The Consumer Financial Protection Bureau (CFPB) is moving to thwart illegal repossessions in the heated auto market. A compliance bulletin issued today reveals conduct observed during CFPB examinations and enforcement actions, including the illegal seizure of cars, sloppy record-keeping, unreliable balance statements, and ransom for personal property. “With today’s high car prices, auto lenders and …
The following information guides you through dealing with a car lost through repossession. It is critical that you understand if your vehicle is repossessed, the car will be sold at a dealer price at auction. You will be responsible for the difference you owed on the car plus repossession expenses minus the meager sales price. …
Question: Dear Steve, I am upside down on my Nissan financial loan – I owe 17,000 – 2017 Altima is worth about 5000 per my research – payment is 560 month – I am 63 yo – I am no longer concerned about my credit – I get widow benefits from social security and on …
Question: Dear Steve, I took out a $4500 car title loan and fell past due. I dodged answering my phone when falling behind, and recently a few days ago, my car was repossessed by the company with all my personal/confidential possessions inside. To refinance the loan, I’d have to pay $2000, and the entire balance …
Question: Dear Steve, March 2019, I took out a car title loan for $5,800. I paid $1,000 towards the principle and approximately $4,395 in interest (5% interest, $293 per month interest. I am a Lyft driver and the interest payment is so high for me that I have only made interest payments. I am at …
Question: Dear Steve, Semi was repossessed. It had a trailer that was not included in the repossession attached to it. The trailer was taken as well. It was listed as an impound and the owner was charged storage fees to get the trailer back. Is this legal in South Carolina. Brandy Answer: Dear Brandy, Generally, …
Question: Dear Steve, August 2006 my step-father bought outright with cash a car for my mother. He passed away September 2006. In March 2009 my mother took the title to the credit union for a $10,000 loan. 2 different times the car was repo’d. Both times her granddaughter paid $2,500 to get the loan caught …
Question: Dear Steve, Repossession financed a car for an ex-girlfriend in my name only she left me 2 years ago she stopped paying the payment on loan car repoed in 2018 June car was always in her possession am I liable for balance after the car was auctioned off. Then she went got her car …
Below is an interesting case that crossed my desk. It appears, from reading the complaint, that the consumer was behind on their payments. While the lender could enforce their legal rights under the law and contract, it appears sub-agents of the lender may have just taken this repossession a few steps too far when they …
Question: Dear Steve, Can I be sued if the car in my name was being driven by my and he goes thru the E-ZPass and I get the tickets because the car is in my name I had it repoed? Deb Answer: Dear Deb, Your question presents me with a good opportunity to help you …
