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I feel like I’ve read about what happened to me before…last year when the banks were being exposed for rushing foreclosure procedures and using legal loopholes to swindle people out of their houses. Only difference is, this happened to my car loan. I had two unpaid speeding tickets which led to a suspended license back on 7/23. I got pulled over for ‘failure to indicate my turn 100′ prior to initiating it’, they ran my license, and impounded my car around 11-11:30pm Saturday night. From 7/23 to 8/2, I did everything I could to pay off the tickets, reinstate my license, and get my car completely legal again as soon as possible – all told, it was around 00. I don’t make a lot of money, so coming up with over half my monthly income in just a week is quite a challenge, to say the least. When I got to the Police impound department for my appointment on 8/2 at 2:30, with all the documentation and money they requested to release the vehicle to me, the clerk said "Oh, your bank didn’t call you? They repossesed your vehicle this morning." WHAT?!? I have had a near perfect payment history on my loan, never falling a full payment behind…except for last month, when I had to make a payment arrangement with the credit union’s risk management department for the half payment ( of the 7 I pay bi-weekly) that I had to put off because I had just renewed my registration and paid rent. I haven’t even been behind for a full pay cycle (30 days), but when I called my credit union’s repossesion dept, they said it was enough to deem it a ‘risk to the asset’ and they weren’t required to notify me that they would impound it. Their solution to minimize the ‘risk’ was to tack on a 4 repossesion fee, not to mention the damage that will do to my credit, the impound and Tempe Police fee (I have no problem with those two items) plus demand that I come current on my loan including the upcoming payment for this week, despite my payment arrangements. I incredulously asked if they even give people time to work things like this out themself, and was told there’s 10 days normally, but they don’t have to give me the full 10 days or notice of repossession, which is why they repo-ed it after only 9 days. So the past 2 1/2 years of loan history, the fact that I have a payment arrangement with THEIR in-house risk management, and the fact that I had an appoinment that very day to get the car out myself, made no difference. In fact, Jorge, the first person I spoke to, seemed to take pleasure in the fact that I was upset, and gave me useful gems like ‘its not the banks fault you’re in this situation. We aren’t responsible for your finacial problems, and ‘it looks like you got yourself in this situation’, and what’s done is done. Its in your contract, if you read it you would know.’ And ;If you want your car back, you need to fulfill your financial responsibility’. What a waste of humanity that person is…who purposefully says things like that to an obviously distraught (soon to be former) customer?? I have been treated as if I am some delinquent bill dodger, when my only fault was failing to deal with a few speeding tickets as quickly as I should have. I’m not asking for the credit union to wipe the slate clean. I’m only asking for someone to look at the whole picture instead of a small part. I am shocked, bewildered, and angry that for the past 4 years that I’ve had accounts with them(checking, savings, car loan and line of credit) I’ve never had any indication of such shady dealings, and have been on the credit union versus big banks bandwagon for as long as I can remember. This incident, regardless of how it turns out, has completely shaken my trust in any financial institution. If anyone has any advice, I’d welcome it. I have 7 days before they sell my car at auction.
To Common Sense…if you read my entire statement, you’ll see that I’m not denying that I fell behind, or that I didn’t meet my financial obligation. My issue is that for the first time in the 2 1/2 years I’ve had the loan, this is the first problem I’ve had, yet it seems like the maximum punishment is being doled out. If you break the law the first time, whether its jaywalking or murder, there are different levels of consideration that are taken into account before you are sentenced.
Your response is geared toward someone who is just whining about their problems…which I am not. I am outlining a situation where I feel I was punished far beyond what the situation called for. I wasn’t several months behind, I was less than two weeks into being a month behind, with payment arrangements made to catch up.
Before you get on your high and mighty horse, have some consideration for the fact that some people fall on financial difficulties at one point or another in their lives, des
*despite their best efforts.

 

The used car industry is as large as the new car industry itself. Due to rising costs of new cars, used cars are these days becoming increasingly popular. But in your opinion, how much does a used car cost?

 

Let me quote an example. I did a search on Google for “average price of a used car” and the results churned up a price tag of 50-80% of the retail value. In my book, that is an awful lot of money to be spending on used cars. You could be spending a few hundreds or thousands of dollars more, and you end up with a spanking new car in your garage. So, how exactly do you buy a used car for real cheap?

 

Seized Car Auctions. Yes. You are hearing it right. How many people in the United States are aware of the fact that literally thousands of cars are being seized by Government, law enforcement and financial agencies? Where do all these cars go? Parking tickets, unpaid bank premium, foreclosure penalties, and the list goes on. This will make their parking yards look like a junkyard. The very idea of maintaining these vehicles in proper conditions will cost these agencies a fortune. Not to mention the effort of saving these government properties from prying eyes. This only leads to one logical solution. Auction off the cars at the least possible cost.

 

This is where we come into play. You are looking for a used car, and the government is auctioning them away. So, who benefits? It’s just a matter of thought. And interestingly, you will be precisely awestruck by hearing the cost at which these cars are being auctioned. You can literally bid and buy a used car for around a whopping 90% off on the retail price tag. Is this a scam? No. These are government properties that are being auctioned so as to clear up the useful Government space. Imagine owning your dream car at just a fraction of the cost of a new car!

 

Another important thing is that you can literally choose your favourite car from a number of automobile makes and models. You search for it, you get it. How appealing does this sound?

 

So what are you waiting for? Get your thinking caps on and see how you can benefit from this excellent opportunity of driving away your dream car.

I am ready for foreclosure. I cannot afford any more payments. I have two cars that are fully paid and I am just wondering if a bank can repossess or put a lien on them?

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