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Discussion Starter #1
:-[
hey all...
need help asap!
my friends 05 monster was repoed!
he was 2mos behind. he is in the reserves and was being shipped out the week they came to repo it. he was in south america, when they took it.
when he got back they said they would return it, cause he was in the service.
then changed their tone and said he was not active duty. so now they dont wish to return it.
they want him to pay entire bal. due of 8k to get it back.
the bike goes to auction in a week, and he will still have to pay balance of sale.
he sold his car the day before the repo so he could pay his past due payments , but they said to late!
any advice?????
can we get it back w/out paying whole balance?????
need whatever help we can get here FAST!!!
he fell behind after he got screwed in a house he bought[fixing up] for /from urb development.
hes more than willing to pay past due but doesnt have 8k to pay the balance.

thanks :'(
 

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when you're that back-logged it is time to hide the machine....

need a lawyer to see if it can be salvaged
 

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Rat900 said:
when you're that back-logged it is time to hide the machine....

need a lawyer to see if it can be salvaged
definetly time for a lawyer!

Or was that already said! ;D
 

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SORRY... not much sympathy though..

if don't have the money, don't buy the toy
he got repo'd cause he didn't pay...

try to get a lawyer, but i doubt they will be able to do much...





(edit) i think i read that wrong
if he was unable to pay due to being in the service, then i could understand
 

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He may be able to get some relief under the Soldiers and Sailors Civil Relief Act, it will depend on exactly what action they are taking, taking him to court etc, and whether he was on federal orders at the time.

He really needs to consult an attorney, is he able to get to legal assistance at a JAG office near him? That would be his best approach, he needs to move on this NOW before the sale.

http://usmilitary.about.com/cs/sscra/a/scra1.htm
 

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hopefully they'll strike it from his credit record too... not really his fault, although thats why we have power of attorney laws...
 

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Wait... I reread that. You said he was two months behind and they repoed the bike a week BEFORE he shipped out? So he WASN'T deployed when he was missing payments?

Yeah, he's probably hosed.
 

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he needs to get credit approved by another lender to payoff the one that repo'd him, there will be a cost in that meaning a very high interest rate and/or addt'l collateral.

i'm not sure what legal advice will do for your friend, except add another bill he can't pay
 

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Good luck to your buddy.

Sure am glad I paid cash for my Monster. (well, check actually, but it was only one!)
 

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Yeah, it's doubtful he will get any help if he was already 2 months behind before he deployed. In fact, he could actually get into trouble with his command for not paying his bills. Brings discredit upon the service and they don't like that.
 

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sounds like they activated the acceleration clause of the loan... miss a payment, and the whole thing is due ASAP. Not any kind of legal course in most states, his best bet is to get another loan and buy it at auction. Problem is, he's going to have to pay for the bike, and the auction fees, and the finance fees. Though it may keep him from being sued by the bank.

Also, a financial counselor would probably be as much help as an attorney in this case...
 

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Adam in MO said:
Also, a financial counselor would probably be as much help as an attorney in this case...
I work with Financial Advisors all day. We never do this kind of thing...

Unless he has investments and is willing to go out on margin or get a securities-based loan, save time and get a lawyer ASAP.
Not all firms allow you to go on margin and additional approvals (& time) are usually required if they do allow you to margin securities.

You'd be better off calling on a wealthy family member or friend than a Financial Advisor.
IMHO, a lawyer is still the best option.
 

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Supero100 said:
You'd be better off calling on a wealthy family member or friend than a Financial Advisor.
IMHO, a lawyer is still the best option.
I think he meant for financial guidance and advice to avoid these sorts of perdiciments. The military offers free financial advice to service members.
 

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bellsguns said:
he sold his car the day before the repo so he could pay his past due payments , but they said to late!
What kind of car was he driving that it was only worth 2 months of back payments on a bike for?
 

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HyperM3 said:
What kind of car was he driving that it was only worth 2 months of back payments on a bike for?
Might have been the profit difference between selling it and paying it off. :-\
 

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slowpoke13 said:
I think he meant for financial guidance and advice to avoid these sorts of perdiciments. The military offers free financial advice to service members.
I did mean counselor... not planner or manager.

They would probably be familiar with repo laws in the area.
 

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Discussion Starter #20
:-[update
they just put the bike up for auction, it has been shipped fromm Ill. to Georgia.
goes up on Monday for auction.

thing is HFC gave him no paper work, and said he could get it back, but then changed their mind.
thanks for the advice, he's going to try and talk to a lawyer.
 
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