The Repo man is coming

[VXSSII]

hey all,

A mate of mine is aving a problem paying of his 03 VY Clubby. asked me what happens if the repo his car but told him i had no idea what happens. anyone ever had thei car repoed of know anyone that has.

i told him they take the car sell it and get him to make up what was lost for example if he owed 30k and they got 25k for the car he would owe 5k to the company and his credit rating would be shot to pieces. not sure if what i told him was right or not.

[sv9946]

yeah mate at my work we do repo's on A tilt tray truck, we will go around to the place where the car is and the finance company will send a heavy dude to go a get the car, we put it on the truck and take it to auction place, pay for this is really good (like 5x what its worth) so say that he owes 30k and they only get 25k like you said then this is how it would go
rough estimate only
30k what he owes on car
1k for the heavy dude to come and take car (subbied from the finance company)
.5k for the car to be cleaned, washed,etc etc auctioned
.75k for the car to be towed to the place to auction
so then he would owe 32,250 on the car

so 32,250 minus 25k equals 7,250
so then you have to pay 7,250 within usually a month or then they just start repossesing your t.v., fridge, bed, desk, basically whatever is in your possesion to make up that amount

the finance company never loses out

if i have helped you click the scales and give some rep
cheers from scv6calais
(matt)

[Not_An_Abba_Fan]

The best advice would be for him to go to the finance company and plead his case. They are usually pretty good, they don't want you to lose your car any more than you do because of the interest payments they miss out on. Maybe refinance with somebody else. If you just keep missing payments until they repo it that will affect your credit rating, you will be listed as a defaulter. If I was him, I would exhaust all possible solutions before resorting to repossession.

[vt1538]

The best advice would be for him to go to the finance company and plead his case. They are usually pretty good, they don't want you to lose your car any more than you do because of the interest payments they miss out on. Maybe refinance with somebody else. If you just keep missing payments until they repo it that will affect your credit rating, you will be listed as a defaulter. If I was him, I would exhaust all possible solutions before resorting to repossession.

Good advice.
Quite a few years ago I had the same problem when I went from subcontracting back to wages. Talking to the finance company had them refinance the car to an amount that I was able to pay. His best bet would be to do this sooner rather than later.

[calais_304]

My uncle's a repo man, what ever you do, don't try and stop them they will beat you (as in kick he **** outta you) and win in court (same old excuse, they were trying to do their job and the person got aggressive and used force, repo man had to use self defence...repo man wins)

[Bravotwozero]

so then you have to pay 7,250 within usually a month or then they just start repossesing your t.v., fridge, bed, desk, basically whatever is in your possesion to make up that amount

the finance company never loses out

if i have helped you click the scales and give some rep
cheers from scv6calais
(matt)

That bit is rubbish. Only the Sherriff can repossess a person's belongings. And it is a last resort. If this guy offered to pay the remaining $7,500 at lets say $50 a week, then the finance company will take it.

[vt1538]

That has to be the stupidest reply of the day. Nobody has the right to assault anyone else no matter what the reason behind it.
You can prevent a bailiff from reposessing however you will be billed for the attempt.

[VSSPak]

My uncle's a repo man, what ever you do, don't try and stop them they will beat you (as in kick he **** outta you) and win in court (same old excuse, they were trying to do their job and the person got aggressive and used force, repo man had to use self defence...repo man wins)

Until he barges into the wrong house and gets his ass kicked...Hell, I and im sure many others know their houses liek the back of our hands...

[calais_304]

Until he barges into the wrong house and gets his ass kicked...Hell, I and im sure many others know their houses liek the back of our hands...

yes and im sure all the people he's done it to knew their houses as well...a knife from your kitchen cupboard or a baseball bat behind the door won't always save you, these guys get all sorts of fools trying to stop them with all sorts of weapons, after all it's part of their job to deal with idiots and their toys.
Be nice to repo men

[redcv6]

My uncle's a repo man, what ever you do, don't try and stop them they will beat you (as in kick he **** outta you) and win in court (same old excuse, they were trying to do their job and the person got aggressive and used force, repo man had to use self defence...repo man wins)

thats not right. he can only use reasonable force in the situation, if you have a go at him, sure he can knock you on your ass, let you know whos boss. but if you have a go, he can't knock you on your ass, then keep kicking you untill you stop moving, and if he did, there is not a court in the country that would find him "not guilty,he was just doing his job".
johnny

[Troy711]

The best advice would be for him to go to the finance company and plead his case. They are usually pretty good, they don't want you to lose your car any more than you do because of the interest payments they miss out on. Maybe refinance with somebody else. If you just keep missing payments until they repo it that will affect your credit rating, you will be listed as a defaulter. If I was him, I would exhaust all possible solutions before resorting to repossession.

take this advice. this is the best option

closed to prevent more trash talking.

[ChargedVX]

Guy's I am a Commercial Agent (Repo man) and most of the stuff written by people in that thread is rubbish.
Sure we come to your house to take your car, but if it's parked on your property and the account is regulated by the UCCC (basically all personal finance) we can't touch the car without you signing a consent to enter the property.
Regardless of how much you carry on and threaten us you will not be hit or bashed.
Infact by law if the debtor threatens violence we are suppose to leave the property to avoid a confrontation, rarely do we leave but if there is a fight after that it's 90% our blame in court as we should have left the property.
If the car is on public property or a business address 90% of the time the car will be on a tilt tray before you are even aware that we are there.
Your credit rating is usally ruined before repossesion takes place as any debt that is over $100 and is overdue by 60 days or more can be lodged with the ACCC to affect your credit rating.
We will not be coming back to take your fridges, tv and washing machines as the finance companies have no finacial interest in these items. ie: they were not financed
Sherrifs will take these goods for unpaid fines
You will be given 90 days to pay the shortfall after the car is sold at auction
Also by law you have 28 days to pay the arrears and costs after your car is repossed to redeem your car
The tow truck driver is correct in his itemisied costs but his figures are out by a fair margin
and mods if possibly this could be placed at the bottom of the other thread

[Troy711]

thanks for your reply