Repossession Of ATV In California

bray6 · #1 06-11-2008, 12:07 AM

My question involves an auto loan or repossession in the State of: CA

This is on my wife's ATV. I was injured on the job and we got behind on her ATV payments. In March she was 60 days late, her payment statement said that the finance company had a "program to make her account current." She called March 12 and was told that no program existed. So on March 14, I made an online payment of $300, which was rejected by the finance company. April 17, finance company sent a letter saying she owed $700 within 40 days. Letter also said to sign the letter and send it in for a 10 day extension, she did. That gave her until May 7th to pay $700. On May 2, I called to pay $700 and they said it was too late, now she owes $1,700. Now they are trying to repo the unit. I filed a Federal Trade Commission complaint because they did not honor their agreement but they are still trying to repossess. Should I let them repo the unit or should I make them take us to court so a judge can decide?

aaron · #2 06-11-2008, 06:05 AM

If you hide the vehicle from repossession, you will lose your statutory right to reinstate the loan.

bray6 · #3 06-11-2008, 06:33 AM

When I was on disability, I had two ATV's repo'd from this company because I could not afford them. They did not give me an option to reinstate. It was pay off in full or nothing. On the "Letter of Intent to Sell", the only option I had was to pay off in full. That is why I don't know what to do. Once they repo my wife's ATV, it is going to be the same thing, pay it off.

aaron · #4 06-11-2008, 06:51 AM

If you don't want to hear what the law is, or what will happen if you hide the vehicle, why ask?

bray6 · #5 06-11-2008, 06:59 AM

It is not a matter of not wanting to hear what the law is. I am stating a fact. If I have a statutory right to reinstate the loan that is great but it does not appear that the finance company is offering me that right.

bjf102106 · #6 06-13-2008, 01:10 PM

Quoting bray6

My question involves an auto loan or repossession in the State of: CA

This is on my wife's ATV. I was injured on the job and we got behind on her ATV payments. In March she was 60 days late, her payment statement said that the finance company had a "program to make her account current." She called March 12 and was told that no program existed. So on March 14, I made an online payment of $300, which was rejected by the finance company. April 17, finance company sent a letter saying she owed $700 within 40 days. Letter also said to sign the letter and send it in for a 10 day extension, she did. That gave her until May 7th to pay $700. On May 2, I called to pay $700 and they said it was too late, now she owes $1,700. Now they are trying to repo the unit. I filed a Federal Trade Commission complaint because they did not honor their agreement but they are still trying to repossess. Should I let them repo the unit or should I make them take us to court so a judge can decide?

As soon as you defaulted all your "rights" went out the window. You have broken the contract they owe you nothing. They could have picked up their asset months ago. Best bet get a loan, borrow the money, just pay it off to save your credit.

If you go to court it's not like the peoples court on TV. The judge will ask when the account was defaulted, he will ask has it been brought current?.... no ... He will tell you to return the merchandise and you will still be liable for the deficient balance after they auction it off.