My question involves an auto loan or repossession in the State of: MD
A family member had their auto repossessed around 2am. They were awake at the time and spoke with the repo men. They handed over their keys and called the bank that morning. They found that they owed $900 for the car and a $500 repossession fee (towing etc). They were informed that they had five days to reclaim the vehicle before any storage fees kicked in. Everyone helped them gather the money the day the car was repossessed and went to pay the bank the next day. After paying the bank in the morning (2 days so far) they sent the release letter to the repossession company around noon. My relative was told to schedule an appointment for pickup and that the earliest time to do so was four days later. Also my relative was informed that they had to pay and additional "administration fee" of $100 and 3 days for storage @ $30/day. Despite the fact that they only had the car for two days.
Can a repo company make you wait to pick up your car. The release note came that afternoon and we expected to pick it up that day since they closed at 5pm. No one in our family has ever had a car repossessed, so we don't know that normal is. We fear the car is not even in the state otherwise why would it take so long to pick it up from a lot that is 40 mins away?
If the bank charged my relative for the towing expenses how can the repo company then charge a fee on top of that? I know the economy is bad, but this sounds like price gouging. If I park illegally, I know I have the pay the repo company the money to get my car back, but if the repo company was already paid for their services, why are they charging these additional fees, especially the nebulous "administration fee"?
Is there any way to dispute these charges before payment. Or will this have to go to small claims court. Heck I'm willing to foot the bill for that just on principle. We plan to report the company to various federal state and local agencies but I wanted to try and get an opinion from those who know the law or had experience.