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A German lady borrowed money from her former paramour for breast implants, and he apparently was threatening to have her new assets “repossessed” after they broke up.Axsmith Law Fights Repossessions

Repo Man

Did you hear the story of the repo man who made more money if he was taking property from a hostile client?

“In the topsy-turvy repo world, it was also in Brown’s financial interests to have a reluctant target. According to his payment plan, Brown was earning $70 for each involuntary repo he completed and a mere $30 for each voluntary one. If Clements was no longer surrendering his truck by choice, then Brown stood to earn more money.

But in this case, it ended in murder. “Reluctant” enough for you?

And in the housing market, the repossession mistakes and foibles abound.

“Last December, Nilly Mauck, 31, says she came home to find her décor brutally simplified. Mauck claims contractors assigned to repossess condo No. 1156 mistakenly carted off all the furnishing and possessions in No. 1157 — her Las Vegas apartment of two years — everything from immigration records to her wedding dress. Though she’s demanded “$100,000 to $200,000” in compensation, the realtor has offered only $5,000. Mauck has said she’s seeking legal advice and learning “to live with the clothes on her back.”

Actually, the writer of the article above is giving the contractors the benefit of the doubt too much.  In my experience as a foreclosure attorney, theft of personal property is just part of the foreclosure, kind of like a tip in a restaurant.

Car repossession

If a person’s credit isn’t very good, they can still get loans.  Those loans cost more in interest payments, however, than standard car loans.  There are often other conditions of getting the car loan:

“[S]ubprime borrowers like Ms. Bolender must have their car outfitted with a so-called starter interrupt device, which allows lenders to remotely disable the ignition. Using the GPS technology on the devices, the lenders can also track the cars’ location and movements.

The devices, which have been installed in about two million vehicles, are helping feed the subprime boom by enabling more high-risk borrowers to get loans. But there is a big catch. By simply clicking a mouse or tapping a smartphone, lenders retain the ultimate control. Borrowers must stay current with their payments, or lose access to their vehicle.”

When encountering a possibly financially unstable borrower, auto lenders can put a device in the car eerily reminiscent of the breathalyzer that gets a convicted drunk driver’s car to move.

So in these times, often it’s a reposessor’s market.

 

Car loans have to follow the requirements of the law like any other kind of loan.  There are limits on how much interest can be charged and other terms of the loan.  Get a legal opinion on your options before you agree to have your car taken from you.

Phone Axsmith Law for help.

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