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  1. #1
    Join Date
    Jun. 14, 2006
    Location
    VA
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    11,372

    Default Prob w/ 5/3 car loan? Anyone else?

    Allow me to set the stage. I dropped my husband off at the airport Saturday morning. Parked the car in front of our town home in our spot. Screwed around all day. Never left the house again except to walk the mutts.

    Woke up Sunday morning at 7am and the car was gone. GONE.

    Called husband (car is in his name, needed info). Called cops to report stolen vehicle. Cops say "oh, it was repossessed, call this number." Of course being Sunday, nothing was open.

    Well, husband was able to get a hold of the bank this morning. They say we're 60 days behind and if we don't come up with 2 payments plus fees by Friday, it's going to auction. (plus we have to pay the repo company and whomever is currently holding the car--not sure where it is yet)

    However, we have proof via our bank accounts that the payments have been made. I've got confirmation numbers and everything. But they say they won't even review that documentation until after we resolve the current issue.

    Where's the fruitbat?

    On top of this, the repo company HQ (only contact num we have) is on the other side of the country, and they don't even show in their records that they HAVE the car yet. Oh, and my wallet and my saddle are in that car. I had planned to head to the barn on Saturday so I just left everything in there. Awesome. So I'm totally stranded and without any access to money to boot. This is our only vehicle.

    So.

    Anyone ever dealt with this? I'm going to have to try to borrow the money from my Dad or something in order to cover the immediate expense if I can't get them to look at the danged documentation. I'm having my husband auth me on the account so I can call and try to sort this out.

    I'm not even sure where to start! I already got the bank statement stuff together. The money clearly left our accounts. All of the payments were done either over the phone (by me out of my account) or out of my husband's account via bill pay.

    NOT how I intended to spend the day. Any ideas would be very helpful. I would really like to find a way to resolve this just by using facts rather than having to cough up money and then go about trying to recover it.
    A good horseman doesn't have to tell anyone...the horse already knows.

    Might be a reason, never an excuse...



  2. #2
    Join Date
    Aug. 1, 2007
    Location
    West Palm Beach, FL
    Posts
    4,684

    Default

    BRoo that SUCKS!!!!!

    I've got 5/3, but I don't have any of my loans through them. They HAVE screwed up on stuff for me, though - like checks going out and posting to my account, but the receiver never receiving the checks.

    5/3 just changed all their account options and payment options recently and it's terrible - seriously considering changing banks because of it.

    Hope you are able to get this resolved quickly.
    People call themselves animal lovers, then let their dogs chase the squirrels. You're scaring the shit out of the squirrels, you schmuck!



  3. #3
    Join Date
    Nov. 22, 2002
    Location
    Granby,MA
    Posts
    1,293

    Default

    It sounds like a similar situation to what happened to me last January. I have my horse trailer payments on auto deduct, and they were being auto-deducted as always. I got a call saying I hadn't made a payment in 90 days and they were going to repo my trailer. I, of course, flipped out and went right to my bank account, where I saw the payments HAD been made. Called bank back, they said oh, well we don't have that on record, but your loan was sold a few months ago so that may be why. I faxed over everything, but they said it would take a few days to process and the repo people were coming that day. So I paid 3 months worth of payments on the phone to avoid them taking my trailer (and all my tack) and figured when all was sorted out I just wouldn't have payments for 3 months. Person on the phone called then and there with me on hold to stop the repo, said I was all set.
    I got home that night and my trailer was gone. Called cops, they said it had been repo'd. WTF.
    Repo company decided to get it anyway because their truck was already running when they got the call not to repo it.
    So, I then had to pay over $800 to the repo company to get it back, because of course this was a friday night and they weren't open again until monday, and charged insane storage fees.
    Bank was not helpful and I never saw that $800 again. They said the repo companies can have whatever policies they want and I have to take it up with them. Which, of course, got me no where.
    In the end, they found the "lost" payments and credited them to my account. It did not show up on my credit score as a repo at all.
    But, I still seethe about the whole thing.
    So I don't have any advice, but you are probably going to be stuck with the repo fees. And it will involve a hassle to get it out. They will need cash. And will charge very very high storage fees. Best to get it out ASAP or it will become cost-prohibitive FAST and even if the bank sorts things out, you will still owe the repo company and have to pay to bail out your car.
    If riding were all blue ribbons and bright lights, I would have quit long ago.
    ~George Morris
    Tufts Cummings School of Veterinary Medicine Class of 2014



  4. #4
    Join Date
    Jun. 14, 2006
    Location
    VA
    Posts
    11,372

    Default

    Quote Originally Posted by ybiaw View Post
    BRoo that SUCKS!!!!!

    I've got 5/3, but I don't have any of my loans through them. They HAVE screwed up on stuff for me, though - like checks going out and posting to my account, but the receiver never receiving the checks.
    .
    THIS is what I'm afraid of. We don't bank through 5/3 for anything else. But what I'm afraid of is that perhaps by using the bill pay feature, the money "comes out" of the account but didn't make it to 5/3.

    I'm digging through bills and crap right now trying to find everything I need. The last time I did anything with this account was November and when I did, I had the paper bill right in front of me and it showed the amount due plus I wrote down the confirmation number. I know it's here somewhere. So if I have that plus the online proof for Dec and Jan (Feb not due yet) then I would *think* they'd have to review this. But who the hell am I?

    Grrrr.
    A good horseman doesn't have to tell anyone...the horse already knows.

    Might be a reason, never an excuse...



  5. #5
    Join Date
    Jun. 14, 2006
    Location
    VA
    Posts
    11,372

    Default

    Quote Originally Posted by MissCapitalSplash View Post
    So I don't have any advice, but you are probably going to be stuck with the repo fees. And it will involve a hassle to get it out. They will need cash. And will charge very very high storage fees. Best to get it out ASAP or it will become cost-prohibitive FAST and even if the bank sorts things out, you will still owe the repo company and have to pay to bail out your car.
    Yeah, this is what I'm afraid of. Love that they took it on a holiday weekend when there's not much that can even BE done with some of the key players.

    I just put away all of the tax stuff I had been working on and am shifting gears. I honestly felt a little better about the whole thing when I realized that the car had NOT been stolen (therefore, I probably didn't have to cancel my bank cards, get a new DL, lose a saddle, etc). Then I was pissed at husband thinking he'd dropped the ball. But now? Oh, now I can focus my piss-off-ed-ness on a company. That is way more comfortable but not sure what good it will do.

    Being that I'm not working right now, a small claim might be in order after I get this all sorted out. I am not paying hundreds in storage/repo fees for someone else's screw up.

    don't they have to send letters? Make phone calls? BEFORE they do a repo? I can't find a single bill (yet) that shows a balance!
    A good horseman doesn't have to tell anyone...the horse already knows.

    Might be a reason, never an excuse...



  6. #6
    Join Date
    Sep. 7, 2009
    Location
    Lexington, KY
    Posts
    20,008

    Default

    I'd be putting in a call to the relatively new Consumer Financial Protection Agency, and the AG for your state. Maybe your congressman too, if he's worth anything.

    Anything in your car is probably gone, OP. Cancel the credit cards ASAP.
    "We can judge the heart of a man by his treatment of animals." ~Immanuel Kant


    2 members found this post helpful.

  7. #7
    Join Date
    Apr. 28, 2008
    Posts
    7,547

    Default

    I am not usually a difficult person but there is no way in H.E.double-hockey-sticks I would be paying a large repo fee due to bank error. Their mistake, they pay.

    When you go in with your proof, tell them that if your car does not reappear at your home, for free, that you will report them to the BBB and your state Attorney General's office. Follow through if you need to. CC the bank and provide your proof to the state AG/BBB. That usually results in decent action.

    In the meantime, Keep asking for managers until you reach someone with actual authority to deal with your problem appropriately. Sorry this is happening to you. What a PITA.


    5 members found this post helpful.

  8. #8
    Join Date
    Feb. 28, 2006
    Location
    The rocky part of KY
    Posts
    9,507

    Default

    Oh ugh. Well, the bank is closed today, correct? Something I've seen is that when you do auto bill pay some banks, not all but some, automatically pay your bill by issuing a paper check that goes through the US mail, and if they make an error in the address you, the loan holder, are never going to find out.
    But, that doesn't sound like your problem and I don't understand how you are seeing the money going out and being credited to fifth/third and them not getting it unless there is possibly a routing error? Like that English lady in the news recently, an error in the account number that has gone un noticed.

    Repo companies and towing companies really suck, and that's all I'm going to say. Get your car back ASAP or the saddle and anything else will be gone and you'll never see it again.
    Really sorry about this. I used to think I was paranoid because I went to the BofA in person and handed my payment over to a teller faithfully every month. Maybe not.
    Courageous Weenie Eventer Wannabe
    Incredible Invisible



  9. #9
    Join Date
    Aug. 23, 2006
    Posts
    1,757

    Default

    Call and inform them that since they cannot straighten this out, you will be contacting the VA Bureau of Financial Institutions to let them take care of it!

    http://www.scc.virginia.gov/bfi/index.aspx

    This same thing happened to me with my very first car. I had made every payment (early) and then get a letter that since I haven't made the last couple of payments, they needed all of them paid immediately (or else!). I was 19 years old and had no idea what to do. I had all of my cancelled checks (this was before the internet and paying bills online). My father, who was the co-signer on the loan, hid the car and then called the bank and told them that if they didn't get this right immediately, he'd be contacting the Commissioner of Banking in our state and let them figure out why my payments hadn't been credited toward the loan.

    Well, let me tell you, that was NOT what the bank wanted to hear. They started apologizing and saying that they would correct the error right away, (and practically begged us not to call the state banking commission)!!! I guess they are pretty fearful of the regulatory commission - Oh and as if by magic - it took them practically no time at all to *find* all of my payments and correct my account (which they said was in "excellent standing").

    They then followed up with a formal letter of apology!

    So yeah, let you bank know right away that you will be "blowing the whistle" with the state banking *authorities*. Hopefully, all will be corrected for you. And don't forget to get them to pay the repo and storage fees (their mistake - they need to pay).

    Good luck.


    5 members found this post helpful.

  10. #10
    Join Date
    Jun. 24, 2005
    Location
    Alabama
    Posts
    9,256

    Default

    The problem about today is that VA doesn't follow the federal holiday (cold day in hell when some southern states adopt a Lincoln holiday), but VA has Lee-Jackson day (or used to) on the same date. But, find your documentation, print it off, and contact the banking commission tomorrow. Claddagh is totally right, and you can make the bank come through.
    You can't fix stupid-Ron White



  11. #11
    Join Date
    Jun. 14, 2006
    Location
    VA
    Posts
    11,372

    Default

    Well, I've got my documentation together. The dispute dept at the bank isn't open. The repo one is so I'm going to call them and try to make my case and try to get the amount down as much as possible. But...I also found that one of the payments I had made didn't get processed even though I have a confirmation number. So that DOES put us 1 mo behind. However, I have statements in front of me FROM 5/3 since then that do not show this.

    I called all 3 banks we've used since last Jan and have all of the payment dates/amounts. They have our current address, my DH's cell number has not changed in 10 years. And we've had zero communication about this.

    I'm told by husband that the repo company *thinks* the car is at X location and that we're also being charged a fee for securing my items (wallet and saddle and hoof jack/tools). Dude, there's over 2k in stuff sitting in that damned car!

    Anyway. Being far from home/friends, I don't have a lot of ride options to get out there anyway. I'm making some calls. Trying to figure out how I might resolve this quickly.

    Got to get back on the phone. Thanks for the ideas thus far. of course, everyone is shut down today. Grrr....makes it so EASY! not.
    A good horseman doesn't have to tell anyone...the horse already knows.

    Might be a reason, never an excuse...



  12. #12
    Join Date
    Aug. 6, 2002
    Location
    NJ, USA
    Posts
    2,330

    Default

    No advice but I find it shocking & infuriating that this stuff happens! Guess that just makes me naive.

    Well, I was repo'd once but I was behind payments, it was justifiable. My advice (okay guess I do have some lol), do whatever you can to redeem your vehicle before it goes to auction. They should have it in a secure lot not too far from your address at this point. State laws differ but mine said you had 48 hrs to resolve issue before vehicle left repo lot.

    I did manage to come up with the cash, they gave me location, got a friend to drive me, and all my stuff was there (I had tack & 600 pounds of feed!)

    Another friend let theirs go to auction, they did get it back but everything was missing, and it had a dent that they could not get anyone to reimburse for.

    Again infuriated this can happen to innocent good bill payers! It was scary and stressful enough for me, but at least I knew I deserved it!



  13. #13
    Join Date
    Jun. 14, 2006
    Location
    VA
    Posts
    11,372

    Default

    Well, I figured out where the car is. And I have to present $25 in cash to get my stuff out. Only since my WALLET is IN THE CAR that's difficult. But a friend agreed to spot me if I can find a ride. So, the neighborlady has offered me her car before when husband was out of town with it and I'm going to ask. I HATE asking for stuff. Gah.

    The place is almost an hour away from home--close to where my horse is--so at least I generally know where I'm going.

    I think I can work out all of the financial stuff yet today actually (well, not the part where we dispute)...but the kicker is that since it's my husband's car, he has to be the one to pick it up. Pretty hard when he's at work downtown and can't take time off. Not sure how THAT is going to work. I may be without a car for some time even if I pay the fees.

    I love stuff like this. Just a new opportunity to practice patience and to be humble and thankful for any of the good stuff that comes your way, eh?
    A good horseman doesn't have to tell anyone...the horse already knows.

    Might be a reason, never an excuse...



  14. #14
    Join Date
    Dec. 21, 2005
    Location
    Colorado Springs, CO
    Posts
    1,950

    Default

    Some quick Googling came up with this,

    "Effective October 1, 2010, the Virginia Assembly passed legislation requiring lenders to send borrowers a default letter before attempting to repossess their vehicles. The lender must send a written notice by first-class mail at least 10 days before repossession. The notice must state the amount of principal and interest due and owing, and alert the borrower of default and provide him with notice of the lender's ability to repossess the vehicle if the buyer does not pay the entire delinquency by a prescribed date."

    Also says they must give 15 days written notice before it can go to auction. Sounds like someone it tossing a lot of scare tactics at you.

    http://www.ehow.com/info_8299210_car...-virginia.html

    http://lis.virginia.gov/cgi-bin/legp...0+cod+6.2-2217

    Keep receipts for all expenses incurred and make damn sure you get every cent back if this is truly the result of a bank error.
    "Is it ignorance or apathy? Hey, I don't know and I don't care." ~Jimmy Buffett


    1 members found this post helpful.

  15. #15
    Join Date
    Mar. 16, 2009
    Location
    Near the cupcake shop
    Posts
    2,398

    Default

    Sorry you are going through this.

    As far as being 90 days past due, it is possible. If you somehow did not make Novembers payment but mailed Decembers on time, Novembers payment is probably hitting your credit as 30, then 60, then 90 days past due.

    I hope you are able to get this resolved and it was all bank error. The 90 days past due and repo will leave a very ugly black mark on your credit. If you are able to prove that it was bank error, get a letter or correction and DEMAND that it be sent to all 3 credit bureaus.

    I spent 12 years in the car business and when I had something similar (I somehow had charges hit my credit on a leased car I had turned in), I got on the phone and had to talk to a bunch of people to correct it. Good luck.



  16. #16
    Join Date
    Jun. 18, 2007
    Posts
    4,240

    Default

    Does the bank have a Facebook page? While waiting for people to open tomorrow, I'd "like" it (while rolling my eyes) today and post that they took your car and refuse to even look at payment receipts. All their other customers and probably several friends of their other customers would be able to share your experience today that way, and you might light a fire under the bank faster than you think. I hate social media in general, but for complaints, it has often made a difference in the speed of getting a company's attention these days.

    Good luck.


    3 members found this post helpful.

  17. #17
    Join Date
    Dec. 4, 2005
    Location
    washington state
    Posts
    9,682

    Default

    Yes, post the Facebook! I excel at tearing up misbehaving companies social media, just ask Comcast

    And, when you get the car back, sue them both. I don't usually advocate for suing but in this case, little creeps need a lesson.

    Can we take up a COTH donation to post the repo companies name and the banks name with their misdeeds in the local paper?
    The Knotted Pony

    Proud and upstanding member of the Snort and Blow Clique.


    1 members found this post helpful.

  18. #18
    Join Date
    Sep. 9, 2008
    Posts
    371

    Default

    When you say 5/3 are you talking about Fifth Third Bank in Ohio???? I worry because they hold our mortgage! I have had the worst time with them. I mail my payment and mysteriously it takes nearly 2 weeks to get from South Carolina to Ohio! I asked about online payments and they don't have the capability unless I have a bank account with them. Pretty inconvenient to bank in Ohio from SC.

    This whole thread makes me nervous. I have had two late payment notices from them which thankfully I was able to get removed since my bank was able to tell me the day that the check was presented for payment.



  19. #19
    Join Date
    Feb. 11, 2008
    Location
    gorgeos city
    Posts
    664

    Default

    Quote Originally Posted by MissCapitalSplash View Post
    So I paid 3 months worth of payments on the phone to avoid them taking my trailer (and all my tack) and figured when all was sorted out I just wouldn't have payments for 3 months. Person on the phone called then and there with me on hold to stop the repo, said I was all set.
    I got home that night and my trailer was gone. Called cops, they said it had been repo'd. WTF.
    Repo company decided to get it anyway because their truck was already running when they got the call not to repo it.
    So, I then had to pay over $800 to the repo company to get it back, because of course this was a friday night and they weren't open again until monday, and charged insane storage fees.
    Bank was not helpful and I never saw that $800 again. They said the repo companies can have whatever policies they want and I have to take it up with them. Which, of course, got me no where.
    How can this be legal???

    The repo company is in the employ of the bank. The bank screwed up. How are they not responsible for the $800 charge?
    That makes absolutely no sense whatsoever.
    ----//\\----
    ---//--\\---
    --//----\\--
    -//------\\-


    1 members found this post helpful.

  20. #20
    Join Date
    Jun. 14, 2006
    Location
    VA
    Posts
    11,372

    Default

    SCM, why yes, that's exactly the bank I mean. And the payment addy is OH.

    None of our transactions have been via mail however. They're all done electronically.

    So, I borrowed the car (thank you neighbor lady) and borrowed money (thank you friend) and went to the shady arse tow yard. Holy shady.

    Anyway. After I got over the stench of cat urine and cigarettes in the "office"<---that's me being really really kind, I chatted this gal up.

    So our BANK says they didn't order the repo yet there she had the document. (said she could not give me a copy) Of course not with our current address, but our MI one. The bank seems incapable of getting our address correct. AND, the "hold" the bank said they'd put on this never reached repo lady. She told me that it's likely the car will be on a flatbed headed out of state to an auction before we ever get this straightened out. She told me to call the bank and get a "State hold". Bank says they don't do that. She says the car will be gone Wed most likely.

    I got my saddle, my hoof jack, tools and my wallet. Out of the UNLOCKED, UNSECURED vehicle for which I was paying 25 bucks to secure?

    Anyway. The way I understand it, there are multiple things to be paid.
    1) The bank. They won't even look at any kind of dispute until we get the car out. Even though I have the docs. So there's almost 2k--which includes Feb and March payments. Hmmm.....Nothing due til the 25th and we have to pay Feb and March now?

    2) The repo company proper, out of CA that 5/3 employs: 575.

    3) The farmed out local repo company charges daily fees as well.

    So. For what *might* be, best case, being behind one month (which I do think is accurate), I'm looking at several thousand dollars.

    Here's what I think happened. I think that based upon the agent I spoke with at the bank, they've got two systems at 5/3. In one of those systems, they have our correct address in VA. In the other system (the more important one) they have our MI address. I think that if they DID send any notification, they sent it to MI and since DH has been here more than 6 mos now, the forwarding mail stuff is done so it didn't get forwarded. Even though we've given them the new address.

    The last piece of mail I have from them is from the end of December (forwarded from our MI address).

    Plus, the repo guy made some comment about that they were looking for the car in MI.

    So. If there was no notification to us here, I think that would explain it.

    That said, even if I take full responsibility for not verifying that the payment actually came out of my account in December, that's still one payment. And why the heck wouldn't they call about that? My bank has no notes as to why the payment wasn't accepted. 5/3 says it was reversed but gives no reason why. Gee, that seems like a good thing to notify someone of.

    I WILL get this resolved. Have no choice. We can't NOT have a car. I can't work if I don't have a car.

    I am totally willing to take responsibility here for my error. But you'd think that the statements after the error would reflect it and they don't.

    So I still don't REALLY know what's going on. But I have spent the balance of the day trying to sort it out. And I suspect tomorrow will be more of the same.
    A good horseman doesn't have to tell anyone...the horse already knows.

    Might be a reason, never an excuse...



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