Do They Have to Inform Us of a Repossession?

by MARTY
(HOOD RIVER, OREGON)

WE LIVE IN OREGON, AND GOT BEHIND ON OUR CAR PAYMENTS (2 PAYMENTS BEHIND). WE ARE GOING TO PAY IT BEFORE IT'S 3 PAYMENTS LATE.
DO THEY HAVE TO TELL US IF THEY ARE GOING TO REPOSSESS OUR CAR?
THE CLUTCH WENT OUT ON THE CAR AND WE TOOK IT TO HAVE IT FIXED. THEY WOULD NOT FIX IT OR BECAUSE THE FINANCE COMPANY TOLD THEM THAT THEY WERE GOING TO REPOSSESS IT FROM US BECAUSE WE WERE BEHIND ON OUR PAYMENTS. WE TOLD THE FINANCE CO. THAT WE WERE AWARE OF IT AND WOULD HAVE IT CURRENT BY OCT. 1ST. BUT NOW, WE WERE TOLD BY PEOPLE WHERE WE BOUGHT THE CAR THAT IT WAS GOING TO BE REPOSSESSED BUT WE HAVE NOT HEARD ANYTHING FROM THE FINANCE COMPANY AT ALL.
SHOULD WE GO AHEAD AND BRING THE ACCOUNT CURRENT? AND IF SO DO THEY HAVE TO GIVE US BACK OUT CAR?

THANKS FOR YOUR HELP.

Comments for Do They Have to Inform Us of a Repossession?

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Nov 26, 2011
 Do They Have to Inform Us of a Repossession?
by: Debtcollectionanswers.com

No, the company that financed the purchase of your car does not have to let you know ahead of time that it intends to take your car back. It is entitled to simply take it once you have fallen behind on your loan.

In Oregon however, once your car has been repossessed, you have the right to buy it back (redeem it) up until the time that the lender sells your car to someone else or signs a contract to get the vehicle sold -- to auction it off, for example. To redeem your car you must pay everything you owe on the loan, plus the lender's reasonable costs of repossessing and storing the vehicle and any reposession-related legal fees it incurred. You could also try to buy your car back at the auction if that is how the lender decides to sell your vehicle. In both instances however, you will have to have the cash in hand to do so.
Nov 26, 2011
 Lack of communication. Is that OK?
by: Marty

I understand they can repossess the car, but no one has told us anything. We took the car to have it fixed.... and that's the last we saw of it. We saw that they had it on the lot again with a FOR SALE sign on it, but we NEVER got a word about it's where abouts or what they were doing> NOTHING.
And we still have not heard anything. It's been almost 3 months since it broke down, and was put in the shop to be fixed.
Isn't that odd?
Nov 27, 2011
 Do They Have to Inform Us of a Repossession?
by: Debtcollectionanswers.com

Marty -- I think you should contact a consumer law attorney in your area about the situation. Based on what you told me in your response to my answer your legal rights may have been violated, but only an attorney in your state can tell you for sure. It's likely that an initial appointment with a consumer law attorney will be free. Good luck!

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