The repo men are the auto loan borrower’s boogeyman. They can come to your house unannounced and take your vehicle without warning. Blossom Chevrolet reminds there’s a handful of consequences of defaulting on your car repayments, but none more painful than having a rude awakening of a repossession.
Be it a used Chevy Traverse in Indianapolis or a brand-new Silverado from the other side of the country, repo companies are usually ruthless when it comes to taking your beloved ride. Sometimes, just one failed payment and your vehicle is history. In some cases, you wind up as a victim of the situation and still get your vehicle taken anyway.
Many Americans have a share of these horrible tales, and here are three of those horror stories:
ID Theft Results to Repo
Liv Barnes of Winona, MO fell victim to identity theft when her car title was stolen by unknown suspects. They forged her signature and pawned the car for a quick loan in West Plains worth one grand. Eventually, the debt was unpaid and the vehicle was repossessed.
The repo companies said they have the necessary documents to take the vehicle, but considering the nature of the incident, there’s obviously a hole in the process. The lending company said they’d investigate the issue, but the damage was done to Liv’s lifestyle.
Subprime Borrower Loses Overpriced Car
A Phoenix family woke up one morning and discovered their vehicle is gone. They later found out it was repossessed due to missed payments. They received no notification whatsoever. They still have 13 months left on the term and asked for a renegotiation, but the dealer rebuffed—even if it was originally part of the deal. The $5,000 they paid went down the drain, and the car the family hoped to get back would only be worth about four grand in a private sale.
Owner Holds Up Repo Man
Sean Monroe of Jefferson County, AL got jailed by allegedly holding a repo agent at gun point during the repossession of his Camaro. He was charged with first-degree robbery and is currently behind bars. A friend of his, however, said the repo agent actually left the car in a middle of a bustling intersection after Monroe had shown his payment receipt. The suspect asked the agent to bring the car back to his home, but to no avail. He eventually gave up and was supposed to drive the vehicle back to his place when the officers came.
The authorities obviously need to dig deep into this case to find out the truth, but even if Monroe is proven innocent, nobody can take this unpleasant experience from him.
Vehicle repossession can be traumatic, but it mostly happens to those who default. Dedicate yourself to making payments on time, and have the courtesy to speak with the lender regarding your financial problems so your situation won’t come to this.