Auto Repo After Wire Payment

[mrmiss]

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

Thank you in advance...My situation is this:

I fell behind on four payments to HSBC. Amount due was approx $1,500. I contacted them early in the day, about 8 a.m. -yesterday, to tell them of my intentions to make the loan current. I contacted them later that day, to get info for wiring the money, at about 5 p.m. -yesterday. I knew the repo people were looking for the car. The customer service guy seemed fine, and after wiring $1,700 (enough to bring the loan current, and a little extra), the agent told me, they recieved the wire transfer and all was current, and they would call off the repo.

Well, they repo'ed the car today, at about 11:30 a.m. I found this out when I was leaving work, at 5 p.m. today. I called HSBC, they said the repo was valid. The customer service lady told me, after looking over my account, that the funds had been transferred too late for them to be able to contact the repo company, and stop the repo. She told me it was due to the time difference, HSBC being in CA - and me residing in Texas.

But, she was happy to inform me that they would send a release for the vehicle, and I now have a $200 credit on the car -that just got repo'ed. I called the repo company and they said it would be $420 to retrieve the vehicle.

I'm going to retrieve the vehicle tomarrow, but do I have any recourse against HSBC to pay the repo fees on an account that was current, at the time the vehicle was repossesed? Is there a time limit that they have to adhere to, as far as calling off the repo, from the time the account is made current?

I really feel, I should not have to pay the repo fees. According to one website I read, they have to act in "Good Faith", and can not repo your car just for the sake of a repo fee, at the time you go to them to make a payment. If this is true, my repo was well after the payment was made!

Any advice is much apprectated...

[Mr. Knowitall]

The repo is valid. It would be nice if everything worked instantly, so that you transferred the money, they received it and processed it into your account, the repo company was instantly notified of the updated account, and everybody had a nice day. But in the real world there's delay at every turn. You wired the money after close of business, and the repo guy was probably on the road by the time the bank even knew they had it (assuming the wire service even completed the transfer by start of business).