Previous Repo

[ceegee]

My truck was repossesed almost 5 years ago, I paid everything I owed and got it back with in a week, my credit report states the repo can I have that removed?

[aaron]

It is not clear from what you say that the information is false - that is, the truck was in fact repossessed. If the information is in error, you can ask that it be corrected. If not, you can ask to attach a short explanation to that entry on your credit report.

[ceegee]

what are the repossession laws, does the bank have to sell it for a reasonable market value and if they don't what can I do to fight it

[Mr. Knowitall]

Typically, a repossessed car will be sold at auction, and the borrower will be responsible for any difference between the amount obtained at the sale and the outstanding balance of the loan.

[ceegee]

what does the company have to inform me of I have read that they have to inform me of the date, place, private or public auction etc of when they sell the vehicle is this true?

[Mr. Knowitall]

Ordinarily, yes.

[ladyofbugglake]

The bank will sell your car for dirt cheap, leaving you with a large balance to pay. But sometimes you can arrange a lower balance or a drastically reduced payoff if you pay it in full. Bargain on the interest rate too.

This is a bad, though common, situation to be in. But you do have some power here if you play your cards right.

Remember, talk with and listen to the bank president. It may be uncomfortable, but the sooner and more thoroughly you deal with this situation, the better in the long run.

When you do talk, be all business and provide as little information to them as possible. Don't start in on a tearful history of your life. You are there to talk about money, not your family's "hard times." A bank president will see your excuses as exactly that: excuses. Be remorseful but express a sincere desire to make good. He or she will respect that. You are in the wrong, but you have the ability to make it right over time. The sooner you get started, the easier.

Also, be tough!!! Its about money now (and several years of your future). don't agree with every option they give you. Be a savy business person, bargain for a better deal, and don't take no for an answer. Be unfaultinglly polite, but also focused and alert.

[ladyofbugglake]

I'm a firm believer in open communication.

Try this: Go bright and early to the bank that gave you the loan and ask to speak with the president (people are more agreeable in the morning). Update him or her on the situation, leaving out any "poor me" excuses and stating facts only. Ask the president to have the mark removed. If he or she says "no," explain again that you are dedicated to maintaining a solid financial relationship with lenders, which is the reason you paid your balance so soon after repossession, and is there anyway at all that they can help you? Even if they won't agree to completely remove the mark, inquire about other solutions. Like aaron suggested, maybe they can attach a note in your favor.

Good job dealing with the repossession so quickly after it happened.