Knock Knock.... It's the repo man

[deeveus 81]

Yup, big Maori burly fella knocked on my door yesterday to pickup my car. I couldn't believe it at first, but it appeared that I was one month and 4 days over my payment. I'm normally either weeks in advance or a few weeks over but didn't realise that it was that far over, why? Because nothing was sent out, yes I should have known but I thought I'd either get a phone call or something in the mail! - so I asked what address they had and it was my shop address, an address which doesn't have a letterbox! I never gave them this address in the first place after checking over my application which I kept, all correspondence was for our P.O Box.

Luckily I had the $700 required in my wallet to make the guy piss off or he was going to take it there & then... you guessed it, the guy who looked like Billy T James didn't get his cup of tea when he visited...

So I ring MTF and ask why I wasn't warned prior and they advised that they'd sent out letters e.t.c. but we'd honestly received nothing what soever, I mean I'm not hard up and I would have paid it should I known that it been so many weeks over! They also have my email address, my business phone number, my home number and my cell phone number (this was in the application)

Is there anyone out there that knows the ins and outs of repossession? The main reason I'm posting this is because they've added hundreds of dollars of fees to my account and I'm f**king angry about it. Surely they can't repo a car after 4.5 weeks overdue?

Edited September 26, 2012 by The Diesel Guy

[swordfish 30]

In relation to extra fees, usually it depends on what is stated in your contract with that company. They must state all their extra fees there, e.g. default rates, monthly fees etc. Flick through it and if you won't find them there, you can definitely take them to court or politely discuss it with them. A good thing for you is that financial institutions are under a lot of pressure from legal institutions, which means if they f*** something up they will pay for it big time in court.

Second, yes they can repossess your car after 4 weeks no-payment, but then again it should be stated in your contract (repossession conditions) you should have received a final notice letter that would give you 7 - 10 days to come up with the money.

My advice is read your contract first, get all the background information and go and talk to them. I am not sure about big finance companies, but small ones like the one I am working for usually want to retain their customers and have them paying money back rather than repossess their items.

I hope this helps and good luck!

Edited September 26, 2012 by swordfish

[NZ BMW 368]

Anything like this I just have on automatic payment, I don't have to remember when to pay.

[deeveus 81]

Anything like this I just have on automatic payment, I don't have to remember when to pay.

This is probably a good idea, but after having the contract since September last year I've always paid online manually. I'm one of those people who doesn't like DD authorities and having access to your accounts, after having issues with a Gym membership a few years back.

[swordfish 30]

Automatic Payments are not the same as Direct Debits. The difference between the two is to do with the way transaction is processed. Automatic Payments are processed by your own bank, when Direct Debits are processed by the bank of the second party you are paying your money to. A lot of banks don't do Direct Debits anymore for that reason as they don't have power to stop them and it takes much longer for them to resolve any issues related to them, if such would arise. So you are much safer with setting up an automatic transaction to them.

Let me know if you have any other questions, I will try to help as much as I can.

Edited September 26, 2012 by swordfish

[M5V8 337]

Nikita is correct.

AP's you have all the control. Just like making a manual payment except you don't have to remember to do it.

You can cancel / change at anytime upto a set timeframe just before payment is due to be processed.

I work for a large NZ bank.

[bellicose 9]

Yep, Nikita has given good advice mate.

Don't understand why you didn't set up an AP at time of signing contract / agreement tho'. It's the very first thing we used to get people to do. Used to get so many saying "yeah mate, i'll pop down to the bank every 20th", after a month the excuses would start to flow tho'.

On the other hand, it sure was fun to see the looks on peoples faces when ya knocked on the door and informed them who ya were haha.

[Apex 693]

A big Maori would look chur in in your BMW, like Manukau Shopping mall or Hunters Corner on a Thursday night!

Set up an AP for 20/30th month, keep accountant happy, easy to manage etc.

[deeveus 81]

Spoken to them and they are prepared to wipe some of the fees. Have changed the postal address so this issue won't happen again. He wanted a DD authority to be sorted but I said I'd do an Auto payment.

No marks on my credit rating either which I thought would be the case. What a mission!

[Palazzo 450]

As Nikita says, that's an unusual response, they want you to pay it back as it's usually not worth what you paid for it originally. I have a good friend who does repossessions, his first approach is always a phone call to remind and try to get the payments sorted. Actual repossession is the last straw.

They had all of your contact details, go for all of the fees wiped.

[bellicose 9]

his first approach is always a phone call to remind and try to get the payments sorted.

This is odd, unless he actually works for the finance co' or the likes of a "retail" lender.

Otherwise an agent (repo' agent) stays at arms length from any "reminders"

We NEVER gave "reminders", phone calls or otherwise. We were simply there to collect money or goods (or in some cases items to the value of)

[beemn 50]

This is probably a good idea, but after having the contract since September last year I've always paid online manually. I'm one of those people who doesn't like DD authorities and having access to your accounts, after having issues with a Gym membership a few years back.

was a good thing about just that issue on fair go last night, they out lined the differences, i didnt know the difference till last night...probably on demand..try this Fair go

Edited September 27, 2012 by beemn

[Palazzo 450]

Let me rephrase it.

"I see you owe $200, would you like to make an arrangement to pay this off now, or shall I come and get your tv/stereo/microwave/boat/car/tractor" etc.

[_ethrty-Andy_ 2122]

Yep, Nikita has given good advice mate.

Don't understand why you didn't set up an AP at time of signing contract / agreement tho'. It's the very first thing we used to get people to do. Used to get so many saying "yeah mate, i'll pop down to the bank every 20th", after a month the excuses would start to flow tho'.

On the other hand, it sure was fun to see the looks on peoples faces when ya knocked on the door and informed them who ya were haha.

Id pay up if you showed up on my doorstep hahaha

[bellicose 9]

Id pay up if you showed up on my doorstep hahaha

SHHH, you'll destroy my "likable kinda chap" image

[deeveus 81]

SHHH, you'll destroy my "likable kinda chap" image

I wasn't offering the guy a cup of tea or a beer, I made him wait outside while I got the money sorted quickly. He looked like Billy T James.

[Driftit 1968]

Had a similar thing happen to me many moons ago. Had an extremely hostile fat lady and a wannabe tough guy turn up to take my car. All over a speeding fine that had already been paid a year or so before.

Not once did I receive any letters or phone calls. All my data was correct.

Nothing worse than having to deal with collection scum. Then having to prove yourself innocent to them. Fat slag did her best to not let me talk to the courts too. They wanted the car or cash. I had already paid the police long before it was somehow sent to the courts.

Edited October 1, 2012 by driftit

[BLACK DORIS 9]

Slightly OT. I've often wondered what happens with repo vehicles. I'm guessing they go to auction but can they be auctioned for more than the outstanding amount owing? If so, does the extra $$ go to the former owner?

[Andre3000 55]

Slightly OT. I've often wondered what happens with repo vehicles. I'm guessing they go to auction but can they be auctioned for more than the outstanding amount owing? If so, does the extra $$ go to the former owner?

Repo auctions are at Turners. Any moolah over the amount owing goes to the ex-owner.

[Allanw 1053]

Repo auctions are at Turners. Any moolah over the amount owing goes to the ex-owner.

Minus the fees and costs - which are charged for at surprisingly high rates!

[deeveus 81]

Minus the fees and costs - which are charged for at surprisingly high rates!

MTF love their fees. It's stupid if you ask me. I called them yesterday and ask for a pay off figure, turns out it was much less than I thought and come Friday the loan will be gone, I won't be dealing with them again.

[E30 325i Rag-Top 2923]

Nothing worse than having to deal with collection scum.

Most of these collection agents will have to be at least half decent and abide by a set of rules and the law of the land. There are other types of collection agents that don't operate within these confines, and are much less fun to deal with... a couple of friends from school ended up dealing with these types thanks to some very risky borrowing, didn't end well for either of them.

[BMWTouring 20]

4.5 weeks is a long time overdue! mate if you're that bad at remembering to pay people maybe you should have APs set up!

I'm not saying they should have turned up without notice but you must admit its pretty slack on your behalf...

[thorburn 120]

I had a lot of help from the repo man when my car was going to be taken. There are definately nice ones out there.

[deeveus 81]

4.5 weeks is a long time overdue! mate if you're that bad at remembering to pay people maybe you should have APs set up!

I'm not saying they should have turned up without notice but you must admit its pretty slack on your behalf...

Are you trying to tell me that you've honestly never had a bill of any sort overdue 4 weeks?