Collections Law/repo

Advertisement

Expert: Michael Brotherton - 7/6/2007


Question
QUESTION:  


"i bought a 2000 kia from a regular car dealer in floria,since i had the car l had nothing but problem l'm at the point for them to take it back. l pay 300 a month and sill owe 4000 on it. it cost more to fix it than keep it. i sent them a letter to take it back but havent heard from them yet.i did in the beginning try lemon law but to no avail. car history had 11 things happen to it. wht can l do.??the car value is worth 1000, but gets more repairs every other month. i cleaned out car already so they can come it..  also i get ssi and they knew that at beginning which l was getting 623, and pay 300 to them actually contract states 75. week which some months have 5 weeks,"



ANSWER: A voluntary repo is no different from an involuntary repo. They will sell the car at auction for next to nothing then demand the balance. If you are on a fixed income and have no other major assets you are safe from collection. They cannot get your SSI.


---------- FOLLOW-UP ----------

QUESTION: Thank You but what do i do to cover me in regard to the plates and what i get in writing to clear me of this car for DMV

Answer
All you need is a clear title. The lender must sign a release or satisfaction of lien and provide you a clear title. If they can prove you still owe the money they can enforce their lien according to your local and state collection laws. This may not be a simple matter if they do not cooperate.

You may not be able to get valid tags until you get that lien released. They kind of have you over a barrel there. You probably wont be able to get tags until you settle this.

Collections Law

All Answers

Answers by Expert:

Ask Experts

Volunteer

Michael Brotherton

Expertise

Consumer/Debtor Rights Advocate. Mike Brotherton is a negotiator with over 30 years experience in consumer lending and collections. Mike has 30 years in the credit and collections industry as a former loan officer, debt collector and manager of two finance companies over several years. Mike is well versed in Loss Mitigation practices and the legal collection process. He has helped literally thousands of people over many years overcome serious financial problems such as foreclosure, creditor lawsuits and abuse by debt collectors. For more information about resolving your "financial emergency" visit www.financialemergency.com. FinancialEmergency.com is a consumer web site which actively promotes Fair Debt Collection Practices and other consumer protection laws. We teach DEBTOR RIGHTS and enforcement of those rights. The more informed you are of your rights and the credit collections practices of creditors the more peace you can have dealing with your FINANCIAL EMERGENCY. Most financial problems are fairly common and as such have some very common solutions. The key is understanding your rights in the collection process and how to enforce them if need be. Primary business- Debtor Rights Advocacy and Debt Mitigation relating to foreclosure, creditor lawsuits, and other serious financial problems. www.financialemergency.com (copy and paste in browser).

Experience

Over 40 years combined experience negotiating disputes and resolving financial issues related to consumer debt, corporate issues and mortgage modifications.

©2012 About.com, a part of The New York Times Company. All rights reserved.