bike repo question

[sikgixxer750]

Originally Posted by DILTS

This

I would have to disagree with that. Its a big red flag when a bike is on the repo list and comes up missing. You will for sure be under a lot of heat if you do that.

[JBONEZ]

Originally Posted by *Gswitch33

Women are bitches. Wouldnt expect anyless.

YOu act like that is a negative remark.... lmao some of us women love the fact that we are bitches!!!!

[cbrguyttu]

I used to work for an attorney and we did alot of repos order and court ordered repos. Then bank wont do anything but after about 6 months of none payment they will sale the debt to a collections company. The collections companies are buying up these loans bc they are getting them dirt cheap! on a 10k debt they buy around 1200 to 2000. the banks arent worried bc they write the debts off and they have already killed your credit. the collection companies that buy the debt will usually take a less amount (way less!) bc they just want to make a quick buck. the new debt owner will usually wait about 6 months none payment and then hire an attorney to come after you! then you are screwed bc thy will make you pay the whole amount! best thing to do is try and set up a payment plan and try and catch up or hand the bike over. the frame swap works and give them the original frame problem is they expect you to have full coverage insurance on the bike and if you dont they will persue criminal charges for theft.

[T-buck]

well i called and talked to her today again to ask if she would at least give me a lil more time to come up with the money. she said no. they i asked about this repo fee they wanna charge me even tho they didnt repo it.

she was thinking they did repo it and i told her no they didnt it in pieces i still have it. then she was kinda shocked cuz the whole time we was thinking they repoed the bike.

so then once she knew i had the bike still and it was in pieces then she goes oh well yeah we can give you another week to get the money and was all like well im on your side with this loan trying wanting to help you out. hahaha

so this whole time she was thinking they had the bike thats probably why she was being a bitch about the whole thing.

so good news is i have another week to get money for it and didnt have to take it apart. haha

but what i dont understand is they still want me to pay 400 for the repo fee for the bike they didnt recover. sucks cuz i have the money to get the loan up to date but not the other 400 for the repo fee. can they really charge me for that???

[WHEELIE]

No.. they can't charge you for the repo.. (It never happened and they
apparently didn't even attempt to go to your house and look for it)

[Smalls636]

T-Buck, which bank did you go through to finance? This may be difference for smaller banks which is why I asked. I'm assuming you have gone through a larger bank or credit union when I say this.

The reason they denied your payment when you went down to the bank in person is because there is already a collection order on the bike. At that point, the little branches cannot touch the loan until corporate gives them the word. You need to speak with the corporate office about this. If you call their 800 # if give the rep your loan number you should be directed to the dept that handles all of their current collections (ones that haven't been bought yet). These guys can then get you up to date with your payments and authorize the local branches to work with you. When you finally end up at a local branch, they will more than likely have to call the corporate office to confirm again. Like I said before this will depend on your bank, but that should be the process you go through.


Also, trying to report your bike stolen now is a good way to end up with massive fines and possibly jail time for fraud.

[T-buck]

yeah it from a credit union.

im just going to give them the money to make it up to date and say im not paying for the repo fees. if they dont take the money to make the loan right then im just going to say ok well here is the frame have a good day

[T-buck]

so do you think the collections company bought my loan from the bank? if thats the case they would just lower the pay off amount just to get the money ?

[DOKE]

Originally Posted by T-buck

so do you think the collections company bought my loan from the bank? if thats the case they would just lower the pay off amount just to get the money ?

It depends. We need more info...

Did a bank call you about the repo or a collections company?

[BC09]

hmmm....... ur only 30 min from me. im ur new repo man