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Category: Business

Tags: Repossession, Title Loan

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Title loan repo

Date: 11/7/2019 5:58 AM (PST)

I had a vehicle repoed at 11:00pm on A Thursday night. I contacted the loan company first thing Friday morning and tried to redeem my truck for the balance owed. I was told they couldn't release it until the repo company sent an invoice. I was put off till Monday and still nothing. I then was told when I called the tow company Wednesday to inquire about my personal belongings that they picked up my truck the day before and sent it to auction. I never had an opportunity to redeem my truck. Don't they have to give a written notice of sell date and give 3 days?

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Date: 11/7/2019 8:52 AM (PST)

Hello Penny. I’m sorry to hear of your situation. The repo is stressful enough, but dealing with the aftermath of it can be just as trying, if not more so. It is recommended to read your contract carefully. The contact should outline what your rights are when you fail to make a payment. Unless your contract states otherwise, you are not entitled to notice before your property is repossessed.

Per my research, under Mississippi law, the creditor must notify you in writing that the property will be sold to pay off the debt. This notice also gives you the opportunity to redeem the property. The notice should include information about how much you will need to pay and deadline to pay it to redeem the property. Your State Attorney General’s office will be able to advise you of your rights and what the specific repossession requirements are governing your state: https://www.usa.gov/state-consumer/mississippi

I hope this information is helpful. Please contact me directly at vantillon@checkbca.org if I can be of further assistance.

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Date: 11/7/2019 9:15 AM (PST)

Thanks for responding! That's the info I found as well. I understand I'm not owed a notice before they repo, but I think I should have received a notice before they hauled it to auction and a chance to get it back. Neither the loan office nor the tow company can tell me where it is. My contract says I would have 3 business days and that I would receive a notice of the location and intent to sell.

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Date: 11/7/2019 9:35 AM (PST)

I believe it is worth your time to contact a local consumer agency in Mississippi. They do conduct investigations, and through their investigative process, will determine if there was any wrongdoing on the company’s part. In order for this to happen though, you need to report it. So please reach out, I do wish you the best of luck.

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Date: 11/9/2019 4:34 AM (PST)

Thanks for the advice. I contacted the Attorney General's office and filed a complaint, as well as the corporate office of the title loan company. By the end of the day yesterday, I received a call from the company's district manager and she asked me what I wanted her to do. I told her I wanted to locate my truck so I could try to get it back. She said she would get on it immediately and have it returned to the nearest possible location as soon as she could and to give her a call Monday afternoon. So the few minuted it took to send a couple of emails definitely got the ball rolling. I will update next week on how it goes! Thanks again!

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