Illinois Right to Cure

[marlin40]

I am 70 days past due on my truck loan with Patelco. They just told me that no written notification is needed by law to be sent to me that they are attempting to repo.

 

I was under the impression they at least had to send a right to cure letter to me giving me the opportunity to get current before they repo, am I wrong here?

 

They also told me they are charging me an extra $100 on my loan balance for "looking" for my truck...well they apparently weren't looking too hard as it has been sitting in my driveway out in the open all this time.

 

What am I missing here? Regardless, I paid the 2 payments today but i'm looking for an opportunity to throw it back in their faces....

 

I've already sent a message to Whychat, but i'm looking for more feedback....

[mk_378]

Right to cure generally applies after the repo. With right to cure, you have the right to get the car back and continue the loan by paying all the past due payments, late fees, and repo fees. In states that don't have right to cure, the lender is allowed to demand full payoff of the loan plus the repo fees to return the car.

 

The $100 fee seems completely bogus. Repo men are traditionally paid on contingency. If they can't get the car they don't get anything.

[marlin40]

$100 bucks just to look for it? I agree it's bogus....like I said, I would have put it in the garage if I knew they were even "looking" for it....apparently they can't see in the dark?

 

Talk about kicking someone when they're down....only reason I found out about this is they put a "restriction" on my checking account which put a hold on my entire account today, held my direct deposit, therefore I was unable to use my debit card and we were unable to get gas this morning, so I called and this is what they told me.

[gdtobefree]

They did WHAT!!!!!!!!!!!!!!!

 

Look up your state laws I am pretty sure they CANNOT put a hold on your account UNLESS they have already filed legal action and attmept to grnish your wages for the deficinecy of the repo OR until yougo to court to assure that the funds you have now will cover what it owed if they win the garnishment.

 

2nd, look up your repo laws in your state

 

If they are to file a writ of repossession with the clerk of court then you are to be served that writ of repossession by a poilce officer or whoever is the process server in your county BEFORE they can take custody of that vehicle BY LAW!!!!!!

 

 

While you look up your repo laws in your state make a special note if your state allows what is called BREECH OF PEACE which is where if you confront the repo person and tell them to stop what they are dong and leave your property immediately they have to do so WITHOUT the vehcile!

You will also find in your repo law IF they are allowed to charge those fees.

 

DO NOT think that JUST because you paid the notes you were behind that this will stop the repo process, in this times banks are NOT willing to take a second chance on loans that go into default.

[gdtobefree]

$100 bucks just to look for it? I agree it's bogus....like I said, I would have put it in the garage if I knew they were even "looking" for it....apparently they can't see in the dark?

 

Talk about kicking someone when they're down....only reason I found out about this is they put a "restriction" on my checking account which put a hold on my entire account today, held my direct deposit, therefore I was unable to use my debit card and we were unable to get gas this morning, so I called and this is what they told me.

 

 

AGAIN check your repo laws as hiding a vehicle with the known fact they are looking for it is illegal in some states and charges can be pressed against you

[mk_378]

They can seize funds in your checking account at the same CU to pay toward a defaulted loan. This is called "right to offset" and all financial institutions do it. The important factor is that it's the same CU, so the contracts the customer signed for both the checking account and the loan allow it, and there is no law against such a provision in the contracts.

 

You do need to ask if you have now paid enough to bring the loan current or "out of default." If there are still late fees, etc. past due, the loan is in default and the car may still be repo'd.

[marlin40]

So during the course of the evening, my truck was taken from my driveway after being in constant contact and only being 12 days past due. I called the repo guy to ask when the order was placed and he told me 9/25/09 which tells me that even though Patelco told me they were cancelling the repo order that very day, they never did obviously, otherwise, my truck would still be in my driveway.

 

Please tell me I have some recourse here? As far as i'm feeling right now, my truck was stolen, not repo'd.

[marlin40]

Ok..so I have my truck back, nothing paid out of pocket and nothing signed and all the bank did was send me a fax "apologizing for their ERROR and the INCONVENIENCE it caused me"... Seriously?