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Collections Law/threats to repo car

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Expert: Regan Shinski - 8/28/2010


Question
I am a resident of mi. and have an auto loan through automotive credit corp. I am 17 days past due. ACC is threatening to come get the car. Question is when can they legally repo the car.

Answer
Hi John:

If you broke the terms of the contract, yes they technically can take it at one day past the contract date.  Most contracts have a grace period but not 17 days.  Review the paperwork and see if there is any language on collection, late payments, or other repo options.  First and foremost, they must abide by the language in the contract.

If they repo the car at 17 days, you may get a sympathetic judge - if you take it that far - but that is no guarantee.  Even then, the judge still has to uphold the contract so I'm not sure how many options you have anyway.

Sorry, I wish I had better news for you but review the contract and find out exactly what your options are.

Regan

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Regan Shinski

Expertise

I can answer questions on collections, repossessions, bankruptcy, credit repair, credit counseling, FICO scores, credit planning, and the cause and effect of credit related decisions. I can also answer questions on collection settlements and preparing to sue your creditors for false debts and credit credit reporting.

Experience

Fifteen years ago I was financially devasted due to severe health issues. I filed bankruptcy, had a foreclosure, car repossession, tax lien, and ruined credit. I immersed myself in credit law. I settled dozens of accounts and had them removed to improve my credit. I personally sued four creditors and collection agencies and won cash settlements for their false reporting on my credit reports. Since then, I have completely recovered and have nearly $100,000 in revolving credit lines and perfect credit. I have owned a credit repair company for the past five years and have an additional three years of specific work in the collections and debt management industry. I am fully versed in the Fair Debt Collection Practices Acts (FDCPA), Fair Credit Reporting Act (FCRA), and have used them successfully in collection settlements and lawsuits for myself and others. I am also familiar with and abide by the Credit Repair Organizations Act (CROA). I have deleted or helped delete literally hundreds and hundreds of derogatory items from consumers' credit reports and helped negotiate many settlements with collection agencies and creditors. I have also advised people on bankruptcy at any stage. In the current credit market, I have successfully advised numerous people on how to obtain credit and how to negotiate for better terms.

Education/Credentials
BA University of Minnesota

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