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So I’m currently working with bf’s parents to help bf get his car back. (He’s in Afghanistan at the moment).

The car was reposessed and bf’s parents contacted the company, Santander to see if we can recover the car with full payment. Santander said we had until 5/30 to pay off the car. Keep in mind the car was just repossessed.

We wanted this in writing so that we can pay and get the car back. We didn’t get a Letter of Intent, but instead got a Payoff Letter saying that if we paid the remaining balance, plus the repo fees, they will mail us the title. Of course there’s nothing here stating the possibility of being auctioned off, nor does it say anything about a reposession. it just lists our account number and our car make/model/year as collateral. Letter was addressed as "to Whom it may concern"…..Also lists an address to mail payments to, but was told over the phone to make a payment via Western Union. Here’s the website with the same instructions they gave over the phone – http://www.santanderconsumerusa.com/customers/make_payment_western.aspx

Not sure of the laws and if this is right.

I just want to help pay the remaining balance on the car to get it back for my bf. But not sure if these should set off some red flags? Should I be getting a Letter of Intent? Or does it sound like the Payoff Notice suffices?

Oh, one more thing, they did say we had until 5/30 before car goes into auction, but when they sent the letter of intent, they listed the date as 4/30, and the car was repossessed on 5/9.
i know there are storage fees, that’s why I want to pay off as soon as possible. what i’m wondering is with this Payoff Notice, is this good enough for me to pay the total amounts (not including storage fees), to insure that Santander will give me back the car? I"m afraid if I pay off the car, and then they will still auction it. can they do that?

should i still ask for a letter of intent on top of this payoff notice?

2 Comments »

1. 

   Careful.
   Once they’ve got it, they want to hang on any ‘fee’s they can add on.
   ‘Repo fee, towing fee storage fee for holding it, who knows what-all else.
   ‘Mail you the Title" will leave you stuck with ‘storage fees’ when you try to reclaim it.
   Yes they can’t auction it for a set time (5/30 ?) but those storage fees are ‘per day’
   and piling up all the time.
   You are entitled to know all fees and charges ‘up front’ before you plunk down any cash.

   Comment by Irv S — May 19, 2011 @ 11:25 am

2. 

   The thing is, the storage fee increases by the day. The payoff amount today is going to be a good bit less than it will be 2 weeks from now. If their letter doesn’t address that, WHY NOT ?

   Ive never heard of the company but IF they are legit and they probably are, i find it highly unlikely they would keep your money AND sell off the car.

   Have you asked about paying IN PERSON with cash ?

   Legit lenders wouldn’t dare keep the payoff and then sell the car. That’s not how they operate.

   5/30 from 5/9 is 21 days. That might be how long they have to wait before auctioning it off ?

   Wiring money is a lot quicker than mailing it. But you can do either.

   Maybe after you pay them, then you pay the lot for storage ?

   Ask them how you can be assured that you will get the car back after wiring the money !

   The other thing is….the repo lot may not RELEASE the car to anyone except your BF without a power of attorney.

   Comment by whocares — May 19, 2011 @ 11:25 am

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