I figure I would write this post to update on my car repossession since I see this question come up sooo much in forums and online. Geese, everywhere I turn nowadays, there’s a tow truck with a car on the back of it! I know one of my neighbors just had his car repossessed. How do I know? Well, it was a Honda and it was the same tow truck that came and got mine. So, I know it is affecting a lot more people than ever.
I got a letter in the mail on Friday from Honda. They sold my car at auction last month for almost 15K and they are billing me for over $12k! That was for the amount of lease balance remaining, unpaid lease payments as of Termination,excess wear and tear, costs of repossessing the car, storing it and reconditioning it. Of course they added on some “misc” fees. What a rip! This is on a lease so it is a little worse I guess than if it was a financed vehicle.
Remember though, I paid on this car for a year and put money down and into it. That just goes to show that financing or leasing a new car is a rip off and I will never do it again! Next car will be cash and cash only!
By the way, the balance is due within 10 days. Are they serious? I am not worried about it because this will be included in the Bankruptcy but for the average person to come up with almost $13k-WOW. Don’t they think if I had 13k I would have paid the monthly payment on the car?
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Tags: Automobile, Honda, Money, Repossession, TowTruck, Wear and tear
So have you all been to the lawyer yet?
Wow that is crazy! And if it’s a lease how can they try and charge you the full amount? If you were going to turn it in at the end of the lease they wouldn’t have been able to collect the $ anyway, because it’s just a lease.. this sounds weird. But your right, if you had 13K lying around you would have made the payments! I’m glad it will be included but in your BK, but like you said many others might start getting those collection calls on remaining balances.
No-haven’t been to the lawyer yet due to the lack of funds.
The good news is-we paid off all but $100.
J that is exactly what I said. 13k after they sold it and after I paid on it for a year? It does sound like too much but I am sure there is some fine print somewhere.
I know if I wasn’t filing, I would be a nervous wreck with that letter. And to demand the funds be paid within 10 days-are they nuts?