5 12-26-2008, 12:18 AM

Since the original thread is from 7-2006, I would assume the poster has taken care of their problem by now & they haven't been back to the forum since to post. We usually don't post/reply to old threads.

Betty3 · #6 12-26-2008, 12:19 AM

cyjeff - you & I were typing at the same time but you got your post submitted off first.

junker · #7 12-26-2008, 09:33 AM

cyjeff, are you the forum police? i thought this was a forum, where people could ask questions even if they are unpopular, it seems you like to dictate what is said here

cyjeff · #8 12-26-2008, 04:03 PM

Quoting junker

cyjeff, are you the forum police? i thought this was a forum, where people could ask questions even if they are unpopular, it seems you like to dictate what is said here

And not only do you seem unwilling to use a calendar but are easily offended when people point out that you are necroposting.

Seems like we all have our problems.

The difference, of course, is that most of the volunteers here don't have the time to go back over plowed ground just because you want to jump up and down on an old post.

I am very happy you are excited about using the forum. Now use it responsibly.