My Harley was repossessed by mistake!

[Throwin Darts]

Atfulldraw is correct. All financing contracts/loans these days are calculated using simple interest versus the “old days” when add-on interest was used. Any extra payments would (should) be applied first to accrued interest, then to principle, so...most of any extra payments would be applied to principle.

You're wrong on this. Unless a borrower specifies that extra payments are only to be applied to principal then most likely the borrower is just making payments in advance. I.e. Paying the bank their interest faster. It has nothing to do with an interest calculation.

Oh and its principal, not principle.

[Burnadell]

You're wrong on this. Unless a borrower specifies that extra payments are only to be applied to principal then most likely the borrower is just making payments in advance. I.e. Paying the bank their interest faster. It has nothing to do with an interest calculation.

Oh and its principal, not principle.

Dang it! I blame auto correct!

As The Crippler said, it all depends on the specific contract wording. I have been out of banking for 25 years so my info is dated, and I have not read the contract wording on any recent vehicle financing that I have done , so I will yield to your current experience on current standard financing contracts. That being said, I am somewhat sceptical that the current consumer laws would allow financing contracts where additional unscheduled payments are not required to be applied to principal . Any chance you can post up the pertinent paragraph(s) in a consumer loan contract that supports your position?


EDIT: I yield to the defense.

https://www.moneyunder30.com/pay-off-your-car-loan-early

If my memory serves me right, and it very well may not, Texas changed the law back in the 70's or 80's that required simple interest loans and prohibited pre-computed (add-on) interest on consumer loans. It appears that is certainly not the case now.

[blacksunshine]

I think you should hire Burnadell to get this straightened out for you....

[Texas Tracker]

Judge Judy!

[Dushon]

Today the Alvin PD stepped back from helping out again. They keep saying they can’t put the license plate or VIN on the report without blacking it out. I asked if the could at least tell me yes or no if the numbers matched mine. They said NOPE. I’d love to know how not letting me know if the identification numbers used to verify my bike, protects anyone’s identity? This is where LEOs get a bad name. I support APD but I’m still feeling way under served. And surely not protected.

When Countrywide called and said they had a repo and gave the address, APD said,”sure go ahead”. When I called and gave the address, APD said, “that’s school district property and you need to contact them for any help”. APD never told that to the repo company and they never contacted AISD PD either. So AISD PD isn’t any help.

I’d be in the repo companies office, and I would bring my lunch with me.


Sent from my iPhone using Tapatalk

[duckmanep]

maybe I missed it, but what was your insurance companies response to the situation? Seems like a simple case of someone stole it, damaged it, and then it was recovered. They should be all over fighting for not having to pay the claim to you but instead recovering it from the repo guy's insurance company.

[Wampuscat]

maybe I missed it, but what was your insurance companies response to the situation? Seems like a simple case of someone stole it, damaged it, and then it was recovered. They should be all over fighting for not having to pay the claim to you but instead recovering it from the repo guy's insurance company.

Foremost Insurance told me that any company that you file this with will eventually raise your rates even if it wasn’t your fault. Yes, that sucks. So I’m not going through them until I have no choice.

[kurt68]

So what would have happened if you shot the thief since you knew it was paid for?

Somebody needs to make things right

Unfortunately they will probably all point fingers at each other and it will take work and time to get paid

It happened in Houston a few years ago, I guy was one week behind on his payment, they repo-ed. He shot the wrecker driver as he was pulling his truck away thru the cab and killed the man. It happened at night, he thought someone was stealing his truck he said. A DPS officer found his vehicle and him in a ditch dead. The DA in Houston at the time, Johnny Holmes , Said don't steal at night to all the wreckers and you won't get shot. They didn't charge the guy, but he took his own life a few years later because of it.

[Wampuscat]

It happened in Houston a few years ago, I guy was one week behind on his payment, they repo-ed. He shot the wrecker driver as he was pulling his truck away thru the cab and killed the man. It happened at night, he thought someone was stealing his truck he said. A DPS officer found his vehicle and him in a ditch dead. The DA in Houston at the time, Johnny Holmes , Said don't steal at night to all the wreckers and you won't get shot. They didn't charge the guy, but he took his own life a few years later because of it.

I would’ve been taken to jail for having a gun on school district admin bldg property. Not really sure if that is a gun free zone or if it’s gotta be an actual school property for that. Either way, it’s too late for chasing a repo man down the street.

[Wampuscat]

This company was sued in Galveston County for taking a guys GMC that wasn’t up for repo. Don’t know the outcome but the lawyer wasn’t interested in taking the case

[lovemylegacy]

Make Harley Davidson Finance pay for it....they started this mess!!!
Repo was only doing what they were asked to do...that is their job.
Get your Lawyer to contact HDF.

Exactly

[Burnadell]

What is the name of the repo company?

Did you ever find out the name of the target owner whose bike was supposed to be repoed when they got yours by mistake?

[Burnadell]

Make Harley Davidson Finance pay for it....they started this mess!!!
Repo was only doing what they were asked to do...that is their job.
Get your Lawyer to contact HDF.

Exactly

No. He said the lender did not put out a repo order on his bike. It was for someone else's bike, and they got his by mistake.

[Wampuscat]

I just did a drive around out of curiosity to look at their address listed on their website. It looks like they have closed that one down and moved to pair land Texas. And both show the same phone number so I assume they have moved. Glad I didn’t send a demand letter before a court case was filed to the wrong address.

[Tomkat70]

Give it to the insurance company