does anyone know about Texas repo laws
07-03-2006, 08:18 PM
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does anyone know about Texas repo laws Does anyone know about the repo low in Texas? Let me tell you my story. I bought a jeep from sports and classic in College Station about a month ago. Three days after i bought the jeep the water pump goes out in it. I take it back to them so they could fix it. They gave me a hard time about fixing but finally did. Well 3 weeks later Im going home from work and Im turning a corner and I hear a loud pop and I could not go anymore. I had to pull over on the side of the road. I got out of the jeep and I could not see anything wrong so I hoped back in a put it in gear and looked under the jeep and the drive shaft spinning with my foot on the break. So I put in in four wheel drive so i could make it home. Keep in mind I have not made my first payment yet. Well before I could make it home the rear end grenaded on me and put a hole in the cover. I get home and call sports and classic to tell them what happened. The owner is a total *** hole about it. I tell him Im not going to pay for it and/or make my car payment. So he said he would have someone come and get the jeep and have someone look at it and he might pay for it. The jeep is in Beaumont. Well Im about 10 days late on my payment. I call him today to see wassup with the jeep and he tell me the bank repoed the jeep. Im 10 days late and they repo it???? Can they do this is this? Has anyone had this happened to them? What can I do about this I really dont need a repo on my credit.
07-03-2006, 08:26 PM
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I would call bs on him. The bank would have tried to contact you somehow to see why you were late. Either a letter or a phone call.
Who was it financed through? You should give them a call and let them know whats going on.
Legally, they have every right to repo the jeep, but if you financed through a legit lending institute, they wouldnt have taken it 10 days late. I would definately call.
Who was it financed through? You should give them a call and let them know whats going on.
Legally, they have every right to repo the jeep, but if you financed through a legit lending institute, they wouldnt have taken it 10 days late. I would definately call.
07-03-2006, 08:42 PM
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oh ok...iv seen that place. I had a female friend go there to look at V6 F-150s and the guy tried to sale her a 98 with 80k miles or something for an ungodly amount of money like 16k +. Hell you could damn near get a new one! I dont know if he was tryin to screw her over or maybe he just like to jack it up! dunno. Good luck man.
07-03-2006, 09:15 PM
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Depending on the financial institution that financed it they usually have a 5-10 day grace period after your payment is due. So technically not until the 6th or 11th day would the payment be considered late. As to get it repoed most company's wait until your 2-3 months late and after numerous attempt's to contact you for payment or payment arrangements would they finally pick up the vehicle. I also call BS on this guy and would look into it if I were you.
07-03-2006, 09:33 PM
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I'm wondering if this "financing" was done in-house. If so good luck on getting it back.
In this situation it would have been to take the vehicle to a TRUSTED mechanic and have them check it out. That way a lot of this would have been prevented with a GOOD inspection of the vehicle. Sounds like you are pissed about if falling apart so quick on you, but nothing in this world is better than prevention.
Life is about decisions and choices. Sometimes they come out great and sometimes not so, but life is a lesson itself. You have to learn to deal with what you get and try and make the best of it.
AMEN brothers.
In this situation it would have been to take the vehicle to a TRUSTED mechanic and have them check it out. That way a lot of this would have been prevented with a GOOD inspection of the vehicle. Sounds like you are pissed about if falling apart so quick on you, but nothing in this world is better than prevention.
Life is about decisions and choices. Sometimes they come out great and sometimes not so, but life is a lesson itself. You have to learn to deal with what you get and try and make the best of it.
AMEN brothers.
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07-04-2006, 12:20 PM
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if you have insurance and especially 'gap insurance' drive down to houston...just say the "water rose" to quickly and you dont know what happened. Make sure it atleast reaches the dash so that it will knock out some expensive eletrical components...ie PCM, SRS and ABS units, etc..
07-04-2006, 12:21 PM
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Originally Posted by Shinerbock07
Texas Law=You dont pay for **** it gets taken away from you!
You obviously know nothing about the legal side of this so why post.
07-04-2006, 12:40 PM
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Originally Posted by BADBOYZ28
Depending on the financial institution that financed it they usually have a 5-10 day grace period after your payment is due. So technically not until the 6th or 11th day would the payment be considered late. As to get it repoed most company's wait until your 2-3 months late and after numerous attempt's to contact you for payment or payment arrangements would they finally pick up the vehicle. I also call BS on this guy and would look into it if I were you.
07-05-2006, 12:17 PM
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Who has possession of the vehicle right now??
I am in the auto repair business and have learned a little about repossessing cars unfortunately. To me it sounds like this is a typical used car lot that is doing their own financing. He is probablyl saying the bank is repoing it to take himself out of the equation. Like in my biz it would be much better to be able to say the bank is repoing your vehicle rather than me because you bounced a check. So it is probably in your contract that they can repo the car if you haven't made a payment. That still doesn't mean it is legal and that the contract is valid.
One thing that you should find out is if they report to the credit union. I would be curious to know if all the buy here pay here places report a repo or if they are allowed to. Most people end up at those places because they already have a repo on their credit from a bank and therefor charge 25% interest.
Since they haven't found the truck yet you can hide it somewhere and make your payment. Though there could be that there is so much stuff wrong with this truck that they aren't going to pay for it and I am surprised they fixed the water pump. Best case scenario for you is that you let it go back to them and they can't report it.
I am in the auto repair business and have learned a little about repossessing cars unfortunately. To me it sounds like this is a typical used car lot that is doing their own financing. He is probablyl saying the bank is repoing it to take himself out of the equation. Like in my biz it would be much better to be able to say the bank is repoing your vehicle rather than me because you bounced a check. So it is probably in your contract that they can repo the car if you haven't made a payment. That still doesn't mean it is legal and that the contract is valid.
One thing that you should find out is if they report to the credit union. I would be curious to know if all the buy here pay here places report a repo or if they are allowed to. Most people end up at those places because they already have a repo on their credit from a bank and therefor charge 25% interest.
Since they haven't found the truck yet you can hide it somewhere and make your payment. Though there could be that there is so much stuff wrong with this truck that they aren't going to pay for it and I am surprised they fixed the water pump. Best case scenario for you is that you let it go back to them and they can't report it.
