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I have been asked from time to time questions about handling an automobile repossession. There are many threads scattered throughout CreditBoards relative to this topic. Using the search function can sometimes be a daunting task for someone desperate for help, so I propose the following:


Although this is a credit related issue, it is also an automobile financing issue. I believe for our board members, if we could make a concerted effort to concentrate all our advice, strategies, and comments in one main thread, then most questions could be addressed in one easy to find thread.


While I am not technically very competent in the giving of advice relative to handling a deficiency resulting from repossession, or the ramifications of it being reported on your credit file, I can make certain recommendations that may prove helpful.


WhyChat has a repo letter located here that may prove to be helpful. WhyChat Repo Letter


This should not be construed as legal advice, nor should you just cut n paste the letter without thoroughly examining every opportunity available to you. This letter may or may not work for you, I make no guarantees. It has been helpful to me.


I sincerely hope our board members will chime in and offer pertinent comments that all may find useful.

Edited by MarvBear

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Here is a good Repo Thread over in the main Credit Forum.


And here is another Repo Thread with a bit different twist.


And yet another Repo thread.


Another Repo thread.


Another Repo Thread regarding leases.


Another repo thread with some good information for Maryland residents.


also a link to a very plain language site regarding Maryland Reposessions.

Another link regarding the 60% rule.

link to Indiana repossession topic


Another Repo thread with a good outcome


Edited by MarvBear

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A letter like the one listed in the links above constitutes what is called a "voluntary surrender"...I had one eleven years ago and it really wasn't that bad...better to do it voluntarily then have it hooked up by a tow truck at 2 in the morning...

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I agree with the voluntary surrender point. When my business crashed during the recession and terrorism of 2001 I had five trucks "go back". Other than the pain it suffered us credit wise it was a hoot to "help" the repo guy! Most of them were speechless when I told them where and when to come get it and I'll leave the keys in the seat for you!!! Even drove one on the roll back for him. I imagine they have a pretty tense job for the most part.


Just my two cents of experience

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Courtesy of our crediboards member Frisbee:


A repo is serious business covered by law. If you have had a repo where either a claim can be made for defective notices or no notices, I know a lawyer who can help you. This lawyer practices in NJ but will take calls from any state and put you in touch with a lawyer in your area.


Christopher J. McGinn


cmcginn at galexwolf dot com



I am sure this will be much appreciated!

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