Auto Repossession Question?
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Any help is appreciated.
Auto Repossession Question?1. If he returns it, they would sell the vehicle for far less than what he owes on it. He would be liable for the deficiency, any repo fees, any interest that has accrued in the past 3 years.
Even if he takes it to them in person, there would still be repo fees. The cost of of the previous repo attempts, the paperwork, the cost of conditioning the car for resale at auction, the cost of transporting it to the auction site, etc., etc., etc.
2. It's doubtful Ben would face any legl ramifications. The loan company and repo people have many ways of tracing people. It sounds like they just dropped the ball on completing the repo.
If he had received a court order demanding the car be turned over and ignored it, then he probably does have legal ramifications.
3. No he will not be able to register it without the loan company signing off.
4. There could be many different things that may happen, they could continue to forget about it, they could easily find where he lives and continue to try to repo it, they could get a court order demanding he turn it over.
5. He is fortunate that it is not reporting.
He should check with the courts in every town/county he has lived in since he defaulted to see if there is a judgment filed against him.
It would be in his best interests if he managed to get a loan with a different loan company to cover the cost of the vehicle and pay the existing loan company off.
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