Vehicle Repossession Vehicle Lease Repossession- Honda

[Quincy Dean]

Jurisdiction

Ohio

Hello my vehicle was repossessed overnight on Friday, October 30, 2015. I contacted Honda Financial Services to explain my situation and to express that I wanted to keep my car. They told me to wait 1-2 business days so that they could review company policy and Ohio law following that they would inform me of how I can get my car back and of other options. They said that they would contact me by phone. The agent told me that there is always an option to take back your vehicle. I understand that I need to pay my past due balance but what else is expected?

My Questions:

What would be required for me to get my car back?
Is there anything that they can't do that is prohibited under Ohio Law?

Any additional insight or stories would be appreciated.

Thank You,

Q

 

[adjusterjack]

The first thing you have to do is take out your lease contract and thoroughly and carefully read it. Read it a few times if you have to. It'll tell you exactly what the leasing company can and cannot do and, frankly, that's all you need to know because nothing you learn here is going to change the enforcement of the contractual provisions if the leasing company wants to enforce them to the letter of the contract.

It also doesn't matter what anybody tells you so don't be surprised if somebody tells you something and then something entirely different happens because the contract says different.

The leasing company will do what's in the leasing company's interest, and would have no obligation to do what's in your interest.

 

[despritfreya]

Please review the below for general info on repossession in Ohio. . .

OSBA | Know Your Repossession Rights

Just remember. . . the lender is not your friend.

Des.

 

[adjusterjack]

I understand that I need to pay my past due balance but what else is expected?

You'll probably have to pay a lot more than just your past due balance. There will be late charges, accrued interest, the leasing company's repo cost and storage fees, and possibly the upcoming month's payment (depending on the terms of your lease).

 

[army judge]

In most cases, once a car has been "repoed", you NEVER get it back.

You generally get a bill, for the DELTA between what the lender got at auction for your used car, and what you STILL owe on the car, plus recent expenses - ie - "repo" fees.

To clarify, I used MOST, not the word ALL!

You might investigate filing a Chapter 7 bankruptcy.

That's how you avoid the deluge that's about to rain down around you.