Repossession...
Senior Member
Joined: Dec 2001
Posts: 2,934
From: Jensen Beach, FL / Sylva, NC
I had my Toyota 4x4 Stolen er I mean repossesed in Nov. 2000.
I had just perchased another land surveying company for a large sum of money in July 2000 and was having a tought time getting it off the ground. I got a great break when a lwyer ordered a 17 ace shopping center survey he needed it post haste!!
I delivered it on time w/ a 20K invoice (any other surveyor would have charged 30K) He never paid I filed a lein etc... long story short never **** w/ lawyerss. I never got my 20K and ended up paying another layer 10K to never get my 20K.
Neeless to say I was in financial ruins.. MY toyota work truck got repo'd and my american express count got closed.
My Toyota truck had a book value of 8k. Ford motor credit the company that ordered my repo authorized it to be sold and it went for 3k. since my loan balance was 10k I started getting collections letters demanding I pay the remaining 7k.
I eneded up settleing w/ the collections company gor $3500. I reasoned w/ them that they sold my truck for 50% of its value so I would pay 50% of the remaining balance.
Just so you know, my credit was/is fucked and will be for a long time. Before you do this realise you will not be able to get reasonable financing for 5 years of more. This includes mortgages futuers car loans credit cards etc...
I got the last laugh as my company took off like a rocket ship I dont need financing. I have 2 new Toyota trucks paid cash. I bought a newer Mazda truck cash. I bought my Dodge truck cash I bought my Mini cooper cash. Every one of the 4 computers and the 75K in equipmenr my 4 crews use are all paid for.
I did take out a loan against my savings for my truck loan to try to start establishing my credit again but I am a big fan of no financing now. Plus my wife added me to her Amex account. I also have a Visa gold car dhtat survived my financial diress.
Dont let them repo your car. communicate w/ them and tell them your issues.. One thing I learned from allmy mess is to talk to your creditors they are actually on your side. If you get an ******* who wants to be a hard *** w/ you ask for a superior. Always be cool and explain you want to be amicable in your resolution of this debt. It will work out better that way.
I had just perchased another land surveying company for a large sum of money in July 2000 and was having a tought time getting it off the ground. I got a great break when a lwyer ordered a 17 ace shopping center survey he needed it post haste!!
I delivered it on time w/ a 20K invoice (any other surveyor would have charged 30K) He never paid I filed a lein etc... long story short never **** w/ lawyerss. I never got my 20K and ended up paying another layer 10K to never get my 20K.
Neeless to say I was in financial ruins.. MY toyota work truck got repo'd and my american express count got closed.
My Toyota truck had a book value of 8k. Ford motor credit the company that ordered my repo authorized it to be sold and it went for 3k. since my loan balance was 10k I started getting collections letters demanding I pay the remaining 7k.
I eneded up settleing w/ the collections company gor $3500. I reasoned w/ them that they sold my truck for 50% of its value so I would pay 50% of the remaining balance.
Just so you know, my credit was/is fucked and will be for a long time. Before you do this realise you will not be able to get reasonable financing for 5 years of more. This includes mortgages futuers car loans credit cards etc...
I got the last laugh as my company took off like a rocket ship I dont need financing. I have 2 new Toyota trucks paid cash. I bought a newer Mazda truck cash. I bought my Dodge truck cash I bought my Mini cooper cash. Every one of the 4 computers and the 75K in equipmenr my 4 crews use are all paid for.
I did take out a loan against my savings for my truck loan to try to start establishing my credit again but I am a big fan of no financing now. Plus my wife added me to her Amex account. I also have a Visa gold car dhtat survived my financial diress.
Dont let them repo your car. communicate w/ them and tell them your issues.. One thing I learned from allmy mess is to talk to your creditors they are actually on your side. If you get an ******* who wants to be a hard *** w/ you ask for a superior. Always be cool and explain you want to be amicable in your resolution of this debt. It will work out better that way.
