Results 1 to 3 of 3
  1. #1
    Join Date
    Mar 2007
    Posts
    2

    Default Help With The Repo Of A Motorcycle

    I recieved a call on my cell phone yesterday from a repo agency that they were at my house and wanted to repo my 2005 Suzuki. I moved out in Dec.(my wife and I separated) I continued to give her the $500 dollars a week to take care of bills and expenses, however I did not find out until yesterday that she has not been paying this loan. I am currently 82 days delinquent on the loan and I contacted HSBC (the lender) and talked to a supervisor and said I would pay them the $689 delinquent amount today. They informed me I had to either give up the bike or pay the entire balance of $9600 and there are no other options. I have never been late on a payment in the 2 years I have had this loan, and there is no way I can come up with the $9600 dollars. I live in Massachusetts. Please help me and thank you

  2. #2
    Join Date
    Sep 2006
    Posts
    211

    Default Re: PLEASE help me with repo of motorcycle

    If they are unwilling to take payments instead of the accelerated amount, there is little to be done. They are within their rights to demand a full payoff of the loan or take the vehicle. Look in your contract for the word "acceleration". Keep in mind, if they repo the bike, then auction it for less than the loan amount, you are still responsible for the remainder. This means that they may only get half (or less) than the $9600 you owe, and you will be held responsible for the rest of the money.

    Most lendors will weigh the amount they can make off of auctioning your vehicle and then suing you for the rest of the loan vs having you make payments, whatever nets them the most money will be the route they take.

    Edit: Also, repos are a bad hit to your credit score.

  3. #3
    Join Date
    Mar 2007
    Posts
    2

    Default Re: Help With The Repo Of A Motorcycle

    My credit is pretty much ruined now, as she didn't pay anything else either. I owe $10,250 in credit cards as well as the $9600 on the bike. That is my total debt. Will filing bankruptcy stop the repo? Or possibly private debt consolodation? I am at my wits end. Help

    1. Sponsored Links
       

Similar Threads

  1. Friend Borrowed Motorcycle, Motorcycle Was Stolen
    By csoracco in forum Personal Property
    Replies: 3
    Last Post: 02-01-2010, 06:07 PM
  2. Repossession: Repo Man Using My Repossessed Vehicle on Other Repo Jobs
    By omhcael in forum Auto Loans and Repossession
    Replies: 2
    Last Post: 11-03-2009, 06:24 PM
  3. Debt Collectors: Motorcycle Repo in California
    By NETTYESQUIVEL in forum Debts and Collections
    Replies: 2
    Last Post: 05-26-2009, 02:08 PM
  4. Repossession: Should I Recommend Repo of a Damaged Motorcycle
    By Forest in forum Auto Loans and Repossession
    Replies: 2
    Last Post: 12-07-2007, 08:52 AM
  5. Repossession: Repo Men Looking For My Stolen Motorcycle
    By NiceGuy in forum Auto Loans and Repossession
    Replies: 1
    Last Post: 11-14-2007, 10:16 AM

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
 
Forum Sponsor
Bankruptcy Lawyer
Recover From Your Debt. Free bankruptcy evaluation by a local attorney.




Untitled Document