repo notice

[cassnshane]

our vehicle was repoed from our driveway at 2am, we have been in dispute of insurance coverage with the finance company for a few months. we recieved no notice that repo was going to happen,we were just woken up in the middle of the night to see our truck being towed away.

i paid off the truck, insurance fee (for a policy they purchased), and repo fee for a total of $14,560 cash the next morning and got the truck back.

we made timely payments each and every month on the vehicle, and had never defaulted, or been late. the company increased our payment by $26 per month for the insurance policy they purchased, but i continued to pay the original amount on time each month. the creditor told me that we might as well have quit paying all together, and the end result would be the same. we are looking to buy a new house, and never will be able to now with a big fat repo on our credit report. is there any way to get that removed?

my main question is, does the creditor have a legal obligation to notify us if immenent reposession if $850 for insurance policy is not paid?

thanx

 

[Michael Wechsler]

Most important thing to do is look at your contract that you signed. It should state all the terms in the very fine print. If you are supposed to make timed payments, e.g. $400 due on the first day of each month, it is likely that they may wish to avoid notifying you and stating that you have X number of days to "cure" a non-payment that is not received on the first day of the month.