Reposession in Michigan

nolanryan34 · #1 12-29-2005, 08:43 PM

I am behind in my car loan. I will have the money to make the full payment that is due on Jan 13. The repo man called me tonight and he told me that if the loan reaches $3000 past due, the finance company can have me arrested. I am not hiding the vehicle and can afford the monthy payments now, I just have to get the money to pay the overdue amount.

Also, can they enter a garage that is closed but not locked?

nolanryan34 · #2 12-29-2005, 09:27 PM

The repo man also told me that I would never be asked for the difference from the sale of the vehicle and what I owe.

I know they will say whatever they can to get the vehicle.

Mr. Knowitall · #3 12-30-2005, 02:24 PM

The repo man seems to be making stuff up. If the car is repossessed and sells at auction for less than you owe, the lender most certainly will go after you for the difference.

You need to decide if you are going to keep the car (in which case you should pay for it) or returning the car (in which case you can make appropriate arrangements to relinquish it to the lender or for the repo man to pick it up.)

ladyofbugglake · #4 01-10-2006, 01:59 AM

That man is a down and dirty liar. the truth:

A) The bank will sell the car for way under what is owed on your loan and you WILL have to pay off the remaining balance. Also, you will have to go to court if you don't settle with them before hand. Best to deal with it immediatly and strike a repayment bargain. You can often get them to reduce the amount owed and set up a payment plan. You can bargain with them!!

B) You cannot get arrested for owing money because there are no debtor's prisons in the United States. Do you know how overcrowded they would be if there were.

If you must have your car repossessed, best do it volunteeringly. The bank can charge you for the cost of recovering the vehicle if it is repossessed involuntarily (i.e. repo man comes and gets it). They will charge hundreds for the cost of contractin the repo man's service and yes, you will have to pay. To avoid this, simply drop the vehicle off at the bank where you have your loan. That is voluntary and free (but call the bank and ask if this is true first).

Good luck!!! And remember- don't avoid this. Talk to your bank ASAP!!! (tip- if you drive to talk to the bank in person and the car is issued for repossession, the bank can and will repossess it on the spot)