Hello All just have a little time to talk wanted to pass this along--- A GOOD friend had his truck unexpectedly repo'ed(sp?) by the bank yesterday seems they had no record of him EVER making a payment-he bought the truck in July. HMMMMMM

His checking account is with this same bank- He has cancelled checks for the payments.

His mortgage is with this same bank--no problem.

he has personell loans and all is okay!

They just issued the order to go get his truck and that was it! No calls no threats no nobody knowing anything at all!

He plays golf with the bank guy every week! I see them together all the time.

Oh well just had to share this with my y2k~ friends.

Take it easy!

-- Johnny (jljtm@bellsouth.com), December 08, 1999

Answers

Johnny,

That sux! Let us know how it resolves?

-- Hokie (nn@va.com), December 08, 1999.

Sorry Johnny,

I have a hard time with this story. My son is a repo man for a credit union. That is not how repos are done. He works with the customers to get the situation worked out. If this did happen, your friend needs to change banks NOW. I'm pretty gullible, but even for me, this story say TROLL all over it.

-- Tess (preparingfortheworst@prayingforthebest.com), December 08, 1999.

Now just settle down Tess, I'm no troll- Ha!Ha! LOL Now I'm probablty on of the most extreme y2k longs you ever saw.

I'm relating the story to you verbatim.

I know this guy to pay his bills and saw the cancelled checks. And I saw the truck being towed off.

Today at closing the bank had no record of his payment on the loan. But did verify the authenticity of the cancelled checks.

Troll-I guess I've been gone too long!

-- Johnny (jljtm@bellsouth.com), December 08, 1999.

This is exactly what I feared with my car loan, so I paid it off early. Even in "normal" times, the bank didn't always post my payment on time. It hurt but it was worth it to have the title in November.

I just didn't expect these types of glitches before rollover. Looks like we are already at a "4".

-- Margaret (janssm@aol.com), December 08, 1999.

OK, I have to relate a story about my car loan. We bought a car $19,000 with $5,000 down, the rest a loan. At least we signed the loan papers. But no coupon book ever came in the mail. We waited 2, 3, 4 months. Finally at 5 months, I realized that we would no get title documents, etc. etc. until this was cleared up.

So I called up the car dealership. I said "I bought this nice car from you in December. It is really nice. Now I need to pay for it". They flipped out. It turned out that the reason we never got the coupon book was an error by the dealership (when they made out the loan papers for the bank, they gave the incorrect address for the branch of the bank they were dealing with). The computer rejected the deal days after we had the car. The whole thing was just about to blow up. After lots of phone calls initiated by me, the things got fixed up. [for a while, it looked like the dealership was trying to blame us for the problem and trying to trash our credit record. I had to explain things to lots of people in the bank so we didn't pay any penalty or lose our credit rating]

What is the y2k connection? Is there any? Sometimes there are bad transactions caused by manual errors. In the best of times, it can take 1-2 weeks to straighten them out. Under the shadow of y2k, a botched deal like this might never be repaired.

I very much believe the tale of the repo'ed truck. We live in interesting times.

-- David Holladay (davidh@brailleplanet.org), December 09, 1999.

More on repo'd trucks:

Happened to me last month AND I was current w/ payments. Goons came w/ a tow truck in the middle of the night and took it from my driveway. Initially, we thought it had been stolen, and called police. They directed us to Repo Depot (no kidding) where it was on the lot.

This was in the wake of a debt settlement arrangement I made w/ gov't on income-tax interest and penalties that were mounting because of graduate-school woes. As a secured creditor, the bank received notice of this. I file taxes every year, and I am not insolvent.

When I called my bank mgr. (big national bank, many branches) she was confused; this didn't have anything to do w/ her. Several DAYS later, after getting no satisfaction from the Bank's central credit dept., which insisted that the bank owned the truck and they did not have to disclose their reasons for reposession, I complained to the President's office. The result? They smilingly told me that they'd be happy to return the truck as soon as I forked over $600 for the towing fee AND agreed to increase my loan payments by $100/mo.

I told them, hey, bad decision guys: truck needs a whole mess of work and it makes sounder economic sense for me to walk away from this.

The next day I moved all my money to a credit union, and the next week I bought a used car w/ cash.

Johnny wrote, above, "They just issued the order to go get his truck and that was it! No calls no threats no nobody knowing anything at all!"

Tess responded, "I have a hard time with this story. My son is a repo man for a credit union. That is not how repos are done."

Well, folks, apparently it IS how repos are done these days, at least some of them: strong-arm extortion.

Who knows if I got caught in a y2k snafu? The bank just kept insisting that they did not have to give me their reasons. And at the moment I'm just paranoid enough concerning TPTB that I let it go instead of blazing away at the bank w/ my whole arsenal (which would usually be my approach when done wrong). This same bank is cutting staff in order to maximize shareholder profits. Still makes me livid to think about it.

-- no name (no@truck.either), December 09, 1999.

Good God, this is awful!

When's he gonna get it back????

-- lisa (hands off@my.truck_a$$hole), December 09, 1999.

I should add that under normal circumstances I would have gotten my lawyer on the case asap, but w/ y2k looming, I couldn't see the point, unless it was a point of pride. I felt it was better to use potential lawyer funds for preps.

-- no name (meaculpa@dded.here), December 09, 1999.