Getting back a repoed truck - Truckers' Trucking Forum

WallyGator · **^ Top** #1 04.09.2009

A friend of mine had a truck repoed by Diemer chrysler about 7 months ago.its sitting down at the dealership(back of lot) and he wants to get it back..will finance companys do this? it ruined his credit 523 score.i dont think they will but i told him i would ask.. thanks Walt

southernpride · **^ Top** #2 04.09.2009

MY FRIEND HE CAN GET HIS TRUCK BACK but he will probably not like the terms most of the time they will want you to pay it off before they will relese it and even if he did that it would not help his credit the credit score im afraid he is stuck with usally you can buy another truck cheaper then you can get that one back, you may have to pay cash for it considering the credit market is still locked up tight . the finance company your talking about well they just dont care all they care about is money.
good luck my friend hope this has helped. SOUTHERNPRIDE

MedicineMan · **^ Top** #3 04.10.2009

well if there is any good in this crap credit market it would be that there is a slight chance the bank would work with him but I really doubt it. the odds are better then they would have been a few years ago. Trucks are not selling at auction so it depends if they want the money or not. Really if the truck only brings $100 at auction they just slap a judgment on your buddy for the rest anyways and then his credit will be even worse

TripleSix · **^ Top** #4 04.19.2009

Quote:

Originally Posted by MedicineMan

well if there is any good in this crap credit market it would be that there is a slight chance the bank would work with him but I really doubt it. the odds are better then they would have been a few years ago. Trucks are not selling at auction so it depends if they want the money or not. Really if the truck only brings $100 at auction they just slap a judgment on your buddy for the rest anyways and then his credit will be even worse

They will deal. Noone is buying. There are trucks all over the place and noone is buying trucks. The banks would much rather have the money.
A buddy of mine fell behind 4 months in his payments and the bank was going to repo. I made an offer on what was owed and the bank jumped at the offer. The funny thing is, that my company tried to talk me into letting the truck go back to the bank and lease one of their trucks, LOL! No thanks!

I will say this to anyone: If you can manage your time and youre still rolling pretty good, save up $4-10k...you will be able to get a rig for whats owed and save some money.

Pawnd · **^ Top** #5 04.24.2009

Quote:

Originally Posted by southernpride

MY FRIEND HE CAN GET HIS TRUCK BACK but he will probably not like the terms most of the time they will want you to pay it off before they will relese it and even if he did that it would not help his credit the credit score SOUTHERNPRIDE

Yes, it will help his credit score. First it will be a PAID repo which helps, the repo will still hurt. Second by paying it off will not have a major charge off, numerous collections, and likely a judgment. Also, should he try to buy a house in the future, will likely have to payoff the balance anyway. Net effect is an improvement, although not instant, it will be better.

Now whether this would be the correct move or not, I cannot say without knowing all the details, seeing complete financial information, and a tri-merged credit report. So please don't rush out and get the truck back without consulting a competent financial person.

Kansas · **^ Top** #6 06.23.2009

Unless your buddy has 100% of the cash to pay off that truck, he's wasting his time. The Repo guy is called in ONLY as a last resort...

DoubleDear · **^ Top** #7 08.14.2009

As Long as the truck hasn't been scheduled for an Auction, you Still have Time to work it out. Most Companies will work with you to get it back. But the second time around they won't.
The company will want all the back payments caught up in one lump sum , in order to get the truck back. It is that way with Capital One.

And then you're off........ down the road!

Most companies will work with you. It doesn't hurt to ask.

Mr. PlumCrazy · **^ Top** #8 08.20.2009

Quote:

Originally Posted by WallyGator

A friend of mine had a truck repoed by Diemer chrysler about 7 months ago.its sitting down at the dealership(back of lot) and he wants to get it back..will finance companys do this? it ruined his credit 523 score.i dont think they will but i told him i would ask.. thanks Walt

7 months its a chance that by now the dealership more than likely owns it

Quote:

Originally Posted by TripleSix

A buddy of mine fell behind 4 months in his payments and the bank was going to repo. I made an offer on what was owed and the bank jumped at the offer.

Chances are if you would have offered the bank a few thousand less than what he owed they would have jumped on it. I have bought two automobiles that way. made myself $6500 on that my cousin had had for 2 years and only owed $4700 I gave the bank $3000 and I sold it 6 months later for $9500

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