[txsunshine]

A Sheriff showed up on our doorstep this AM asking "where is the truck". We explained that it had been repossessed nearly two weeks ago and thought that it was still in the repo yard in the next county. They stated that the truck had been stolen from the repo yard sometime late last night or early am, of course while we were sleeping and no alibi.

To make a long story short, the Lender called OUR Insurance company and reported to them that the truck had been stolen and opened a claim! Can they do this?

The truck was repossessed 9/28. We chose not to redeem it as we cannot afford it and do not like the truck anyways, its a lemon but that is a whole other story. Our redemption period for the payments ended on the 8th at 5:00 and the redemption for the balance ends on 10/12, the truck was stolen sometime between late the 9th and early the 10th. We sent a letter to the lender on the 8th stating that we did not wish to redeem it and proposed to them for our up-front cooperation in paying the huge deficiency balance that they re-age the loan and not report it as a repo. The meeting about that was yesterday.

In the state of Texas (lender is in WA, truck in TX) who is responsible for the truck? I have read that the lender is responsible for the truck and anything left inside of it the moment that the recovery company takes possession and leaves the driveway. The recovery company should be bonded and insured? We almost cancelled the insurance, as we replaced the truck with another one within 2 days and the lender said we are to keep insurance on it until the title transfers to the new buyer at auction. How are we supposed to know exactly when that happens! To make matters worse, the Sheriff is accusing my husband of stealing the truck simply because we are the only ones who had a key (not true the repo yard had 2) and knew where the truck was!! We have consulted an attorney about that one, whom states to be prepared for charges, as this county is aggressive. This was by no means a hostile repossession, we were HAPPY to see the truck leave and were extactic to go replace it.

Another question, is can they "technically" call it a repossesion as I cannot redeem it by paying off the loan and getting the truck back, as they cannot produce it.

Please help!
tx sunshine

[lwpat]

You are probably better off to let your insurance company pay it off, especially if you have gap insurance. That way you are free and clear of it. Your insurance company can then go after the repo people.

[txsunshine]

Thank you for your quick reply!

Another quick question....

Will our gap insurance be in effect since the loan is behind? We would be in better shape if our ins. and gap took effect and would not have the HUGE deficiency it that was the case!!

In appreciation,
txsunshine