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I had a home equity line of credit (refinanced 2nd mortgage into it) on a home that is way upside down. About 3 yrs after I did the HELOC, I purchased a car and financed through same credit union as my heloc. No funds from the heloc were used for the purchase of the car. My home got foreclosed on so I stopped payimg on the heloc also. I have been current on my payments for the car and have never been late and a repo guy showed up at my house with a repo order from my credit union saying it was collateral… it was not collateral and the only thing it has in common is it was through the same credit union as the heloc and it all comes out of my checking account with them. Is this even legal since I have fulfilled all the requirements as per the loan docs state for the auto? What do I do now?

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?

ber and it w as used as collateral to buy another car and that car was repossessed.

The Vehicle is owned by me, but I took out a small loan and used the car as collateral. OK..so I was a month and a half past due (shame on me) and I recived a certified letter stating that I had to pay 0 on or before 5/20 or the bank would take possession of my vehicle. I paid the $$ before the date stated on the certified letter. On 5/19 sometime during the night my car was taken. I reported it stolen, cotacted my insurance and made arrangements to get a rental car. A few hours later the police called and told me it was at an recovery lot. It turns out that my bank took the car on accident. They called me and apologized and of course said that they would pay the 0 to get it out of of the recovery yard. They were really kissing my butt on the phone and offered to have a car come take me to get my car. Now…the question is…I had to take off a day from work for this bank error. Am I able to go after them for my missed day of work? And can I do that without using an attorney?

A lot of people think that it is very practical if you are going to attend some car auctions in Michigan. And for a lot of residents, this is certainly a very practical way so that you can purchase your own automobiles. A lot of people already benefited through it so it is a good idea if you will try it pout too.

Actually, it is already expected that there are a lot of car auctions in Michigan.  Being the eighth most populous state in the United States, it is expected that it has one of the busiest highways and most number of drivers and passengers. But if you do not know where you can find these kinds of events, then it will do you good if you are going to search through your local papers or the Web.

It is really a good idea if you are planning to attend these kinds of events. But before you actually join these car auctions in Michigan, it is necessary that you also consider a few things. First of all, it is very important that you have an idea as to where these units came from. Actually, most of these are repossessed by the various financial companies as they served as collateral for some loan or mortgage. There are also those that were confiscated by the police.

And because of this, you can really expect that they ate very affordable. As a matter of fact, if you are going to assess their prices, they are about 80 to 90 percent cheaper than their counterparts in the regular dealerships.

Nevertheless, it will still do you good if you are going to make sure that you will get a good bargain. And in order for you to do so, you should know your financial limitations so that you can draft a budget. It is also a good idea if you are going to learn how to bid effectively.

As much as possible, you should also be cetin that you will get a warranty from these units. This is necessary if you want to get what you have paid for.

Also, you might wan to consider asking for the help of some agent or mechanic. These people are professionals with these kinds of things and it is really a good idea if you will bring them in these car auctions in Michigan.

With the help of these tips, you should no longer have a problem when attending these car auctions in Michigan.

Learn more from seized car auction reviews such as where to find cheap public car auctions near your home. Also, read another article on seized car auctions.

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