Comments on: What To Do If The Bank Has Come To Repossess Your Car

By: Justin Sawyer

Justin Sawyer — Tue, 13 Jul 2010 11:11:48 +0000

Interesting info Tyrone, Thank You. Be sure to pop back here please if you find out more interesting information and we can hopefully help some people here.

By: Tyrone Pillay

Tyrone Pillay — Tue, 13 Jul 2010 08:57:16 +0000

I just spoke to a lawyer about the sale of reposessed cars at auctions and he advised that the auctions have no reserve, which in simple terms, mean that a bid can start at any amount and if the bid stops at 1% of what the car’s value is the bank has to accept the bid. This is sad as you have no say in the bid, however I am going to be doing more investigation on the matter. I can swear I saw something on carteblance where the NCA says that the seller has to be happy about the price the back sells repossed stuff, not sure if that peratined to property.

By: Kitt

Kitt — Sat, 17 Apr 2010 22:15:33 +0000

I lost my job and I made arrangments with my bank. They told me it was fine if I was late just to make arrangments to come and paid it in full. I had a death in a family which was quite a shock (it was a sucide) completely unexpected. I ended up having to leave town and then I had to deal with own depression. I was late 2 payments (one payment as of yesterday). They came while I was not even home and left a note saying they had a court order to repo my car. I went to the bank straightaway this morning as soon as they opened and they said the file said do not accept payment. I just finally got my life collected with a job, I am filing for bankcrupt and then this smacks me in the face! I have a family and live way out in the country almost an 35-40 min drive to work. Now what? I am so angry and depressed. I feel like giving up. Well the repo allow me to make the 305 dollar what I owe this month? I mean I can pay it, I have the money!! Just wasnt on time. Thats all.

By: John

John — Thu, 04 Feb 2010 03:13:53 +0000

The idea is that if you have a house and its value is $200K
in the area you live in. However you manage to sell it to someone for $2 Million, you could in fact be liable and end up in jail for comming fraud.

By: John

John — Thu, 04 Feb 2010 03:11:53 +0000

Justin Sawyer I’m not a lawyer but I don’t believe they can just sell it for a few $$$’s if its book value is much greater because they know you could challange it in court.
You see if the average dealer is willing to pay so much money and they simply give it away then I’m certain they are breaking some law but it is something you would need to confirm with a lawyer.

I’ve been to one of these auctions and most of the vehicles have been after some sort of accident. I wouldn’t want most of these cars for free and these are dealers bidding for them.

On the other hand it would be great to get in on one of these auctions where the cars have been repossesed I’d love to pay book value…………

By: Justin Sawyer

Justin Sawyer — Thu, 28 May 2009 09:46:12 +0000

Thank you for stopping by Thandile and leaving a comment.

As I said in a previous comment above, I’m not an expert on the topic I’m afraid and just writing from personal experience and knowledge so I’m not really in a qualified position to answer your question accurately.

Hope you find the answer elsewhere.

By: Thandile

Thandile — Mon, 25 May 2009 11:29:55 +0000

Thanx for the indormation – This will be very handy because I’m almost at the point where I might have to give my vehicle back to the bank. But what happens AFTER they reposessed it ? Can they sell the R420000 vehicle on an auction for R50 rand and still sue you for the outstanding R419950 ? Is there any protection in place to prevent them from selling the vehicle cheap ?

By: Donna Jay

Donna Jay — Thu, 09 Apr 2009 16:18:13 +0000

Comment from Donna Jay of North Carolina USA Here - http://www.makebigmoney.co.za/car-repossession-north-carolina-usa/

By: Justin Sawyer

Justin Sawyer — Tue, 30 Dec 2008 08:38:40 +0000

Thank you for your comment Mel.

I know how your Son feels, it is humiliating and a huge inconvenience especially given that he has a family.

These situations can be tricky to deal with and it is often very helpful to belong to Legal Wise or have access to a lawyer just a phone call away if possible who can give advice.

One small consolation is that he is certainly not alone. With the current economy there are thousands losing cars and homes on a daily basis. I hope things come right quickly for him.

By: Mel

Mel — Tue, 30 Dec 2008 08:10:49 +0000

my son’s car was reposses without giving them a court order or even telling them they were taking it.. it was taken in the middle of the night with both their kids car seats.. after reading this article my son called the local cops and they said they did not need to present them with any document because once they stopped paying the bank that gave them the right to take the car. my son was laid off and his work is fighting his unemployment he told the bank this and they were fine waiting till he contested this fight.. I guess they lied…. thank you for the information though… I read it to them and hopefully they realize it is not the end of the world and his family is more important…