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MShore Law
MShore Law, Attorney
Category: Business Law
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Experience:  Drafted Negotiated and/or Reviewed Thousands of Commercial Agreements
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I live in Florida. My car loan final payment was due on May

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I live in Florida. My car loan final payment was due on May 30 2012. Due to several issues associated with my partial disability insurance benefits (receiving in a timely and consistent manner for the correct benefit payment level), I fell behind in making the payments. Initially when these issues occurred (I was diagnosed in 2009, unable to work due to my health issues for 4 months,returned to work unsuccessfully full-time and reduced to part-time with partial disability benefits that are routinely reviewed for "medical necessity" with full suspension of benefits until completion of the review) but I brought the account current as soon as I could do so. I made my loan company aware when this was occurring but was continuously receiving 3-6 calls daily of the usual collection nature. When I attempted to keep them informed I found that no one read the notes on the account and demanded to schedule payments for automatic payments for a date I could not predict. So I stopped trying to communicate because it did not matter to them. Most recently I have received calls telling me that my final resolution dates were the 26th and then the 30th and then today a call but no message. I went to their bank location with a cashier's check ($830.13) from my bank because I finally received the deposit I needed to pay my loan. While I was there I requested a final payoff amount to make sure no money was owing. After several phone calls to and speaking to 6 different people while I was at the bank, I paid an additional $93.21 for a late fee and 0.44/day late fee and additional late fee penalty calculations assessed for the duration of the loan. I was told that the loan was repossession status and of course, the person handling the account was not available by phone or via email correspondence with the representative I was speaking to. Each of my receipts indicate date of business as 8/1/12 because the bank switches to next day of business as of 2:00 (I was there at 3:30 and was not able to resolve the loan payoff until after 5:00). My question now is if the loan is in repossession status, does the law indicate a time frame before attempts to repossess occur? I have paid the loan in full (FYI I endorsed the signature for on demand payment via my debit card with my signature and "for payment in full auto loan account #########" with the loan number) based on what they told me. Can they charge me additional fees? Can you please provide an overview of what I can expect next as well as anything else I should do? I am worried about a repossession on my credit report. Please advise. Thanks for your time!!
Submitted: 2 years ago.
Category: Business Law
Expert:  MShore Law replied 2 years ago.
Thank you for the post, I am happy to assist you by answering your questions. Regrettably not, repossession can commence, and you can expect to be charged repossession fees if they dispatched a repossession agent to repossess the car. A repo would not be on your credit report however, only that you defaulted on the repayment agreement. In all likelihood your vehicle will not be repossessed as you paid the fees in a timely manner to satisfy the loan. Please let me know if you need additional guidance.
Customer: replied 2 years ago.
Any guesstimate as to the amount of additional repo fees I would have to pay? Does the law provide guidelines/limitations with respect to the amount that can be charged?
Expert:  MShore Law replied 2 years ago.
It would only be a few hundred dollars, and there is a reasonableness standard in light of the actual work performed by the repo company.
MShore Law, Attorney
Category: Business Law
Satisfied Customers: 25285
Experience: Drafted Negotiated and/or Reviewed Thousands of Commercial Agreements
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