Vehicle Repossession Dilemma

Foxhound5366 said:
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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Of course he's afraid, he hasn't paid the thing for some time and there may be nasty surprises, so he popped in to see if he can at least sell and what to expect.
 
Bond said:
Of course he's afraid, he hasn't paid the thing for some time and there may be nasty surprises, so he popped in to see if he can at least sell and what to expect.
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Ok, so here's the thing ... banks KNOW that some people aren't going to meet their repayments, because we all run into financial difficulties from time to time. Banks also want to ensure that they get their money back from you (otherwise they'd go out of business themselves), so they'll actually be willing to negotiate with you on a repayment plan that you can meet to get you through a tough patch (the interest is still going to add up during a period of reduced repayments - I doubt any bank will be lenient on that score), but the good news for people facing an unexpected inability to pay their debt is that the banks aren't going to send men with cricket bats to break your kneecaps.

However, it is YOUR responsibility to contact them.

Never ever think any bank will 'forget' about your debt. By now I can only imagine the OP is blacklisted, which means he won't be able to get so much as a cellphone contract in his name, never mind another car loan or house loan one day. That won't go away either.

So yeah, the OP may well be 'afraid' because he has to face the consequences of his actions, but sooner or later we all do. There's nothing to do for it but to phone the bank, have that awkward conversation, and figure out what the next steps are towards rehabilitating his credit record. This is where to start, not with the sale of the car.
 
Foxhound5366 said:
Ok, so here's the thing ... banks KNOW that some people aren't going to meet their repayments, because we all run into financial difficulties from time to time. Banks also want to ensure that they get their money back from you (otherwise they'd go out of business themselves), so they'll actually be willing to negotiate with you on a repayment plan that you can meet to get you through a tough patch (the interest is still going to add up during a period of reduced repayments - I doubt any bank will be lenient on that score), but the good news for people facing an unexpected inability to pay their debt is that the banks aren't going to send men with cricket bats to break your kneecaps.

However, it is YOUR responsibility to contact them.

Never ever think any bank will 'forget' about your debt. By now I can only imagine the OP is blacklisted, which means he won't be able to get so much as a cellphone contract in his name, never mind another car loan or house loan one day. That won't go away either.

So yeah, the OP may well be 'afraid' because he has to face the consequences of his actions, but sooner or later we all do. There's nothing to do for it but to phone the bank, have that awkward conversation, and figure out what the next steps are towards rehabilitating his credit record. This is where to start, not with the sale of the car.
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Exactly. Well said.
 
simm_card said:
Yes he can, if he let the buyer know that the papers are being held by the bank and only on paying off the bank they'll receive it.
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Looooool. Yeah, and he can tell that buyer that he's also selling R5 coins at a special price of R10 each, because a buyer that gullible doesn't come along too often.

Here's the conversation:
Buyer: Hi, I'd like to buy your car, and I'd like to pay X.
Seller: Sure, you can buy the car, just pay off the bank!
Buyer: Ok, err ... for how much?
Seller: No clue, I haven't contacted them in six years. Good luck!
 
simm_card said:
Yes he can, if he let the buyer know that the papers are being held by the bank and only on paying off the bank they'll receive it.
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And if the suckers believe him... shame

I could go dig up a few "the vehicle was never put in my name and now I can't contact the seller thread" threads if I wanted.
 
supersunbird said:
And if the suckers believe him... shame

I could go dig up a few "the vehicle was never put in my name and now I can't contact the seller thread" threads if I wanted.
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A bit off-topic, but my I've got a dear old family member who was conned out of his life savings by somebody who successfully convinced him that green pieces of glass were valuable emeralds. Blew my mind when I heard the story as a little child, but the temptation to get a 'great deal' is stronger than common sense.
 
Foxhound5366 said:
A bit off-topic, but my I've got a dear old family member who was conned out of his life savings by somebody who successfully convinced him that green pieces of glass were valuable emeralds. Blew my mind when I heard the story as a little child, but the temptation to get a 'great deal' is stronger than common sense.
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Thats one reason why I put my money in a RA, even if I am conned they can't get my life's savings. None of it before 55 and just a part of it after. Still got to what for the con from the providers side lol.
 
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Op, the car is not yours. It might actually be worthwhile contacting a debt agency and have them sort it out as there would be penalties, interest and legal fees with your default. You can claim some clemency due to your circumstances but you need to settle the debt to clear your name.

Otherwise you will always have a judgement and can kiss any further prospects of debt goodbye when trying to buy a car/home.
 
abzo said:
So he didn't continue paying installments after getting the new job?
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Nope, reads as he ran from the city with the vehicle and then never updated any papers/licensing so couldn't be traced. And now wanting to sell it.
 
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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Your plea is a valid one, of course.

And since your plea is a personal one and doubtless moved by compassion, it deserves a fuller response from me.

O course I can sympathise. There is hardly a soul alive today who hasn't fallen on hard times and had to face the music. Once, as a young law student I ran into HP payment problems for an expensive electronic item that cost twice my annual university fees. After the second month default I got a "legal letter" from the credit bureau. After the third month's default, and a telegram from the creditor, in great angst I approached my father for advice and assistance. What he said then has remained with me all my life:

Do not try to analyse this issue merely in terms of the law and the legal processes. Those are practical matters, and they must be resolved, and there are mechanisms for that, and they will take their course.

However, much more fundamental are the moral issues at stake here. Not just the law but all of social living is premised on how we live these out. In fact, your happiness as a human being depends ultimately on this, not on things.

Remember, when you take on debt you are using other people's money for your own benefit.
They are lending it to you because you have given your word that you will repay them in full, as you freely agreed.
They believed you, and they have handed over their money to you because they rely on your integrity.
Think very carefully what that means:
You are obtaining a tangible (money) in exchange for an intangible (your promise).
You pledged you integrity to obtain a material value from others. That is a wonderful human power. But it can be terribly abused.
Your integrity is the most precious thing you have.
And almost all human conflict and suffering is caused by our abuse of our integrity.
So, if you are to be a man worthy of that term, never compromise that for mere things, or because of shame, or fear, or neglectfulness.
Giving your word is a pledge of your own integrity, your own worth and value as a human being.
Always honour that.


This opened my eyes to what's really going on in credit transactions:
I am obtaining a current benefit provided by others in return for my promise to repay.
It is the personally-given promise to deliver on my word that forms the very basis of all contracts.

After that father-son session he took me to the phone and made me phone the credit bureau to make an appointment and negotiate a recovery plan.

Though he was an advocate, he never once discussed the legal ramifications of falling into default. He unforgettably impressed on me that those are trivial compared to honouring my word, which is the external pledge of personal integrity.

That is really what I'd want the OP to advert to.
 
Thanks for sharing that Arthur, it was one of the most honest posts I've ever read here.
 
FiestaST said:
Interesting thread this...

*slowly eats popcorn*
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Save me a seat!
e00504c3955b905d409f27e48c5d4f20.gif
 
Arthur said:
Your plea is a valid one, of course.

And since your plea is a personal one and doubtless moved by compassion, it deserves a fuller response from me.

O course I can sympathise. There is hardly a soul alive today who hasn't fallen on hard times and had to face the music. Once, as a young law student I ran into HP payment problems for an expensive electronic item that cost twice my annual university fees. After the second month default I got a "legal letter" from the credit bureau. After the third month's default, and a telegram from the creditor, in great angst I approached my father for advice and assistance. What he said then has remained with me all my life:

Do not try to analyse this issue merely in terms of the law and the legal processes. Those are practical matters, and they must be resolved, and there are mechanisms for that, and they will take their course.

However, much more fundamental are the moral issues at stake here. Not just the law but all of social living is premised on how we live these out. In fact, your happiness as a human being depends ultimately on this, not on things.

Remember, when you take on debt you are using other people's money for your own benefit.
They are lending it to you because you have given your word that you will repay them in full, as you freely agreed.
They believed you, and they have handed over their money to you because they rely on your integrity.
Think very carefully what that means:
You are obtaining a tangible (money) in exchange for an intangible (your promise).
You pledged you integrity to obtain a material value from others. That is a wonderful human power. But it can be terribly abused.
Your integrity is the most precious thing you have.
And almost all human conflict and suffering is caused by our abuse of our integrity.
So, if you are to be a man worthy of that term, never compromise that for mere things, or because of shame, or fear, or neglectfulness.
Giving your word is a pledge of your own integrity, your own worth and value as a human being.
Always honour that.


This opened my eyes to what's really going on in credit transactions:
I am obtaining a current benefit provided by others in return for my promise to repay.
It is the personally-given promise to deliver on my word that forms the very basis of all contracts.

After that father-son session he took me to the phone and made me phone the credit bureau to make an appointment and negotiate a recovery plan.

Though he was an advocate, he never once discussed the legal ramifications of falling into default. He unforgettably impressed on me that those are trivial compared to honouring my word, which is the external pledge of personal integrity.

That is really what I'd want the OP to advert to.
Click to expand...

You remembered that verbatim? Sometimes I agree with you; sometimes I want to...

Ag, regardless, I truly want now want to chat to you. As in voice - you willing?
 
Its a wonder to me that the sheriff hasn't already tracked him down.

Unless he changed his name I can't see why they haven't come to reposes and attach.
 
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