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Thread: Question regarding repossession of a car

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    Gold Member twinscythe12332's Avatar
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    Question regarding repossession of a car

    Hi Everyone,

    I'm not particularly clued up on what happens after a car is repossessed, and a friend is in a spot of trouble...
    my friend took out a car loan with the bank, and bought the car she wanted. a while into the payments (I'm guessing around a year or so), she became unemployed and was unable to pay the installment, so the the bank has repossessed her vehicle.

    The bank is now asking for the money to be paid, so they can auction off the vehicle...

    Now as far as I have read, there are two avenues that are possible here:
    A)she pays off the debt.
    B)she gets them to auction off the car, and the amount it sells for gets deducted from what she owes.

    The thing that concerned me the most is when she said they wanted her to pay the amount, and also auction the vehicle. this didn't sound right. surely if she pays the amount she owes, she gets her vehicle back...

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    Platinum Member sterne.law@gmail.com's Avatar
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    Correct, if she pays the arrears then the contract is up to date and she should get the car back.

    Once the car is sold, there may be a balance, she can either arrange to pay that off or say to hell with it and have teh judgement sit on her credit rating.

    Not clear if the car has been taken already, which would mean the process is well under way. Or have they send letter telling what tehy paln to do?
    Anthony Sterne

    www.acumenholdings.co.za
    DISCLAIMER The above is merely a comment in discussion form and an open public arena. It does not constitute a legal opinion or professional advice in any manner or form.

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    Gold Member twinscythe12332's Avatar
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    The car has been taken already. The bank sent through a letter saying that they will take her to court if she does not pay the amount due on the vehicle.
    The thing that surprised me the most was when she said they wanted the money BEFORE they auction the car... I may as well read the letter myself and see if there isn't a little muddle in logic going on.

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    Platinum Member desA's Avatar
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    Which bank (loan-shark) did she use?
    In search of South African Technology Nuggets(R), for sale & trading in South East Asia.

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    New Member Scarlet's Avatar
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    Quote Originally Posted by desA View Post
    Which bank (loan-shark) did she use?
    ABSA and they called her, they didnt send her a letter about the auction

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    Site Caretaker Dave A's Avatar
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    I would have thought they would need a judgement and writ of execution before they could repossess the car...
    The trouble with opportunity is it normally comes dressed up as work.

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    Platinum Member sterne.law@gmail.com's Avatar
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    Quote Originally Posted by Dave A View Post
    I would have thought they would need a judgement and writ of execution before they could repossess the car...
    mmmmperhaps she has moved or the postal address is different from the original finance document. maybe twin should get the letter and soe mor einfo, something doe snot quite add up
    Anthony Sterne

    www.acumenholdings.co.za
    DISCLAIMER The above is merely a comment in discussion form and an open public arena. It does not constitute a legal opinion or professional advice in any manner or form.

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    Platinum Member desA's Avatar
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    ABSA are thugs of the first order. Their procedures leave an incredible amount to be desired. They are often a law solely to themselves & incredibly incompetent to boot.

    Tell your friend to walk away & not turn back - don't pay them another bean, since they've already taken the vehicle. If they press her further, which they will, get her to ask them for a copy of all the original paperwork in their possession. She could end up finding they've lost the original contract. If not, she could have her attorney scrutinise it & check their procedures of re-possessing the vehicle.
    In search of South African Technology Nuggets(R), for sale & trading in South East Asia.

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    Exclamation repo of vehicle

    Quote Originally Posted by sterne.law@gmail.com View Post
    Correct, if she pays the arrears then the contract is up to date and she should get the car back.

    Once the car is sold, there may be a balance, she can either arrange to pay that off or say to hell with it and have teh judgement sit on her credit rating.

    Not clear if the car has been taken already, which would mean the process is well under way. Or have they send letter telling what tehy paln to do?
    I have a similar problem, I am 2 mnths in arrears, No final Demand notice has been issued, agreements with debt collecting law firm was put in place, next day repo guy pitches at my gate at 5am demanding the car and insists he has a court order. What does an official court order look like as I wouldnt know the diff. What is my rights. Do I give him the car. then he threatens me for not giving him the car and says the sheriff is on his way and I will be in contemt.

    I contact the bank again, the legal dep head insists that I must pay the full outstanding amount + the legal costs before she cancels the Tracers instructions.

    Pls, pls advise

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    Platinum Member sterne.law@gmail.com's Avatar
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    Well the bank has answered your question: "tell the tracer." hence your tracer is merely looking for you.
    if there was a court order the bank can't stop or cancel it, just like that.
    A court order has an official decree like stamp.
    Anthony Sterne

    www.acumenholdings.co.za
    DISCLAIMER The above is merely a comment in discussion form and an open public arena. It does not constitute a legal opinion or professional advice in any manner or form.

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