Vehicle Repossession Dilemma

Technically the bank still owns it though so you can't sell it, they have the COR right?
 
The floors are damp, the blankets thin and the greuwel tastes like **** :eek:
 
OP the car doesn't belong to you but to the financial institution who helped you finance the car. You're definitely blacklisted with a judgement on your name. Example if you need future credit from any institution automatically you you qualify. One day you gonna wake up and all your money in your bank account will vanish.
 
choonix said:
*PLEASE READ*

Hi there

I've got a rather unusual question...

About 6 years ago, I bought a new Toyota in PE and had it financed. During a rough patch, i decided to relocate to Durban. In this time, my instalments fell in arrears.

Before leaving PE, i received a summons by mail and i was informed that my vehicle was to be repossessed... but nothing further happened.

Soon thereafter, i moved to Durban and was fortunate enough to get a great job with a company vehicle. As a result, my car has been parked-off since. Neither did I keep my license disc updated, nor receive any instructions from the bank.

Just last week, i was offered a handsome amount for the vehicle, but i am too afraid to go ahead with the sale.

I don't know what to do!

Please advise
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So you never paid it off? Well pay it off then.
 
Just last week, i was offered a handsome amount for the vehicle, but i am too afraid to go ahead with the sale
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. OP is clearly desperate for money! What he doesn't know if he were to buy a car in a future he won't be able to transfer the new vehicle under his name until such time he settles the outstanding licence arrears on the vehicle.

OP you probably liable for like R20 thousand plus on legal fees.

The repo guy will rock up to your workplace and embarass you in front of your colleagues or worst you wake up one morning and the car is gone (towed away). If the car was on the road they would have traced you down by now
 
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It never ceases to astonish me that people give their word that they'll pay their debts, even affixing their signature as a solemn pledge - and then just walk away from their obligations, leaving it to others to scramble about to recover what is owed them.

@OP: In the name of all that is decent, please pay your debts. Your bad debts affect not just you but all of us in society. Contact your creditors immediately and make the necessary arrangements for you to honour your promises.
 
Arthur said:
It never ceases to astonish me that people give their word that they'll pay their debts, even affixing their signature as a solemn pledge - and then just walk away from their obligations, leaving it to others to scramble about to recover what is owed them.

@OP: In the name of all that is decent, please pay your debts. Your bad debts affect not just you but all of us in society. Contact your creditors immediately and make the necessary arrangements for you to honour your promises.
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but he had a bad patch and now recovered so all old debts are magically paid up....


Surely OP is blacklisted by now? ITC check should verify this too?
 
Arthur said:
It never ceases to astonish me that people give their word that they'll pay their debts, even affixing their signature as a solemn pledge - and then just walk away from their obligations, leaving it to others to scramble about to recover what is owed them.

@OP: In the name of all that is decent, please pay your debts. Your bad debts affect not just you but all of us in society. Contact your creditors immediately and make the necessary arrangements for you to honour your promises.
Click to expand...

OP clearly said he had a rough patch. Seemingly losing his job as well. Don't be quick to judge.
 
simm_card said:
Give that to the bank and hopefully the car is now paid off.

Then get the papers from the bank and legally sell the car to the new owner who paid for it.
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There's zero chance of that, and the OP knows it. Remember the car was worth X + interest six years ago. Now he owes the bank X + a shed-load more compound interest; and his car is going to sell for X - significant depreciation. By my calculations, then, his short-fall that he'll still owe the bank is = shed-load more compound interest + significant depreciation.

However, I fully and totally agree with Arthur ... just because he wimped out six years ago, he's still got to do the right thing now and pay his school fees. We all have to.
 
Bond said:
OP clearly said he had a rough patch. Seemingly losing his job as well. Don't be quick to judge.
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I clearly read that.

I also clearly read that he stopped having a rough patch and just abandoned the vehicle. Personal honour alone requires that one remedy the situation as soon as circumstances allow.
 
Bond said:
OP clearly said he had a rough patch. Seemingly losing his job as well. Don't be quick to judge.
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How about when he got his handsome new job with the company car? Why didn't he contact the bank and make new arrangements immediately? Instead, he just stayed silent, holding on to a car that he knew wasn't his. There's a word for that ... it's called theft.
 
Bond said:
What if he's selling to rid of the debt?
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He said he's too afraid to go ahead with the sale, so no. If he was trying to get rid of the debt, he'd contact the bank and inform them of his plans to recoup the debt from a sale, and make formal arrangements towards that end. No need for fear (except for the final statement that will arrive).
 
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