Gotta share: In the late 80's I leased a Volvo from Volvo Finance with an option to buy. It was a lemon, the only authorized repair shop was the dealer 25 miles away and it took 3 visits to fix anything...1st visit to assess the problem, 2nd visit to repair it, and 3rd visit to fix the repair. (No Joke!) This was every month. Also, the warranty was about to run out. So I decided, Screw the contract, I'm giving it back and walking away. I'd deal with the legalities later. I had them tow it to the dealer and sent a letter telling them "We're through." They sent an invoice for the balance of the lease (over 90% of the original price when I leased it), and an itemized list of fix-up costs to get it ready for sale. Fix up came to $53 more than the lease balance. Then, instead of adding the two sums, they screwed up and SUBTRACTED the lesser amount from the greater and billed me $53. I sent off the check (with a Payment in Full endorsement) within the hour and went out to dinner. I never heard from them again.

Sir. Watts, Always adding great content, giving us a way to look at credit with a broad scope. Thank you always ....will be nice to add this to the weekly class

Great video! Will add this to the arsenal. I have found that numerous debt buyers on repos do one or both on the credit report: (1) Fail to update the balance on the credit report after they auction the car to properly reflect the deficiency instead of the pre-auction balance and/or (2) They mistate the date of last payment as the date of the auction, thus reaging the account. Have you seen similar?

Thank you.

Please do more videos on this subject

Mr Watts I didn’t get any of those letters you just mentioned

I bought it because I didn’t have a Car, and planned on affording the payments by working Uber as a side job. Then the pandemic hit, and Uber business collapsed. Now I’m filing chapter 7, because they won’t take the car back. What I owe them is 25k, but the car is only worth 12k at auction. I sent a Letter to them indicating that I voluntary surrender the vehicle, but they don’t want it back

My income was fabricated in concert between the bank and dealership. They padded my income by nearly 30% over what I provided via email in paystubs

I purchased a vehicle & couldn’t afford to keep up with payments due to lost job due to my health Covid. I didn’t receive letter after repossession sale with deficiency balance,now I’m summons to court & they’re asking for full payment that can be placed on payment plan.

What about a voluntary repossession?

My understanding is they must rescind the contract if you default on payment and you must agree if it is going to be enforceable plus they must return your payments made to the vehicle. Every non judicial process involving disbandment or dispossession must follow this path. It turns out that TILA and FCRA laws have sumptuous protections for the consumer. All of the alleged lenders and dealers commit fraud once you discover that you are the true creditor and they are the debtor who needs your autograph to securitize the promissory note and to access your unlimited “Account”😀

I Got. A notice of sell letter and in the letter it said i wouldnt owe the difference if they got less for the vehicle so when the defiency came in i called to the bank and one of the repo team people picked and i told about the letter they sent to me and he said it was a typo , a mistake couldve been a new employee stuff like that

Do not says do not take my car. It’s easier to just let the repo guy take the car. Because if you create a issue now it can turn in to a legal issue and your digging your hole deeper and deeper. Your just racking up more debt.

i live in nebraska. the bank repo my wife car without any notice. we try to make some type of payment on both cars. the bank refused to accept payment and say even we make payment they will still repossessed the car. the repo guy. come to our residence and threaten to call the police if we dont give him the keys. what type of legal ground we have?

i love your videos very informative, can you do a full video on the repossession process and what laws they are supposed to follow federal and state. I live in California

I just got my truck from repo, Got my truck back & they broke into my truck & left damages. Is that breach of the peace..? Oh yeah, I filed bankruptcy months ago. So the title loan I had before the chapter 7 I filed should've been dismissed.

What if it was sold and they didn’t add in what you already paid and they made an extra 8-15k so they owe you a surplus..

If all it takes is a consumer to say “stop” I don’t give you consent to take my car, it makes me wonder if repossession is lawful at all?

Questions? I was doing research on how the bank system is defrauding its customers. and it triggered something in me so I sent my bank two letters with questions about my transactions with them. I never got the questions answered, instead, the auto was repossessed. Was it legal for them to take the vehicle during the disputing process? My affidavits went unanswered regarding those questions. What do I need to do in this situation? I'm aiming toward putting a lien against them, is this a good idea?

In michigan, talke to manager at credit union, and she said she stopped the repo order. She said, gald you called , and today, my car gets repod, no letters. Just 15usc 1692 a - k , have em on about 10k in fines, loan is worth 5k... im going to own my car. They stole my identity, by giving nonpublic information to the repo man. Am i correct?

I have a crazy question, In 2015 I bought a car ,the dealer did my financing,the car was paid off completely,09/27/2021, my car desapear,and I can’t find it,I called all the law agencies and tow truck’s in the area,come to find out the car has a LIEN,based on the information given by the Maryland state trooper,the bad thing is state trooper won’t give me the information of the LIEN AGENCY that’s on my vehicle,and no one has informed me of where is my vehicle WHAT IS GOING ON THIS DAYS 🙁🙁

What about if they don’t take the car because engine and transmission are not working.

Do more videos on this subject.

Is shutting off a vehicle remotely a breach of the peace?

If you were garnished for the deficiency. And you’ve paid that total. Can they come back and garnish you again for more money?

Great information! Do you know of any Consumer Attorney in treasure coast area fl

I’m a veteran and I have been sick 3 months ago and before becoming delinquent I told the manufacturer/ financial institution to come get my vehicle with no issues. It has 2653 miles. They are pretending I never had a conversation they navigated me to word exactly. Do I have a claim of loss of use of my property due to storage of this vehicle? Can I give them a bill for every month it sits. I am insuring and storing this vehicle costing me money. It’s not making me money on KZfaq so is this a valid pursuit? I heard that I can request release of title with a check for a $1. Is this good advice. Is there any way to peacefully get help combining debt and have a payment that meets my current income. Can a lawyer help with that? Do I have to do bankruptcy?

New subscriber here! Thanks for the knowledge very informative

I want the car delivered back to me, and they will owe me at least 5k

Would we send this to the debt collector or CRA?

Hey John, been listening to you under my other account..I have a question for you.. 6 yrs years ago I told the dealer that the car was in the shop(5k to repair) and they could take it. I had just lost my job. Statue of limitations is 5 yrs in va, can a debt buyer put anything on my credit report?

They will send it off to a collection agency they hired to collect it and they’ll set up a payment plan to pay it back what you owe on the rest

I got a truck loan in 2006 the truck got repoed in late 2007early2008 they sold the truck one month after they repoed it for 9.000 + hear it is 2022 and I got a letter in the mail 4 days ago that they are trying to ganish my checks the I pay 12.000 more for some truck I don't own from 15 years ago can the do that

What happens if u get a deadly disease like cancer and that why u fell behind now your disabled due to it

Non judicial repo

WHAT ABOUT THE BANK SHARING YOUR INFO TO THE REPO COMPANY? USC 15 1681 B OR 1692 F

What if you gave the car back due to transmission issues then they Sold the car at auction. Now I owe 11k what do I do now

I couldn’t make car payments for two years I still have the car I wanna pay the car but I don’t have that whole amount what can I do and I own a house

Or do what I did. Fully disassemble vehicle . Every nut and bolt. Repoed after pay off then I took it back now suing company. O and shave door handles key and install my device. Self meltdown mode.shorts to ground Al modules

Hmmmm I got a 24k in a car. Let's just chop that up dumb stacking on dumb. But yeah I got it in collection they don't know what's the correct amount I owe. It's say 21k and under it, it says 24k. I got the letter that says 24k

I got a vehicle a dearship want out business ,i only had the vehicle , oct 1,2021 ,my transmission what on the vehicle