I bought & registered a trailer in Texas that was out for repo in LA without knowing

M

Meli

New Member
Jurisdiction
Texas
I bought a Big Tex trailer a couple months ago from a private seller, everything went smooth and even registered it in Texas. It was financed by my local bank, and they did the registration for me.
A few weeks ago, I was contacted by a repo company that they were looking for the trailer and needed proof that it was registered under my name, everything was provided. Now the trailer is no longer out for repo but im left wondering what happens next. Will the original creditor reach out to me to take it back? how will this affect me? I seriously had no clue it was a repo and neither did my bank. No issue arose when processing the transfer. Can anyone give me any feedback? I am so stressed about this entire situation. The repo company cannot give me the creditor info and I cannot get ahold of the seller.
 
Meli said:
A few weeks ago, I was contacted by a repo company that they were looking for the trailer and needed proof that it was registered under my name, everything was provided. Now the trailer is no longer out for repo but im left wondering what happens next.
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Who hired the repo company? Why would you think anything would happen next? In other words, do you have reason to believe that you having provided everything that was requested won't be the end of it?

Meli said:
Will the original creditor reach out to me to take it back? how will this affect me?
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To whom does "the original creditor" refer (and why would you think anyone here would know what this unknown creditor might do)? Are you current with your payments to your lender?
 
The repo company that was hired by the original leinholder said the trailer is no longer out for re[o. Only thing she told me was that the leinholder would get with their attorneys with the next steps in the process. (She could not disclose any other info than just that)
And yes i am current with my current lender, ive only had this trailer for about 3 months.

Im only posting here to see if anyone has any idea of what can happen or has beeen in or heard of a situation like this.
 
Meli said:
The repo company that was hired by the original leinholder said the trailer is no longer out for re[o. Only thing she told me was that the leinholder would get with their attorneys with the next steps in the process. (She could not disclose any other info than just that)
And yes i am current with my current lender, ive only had this trailer for about 3 months.

Im only posting here to see if anyone has any idea of what can happen or has beeen in or heard of a situation like this.
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I understand that you're nervous about what the future holds, but I recommend that you not worry too much about it just now. What may or may not have happened to others would only be slightly helpful information for you and, if the stories you hear are negative, may serve to provide additional and unwarranted anxiety.
 
Meli said:
Im only posting here to see if anyone has any idea of what can happen
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One possibility is that the trailer gets repossessed, you still have to pay your lender, and you get to sue the person who sold it to you.

Another possibility is that nothing happens.

Additional possibilities lie anywhere in between.
 
Meli said:
The repo company that was hired by the original leinholder said the trailer is no longer out for re[o. Only thing she told me was that the leinholder would get with their attorneys with the next steps in the process.
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That could mean that the seller took the money from the sale to you and paid off (in part or whole) his lender.
 

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