My Harley was repossessed by mistake!

[Saltyag15]

I'm jim adler!!!!!!!!!!!!! ****!!!!!!!!!!!!

[BowSlayer]

How did you pay 10 months ahead? Every time I ever paid extra it went toward principal and the next monthly payment wasn't affected. I guess you can specify whether you want your over-payment to go toward principal or future payments?

[cantexduck]

Sounds like finance company just bought a bike and gave you a new 60 month 0% loan.

[The Crippler]

How did you pay 10 months ahead? Every time I ever paid extra it went toward principal and the next monthly payment wasn't affected. I guess you can specify whether you want your over-payment to go toward principal or future payments?

Yeah, that's what I'm wondering...unless there was an agreement in place between OP and the lender that 10 months of payments (principal and interest) were considered paid, that 10 months of payments just went to principal and OP would be required to continue making monthly payments - no monthly payment = repossessed motorcycle. Not saying that's what happened, just wondering. Even if that is what happened, I'd be super mad that they didn't give me a heads up before taking the bike.

[Stan R]

following

[doublearrow]

How did you pay 10 months ahead? Every time I ever paid extra it went toward principal and the next monthly payment wasn't affected. I guess you can specify whether you want your over-payment to go toward principal or future payments?

Every vehicle loan I've had if I pay extra it takes off the next payment. Pay double this month there's no balance due the next.

[Atfulldraw]

HD finance is who the demand letter needs to go to.

Don’t forget about diminshed value...I’ll be happy to write up the appraisal on that portion of the claim for you

[Burnadell]

He tells you in the first sentence, he paid 10 months ahead.

No, he has not explained how they made this mistake. He simply said that he was paid 10 months in advance. He did not explain why they repoed it, nor what the lender’s (I now see who it was ) excuse was. Surely, he has spoken to the lender who ordered the repo done.

Unanswered questions.

[Burnadell]

HD finance is who the demand letter needs to go to.

Don’t forget about diminshed value...I’ll be happy to write up the appraisal on that portion of the claim for you

If I was an attorney, I would send the demand letter to both the repot agent who damaged it AND the lender with whom he has a contract and who ordered the repo. But then, I’m not an attorney.

[The Crippler]

If I was an attorney, I would send the demand letter to both the repot agent who damaged it AND the lender with whom he has a contract and who ordered the repo. But then, I’m not an attorney.

If I was an attorney, I'd make sure I had a copy of the loan agreement and a full understanding of what led to the mistaken repossession before I sent any demand letters.

[TreyRo]

Every vehicle loan I've had if I pay extra it takes off the next payment. Pay double this month there's no balance due the next.

Same, I generally use the same 2 or 3 credit unions for my vehicles and I can choose principal only or just a payment... If I pay extra it still goes direct to principal it just pushes out the next due date as well.

[tps7742]

Yeah, that's what I'm wondering...unless there was an agreement in place between OP and the lender that 10 months of payments (principal and interest) were considered paid, that 10 months of payments just went to principal and OP would be required to continue making monthly payments - no monthly payment = repossessed motorcycle. Not saying that's what happened, just wondering. Even if that is what happened, I'd be super mad that they didn't give me a heads up before taking the bike.

Ahhh the plot thickens! I bet some on TBH will get to the bottom of it before Monday morning.

[Atfulldraw]

If I was an attorney, I'd make sure I had a copy of the loan agreement and a full understanding of what led to the mistaken repossession before I sent any demand letters.

agreed, but the fact that it was returned (we assume without any payment on the part of the OP) speaks volumes.

The damage is done.

And if they aren't giving answers, a letter to the lender is a useful first step.

[boy wonder]

Even if it was a legit repo, are they allowed to damage the vehicle?

[Burnadell]

If I was an attorney, I'd make sure I had a copy of the loan agreement and a full understanding of what led to the mistaken repossession before I sent any demand letters.

Exactly, Counselor! This is a classic thread without full explanation, then not to return and answer questions so a logical reply can be offered. Drive by posting.