car got repo'd

[blk320i 0]

my exciting morning

this morning i got an official knock on my door, i opened it and it turned out to be a repo man who said he has to repo my car. at this point i was thinking that i dont owe anyone any money or have any debts. apparently the guy i brought it off wrote it down as security against a loan he got out and has not paided off his loan. basically there is nothing i can do. myself and a mate went round to his place this afternoon to see what his story was but he wasnt home so we left him the cover sheet off the wad of paperwork i got. we circled the amount he owes and stated that my car got repo'd and he better pay now. any suggestions? basically i think im just going to have to wait and see what unfolds. if he doesnt pay the finance company will offer me a estimated price of what the car is worth for me to buy it back, if i decide not to buy it they will auction it off.

what a great weekend

[nz320i 0]

Damm! i dont know if there is much you can do.

because people always say when you buy a car make sure theres no money owing....

That sucks man!

[ED1RTY 2]

Dude that must suck so bad. fully feel so sorry for you! Have they already taken the car? Change the plates and say its not the same car if they havnt!!!! if it has different plates to what it had when i was written as security it will no longer be legally security. I guess if hey have already taken the car theres nothing much you can do.... cept pay the bastard a visit!!

[blk320i 0]

car went about 15minutes after the repo man came. i wasnt even allowed to take out anything attached to the car as i couldnt prove it wasnt in the car when i brought it. my sub, amp, brand new steering wheel and momo boss kit.

[*sic 1]

HAHAHA oh man that sucks some royal cock.

id be beating motherf**kers down today till my fists and feet were bloodied

[E30stz 0]

thought htat guy was dodgy and your've already put a shitload of money into the car.

[ED1RTY 2]

^^^ hard to the core... true story

[blk320i 0]

its just been a big hassle from the day i brought it, but i thought i would stick with it and try and get it up to spec and end up with a mint car. the old mans gonna get in contact with his lawyer on monday and go through the finer details. at this point im extremly gutted and cant do anything about it.

[*sic 1]

go bust heads and take your cash back via his sh*t from the lounge.

[318isCoupe 0]

go bust heads and take your cash back via his sh*t from the lounge.

Yeh, if the lawyer can't help you.. Bust some kneecaps.. I've got a good sized crowbar if you needa borrow it

[Palazzo 477]

A mate of mine is a repo guy (no, he didn't take your car) and he says go and ask for your stuff. If you have any receipts, great, otherwise, try it on anyway. Turn up with the original wheel (those standard ones are worth like what, $10?) and say I'll have mine back thanks, plus amp, sub and whatever else is yours. Incidentally, he would have let you take your stuff. Otherwise, small claims??Disputes tribunal?? You're basically stuffed thanks to the wanker you bought it off. If you want to PM the finance company behind this caper, I MAY be able to offer some more advice. Good luck.

[10hove 0]

A mate of mine is a repo guy (no, he didn't take your car) and he says go and ask for your stuff. If you have any receipts, great, otherwise, try it on anyway. Turn up with the original wheel (those standard ones are worth like what, $10?) and say I'll have mine back thanks, plus amp, sub and whatever else is yours. Incidentally, he would have let you take your stuff. Otherwise, small claims??Disputes tribunal?? You're basically stuffed thanks to the wanker you bought it off. If you want to PM the finance company behind this caper, I MAY be able to offer some more advice. Good luck.

One thing that comes to mind is that you could put another security on the vehicle for the money you have spent on it, this means that it cant be sold with no money owing on it by the finance company. You would have to be able to prove the amount spent on it if they disputed it .

Also would recommend anybody else looking at buying a car should check it on http://www.vir.co.nz

PS the security is loaded on the plate and vin so its no use changing the plate

good luck

Edited December 16, 2006 by Alex ten Hove

[OLLIE 26]

This is a problem with the law, this shouldn't be able to happen.

I mean when you check out the car before you buy it there is no way of knowing whether it is listed as a security on another loan is there?

[cainchapman 0]

That's what the VIR does Ollie.

Have a look at line 5 of the sample VIR, it shows that it has been used as security on another loan.

In short, you're not in a great position. "Caveat Emptor". You should talk to the finance company that repossessed it. It may not be a great deal of money owed.

[E30stz 0]

Shouldnt there be some notice of warning prior to repossession of anything ?

[blk320i 0]

i would have thought that if it was used as security on a loan and was sold then the finance company should get in contact with the seller and agree upon something else as security or make the person put the money they got from the sale on to their loan. i got in contact with the guy i brought it off and he says he rang the finance company because the loan has been settled and that i should be getting the car back next week. all i can do is wait till monday and ring the finance company to confirm if this is true or not.

[cainchapman 0]

FYI

http://www.consumer.org.nz/topic.asp?categ...enttype=summary

If they are collecting your stuff over the week-end. They should have a 24 hour line for you to contact them with.

[OLLIE 26]

That's what the VIR does Ollie.

Have a look at line 5 of the sample VIR, it shows that it has been used as security on another loan.

OK sorted, i didn't realise that the VIR showed that, but it does so thats that loop hole closed.

should've done the VIR, simple.

[Mike 1]

car went about 15minutes after the repo man came. i wasnt even allowed to take out anything attached to the car as i couldnt prove it wasnt in the car when i brought it. my sub, amp, brand new steering wheel and momo boss kit.

holy crap, thats unbelievable. sux man.

What about saying that they can't prove it was in the car before you bought it?

[Nobimmer 694]

Man pretty sure they're f**king you over.Surely some kind of warning must be given before taking your sh*t.

Fight the power and if that doesnt work take a few of the boys over with a wheel brace.Sure to get some kind of reporation that way.

Sucks balls bro good luck.

[318isCoupe 0]

take a few of the boys over with a wheel brace

Keen.

[Napier_E36 0]

Same thing happened a couple of years back with a mates cefiro - he brought it and a rolled, bowled and assholed R32 GTS-T. We spent about 3 weeks doing the conversion on it only to have the repo guys turn up one evening and take it away. Got in contact with the finance company involved and explained that apart from the shell, the entire vehicle had been changed - converted to 5 stud, manual, handbrake on floor etc so we were able to get it back to get what we had put into it back. We stripped the entire car in 1.5 hours - just gassed mounts that were in the way, cut fuel lines, brake lines and everything then rang the finance company to tell them to come pick the car up. The car was sitting on its sills in the shed with a pile of interior and standard engine/running gear beside it. They had a big stink about it and told us it had to be returned to the condition it was purchased in. We said that was the previous owners problem and they just left it there at that.

It is currently still sitting in the shed, it has been roof chopped into a ute, but a project that has gone no further - basically we just wanted to use the angle grinder!!

[kiwi535 538]

i though that was the first ruke of buying a car privately....a deaer( a proper dealer) guarantees the title of the car so if it turns out the previuos owner owes money it doesnt matter,the dealer is on the line not you.I sure hope things work out,and in the meantime use the VIR to check .It can shows up intersting things ,like mileages at registrations wofs etc.One 540 i looked at had a lower mileage at one registration than the one before!It turned out to be a data input error!

[Deftones 0]

hehe. man that's awesome Blair nothing like screwing the system.

Bummer about your car man. Wish there was a way you could get your ride back.

[bravo 35]

Happened to a mate who swapped his skyline (highly modified) for a Subaru Forester (also highly modified). The forester got repo'd so he went around with a few boys and repo-d his skyline back. Unfortunatley the new owner had alreaded cut the springs - as if the fact they were supa lows didn't make it low enough in the first place. Atleast that was the only damage.

Pity you can't go repo your cash back.

Moral is get a VIR I guess. Although if someone came to my place and told me my car was about to get repo'd, they'd have to move fast as I'd have the thing hidden almost immediately.