ashe

nope wrong it applies to all companies that engage in collection activities. trust me i know about this crap.

That is for Debt Collection Companies. Not Finance Companies. Big difference. If you py your bills, you don't have to deal with collection agencies.

here's one example of collection statue concerning harassment
North Carolina Fair Debt Collection Practices Act � 58
70 100. Harassment.

No collection agency shall use any conduct, the natural consequence of which is to oppress, harass, or abuse any person in connection with the attempt to collect any debt. Such conduct includes, but is not limited to, the following:

(1) Using profane or obscene language, or language that would ordinarily abuse the typical hearer or reader;

(2) Placing collect telephone calls or sending collect telegrams unless the caller fully identifies himself and the company he represents;

(3) Causing a telephone to ring or engaging any person in telephone conversation with such frequency as to be unreasonable or to constitute a harassment to the person under the circumstances or at times known to be times other than normal waking hours of the person;

(4) Placing telephone calls or attempting to communicate with any person, contrary to his instructions, at his place of employment, unless the collection agency does not have a telephone number where the consumer can be reached during the consumer's nonworking hours. (1979, c. 835.)

i know for a fact of the collection laws ill look for the law. its thru the attorney generals office. any item repoed must have a record of no less than 3 bids, the time and place of sell must be told to the debtor to ensure that fair market value is obtained though the sell. i have seen cases lost die to a company selling a vehicle and underselling the value. by doing this they move the repo off their collection reports quick thus keeping their line of credit in the good but also leaving a larger deficiency balance for the debtor to resolve. and as you clearly stated if the debtor could not afford to pay they of course could not afford to buy the repo back but how can they settle a debt that should have been cut down more by getting the best price for the vehicle. and no finance companies don't always get the top dollar. you would think they would want to to cut the debt and any loss but quick and cheap is the way a lot of times. they also have to inform you in writing that you have 10 days to pay the loan in full to reclaim the repoed vehicle.

Give us the general statute of this law. I have to agree with the agent. when your car is repossessed they dont have to notify you of anything. In fact if it does not bring enough when they sell it they should put a judgement against the previous owner.

i agree its not wrong to make money or even tons of money. but my point is there are laws for a reason. to protect lenders and debtors. and if you break these laws to make the money and take away rights to the debtor there should be consequences. most companies follow the rules but some feel they are above them and take advantage of that fact. like i said if you know anyone that has had a car go back to a certain finance company and it vanishes off to who knows where to be sold by a 3rd party and not at a public auction but to dealers he knows its not following the law. when the company comes calling for the deficiency balance ask important questions, where you notified of when and where sale would take place?, have you seen proof of bids placed on the car? did the car get fair market value? and for example if a 4x4 SUV in great condition clean and runs great only brings $1500 was this fair to the person who had to turn it in because he has cancer? not all people lose vehicles just because they don't pay their bills. if this happens to someone they should know there are public defenders that will stand against this breach in the law.

Honesty and business mix like oil and water.....

I don't work for anyone. Usually I feel as if I work for the government, but that is another story. I have never worked for finance company. I don't believe that I have ever even known anyone who worked for finance company. Banks and Credit Unions, yes. As for those finance companies making lots of money, so what? If it is so lucrative, easy, and risk free, start up your own and see you way to riches. It has always been this way and it will always be this way. There will always be borrowers and there will always be lenders. Some are smarter than others. Consider the credit card companies that charge a low interest rate until you go past 30 or 45 days with a given balance and check out the 20% and higher interest rate that you don't even realize you lid into. And they lure the inattentive into these situation by offering bonus points for shopping---the more you spend the more you save. Yeah, right. It is not wrong to make money. It is not wrong to make tons of money.

most finance companies sure. but some just unload cars as fast as they can thru a 3rd party that comes and picks them up takes them off and he sells them. he gets paid by the car so he wants to sell them as quick as he can to get his $$$$$. he has no other tie to the company so as for as making sure he can get top $$$$ he does not care. and not all cars are POS that are repoed. SO WHICH FINANCE COMPANY DO YOU WORK FOR SECRETAGENT? I want to help those victims of this unlawful act. I know how this works. I have never had anything repoed myself but some of the people I know in a professional sense have and they have rights. Sure they should have paid their bills. But what if they just couldn't. Had an accident and was put out of work or other unseen actions that happen in life. So this person who always paid their bills now gets screwed over because a finance company does not follow the law and manage the sell of the car by the fair collections portion of NC LAW. The companies that do this know they are doing it but they get by with it and if anyone inside the company even thinks of saying anything about it they get in major trouble or terminated. So I can't sit back and say that it's OK for a company to unload a car fast just because they want to turn the money around fast. and if you don't know what kind of profit these places make in a year research that!!!! It's crazy!!!!

Use your head. The finance company needs to get their money back as soon as they can. They want and need to get as much money out of a repo'd vehicle as they can. It makes no sense at al to think that they want to sell it at a low ball price so they can still get the customer who has already failed to pay their bills to starts paying now on something that they don't have any more. And, if you are going to any of thee sales, would you pay top $ for vehicle that had been repo'd? If the customer couldn't afford to pay for it, they probably couldn't afford to properly maintain it. Therefor, most of the finance company's repo'd vehicles are POS's and are sold for POS prices. Because they are POS. And speaking of getting screwed by a finance company, I doubt that is possible. I do know however, that the Drunken Preacher's Seizing Niece got screwed by the entire office staff of a credit company down in Chapel Hill a few weeks ago. But that is a different kind of screwing. Pay your bills and you'll have no problems.

the reason you should care about where and how it is sold is because it is the law. it is to protect individuals from unfair lending. they go sell the car elsewhere and you do not know how the bids are taken then you do not know if there was a fair price gotten for your vehicle. so if they undersell the car they come back and want to work out payments on the deficiency balance. they then make even more money off of you while you try to settle the debt. i agree all people should pay their debts. i do. but those that get in a bad place and cannot need to know their rights. so know your rights. just because a car is repoed does not mean the debt is all settled.

I know a girl that got screwed up near the Radio Station in 1975. Is that the same thing?

Even simpler this way: Don't borrow more than you can afford to repay. Just because they will give you the loan doesn't mean you can afford to repay it. They aren't giving you a loan to help you. They are giving you a loan to make money for the company. No shame in that. And if you can't/don't make the agreed upon payment as agree to originally, they can and will legally repo what the loan was for or what collateral you put up. And, FYI, when they do that it doe not mean that they won't "work with you." When a loan officer with one of these credit companies "works with you" when you claim to have a problem fulfilling your obligation, they re just actually rewriting the loan for longer period maybe for less monthly payments but the for the same or higher interest rate. When you think they "worked with you", they just made more money from your transaction. That is not now nor has it ever been illegal, immoral or anything else. Fact. And, BTW, if they repo vehicle, what would you care where or how they sell it off? If you failed to pay for it, it is theirs and why would you suddenly think that you could pay for it once it has been repoe'd. Sad cold truth is there are no free rides.

true one should use good judgement and take care of their credit. i agree. but some places will do loans to people that barely have the income to cover their utilities. i personally have not ever had to get money from a place like this. the bank has treated me well. but i know people that have had dealing with certain companies and it was not ethical or legal. i also know for a fact that people that have cars repoed have been screwed over on the sell of these vehicles. you really should look up the laws if you get in this position. where you informed of the location of the auction or sell of the vehicle? did they receive fair market value? is there a record of private bids? if the vehicle is taken away to be sold at some other location and you don't know where and it isn't presented in a public bidding then you have been screwed and there are laws to protect this. go the NC Attorney General website. file complaints. and learn the law. watch out of loan sharks it's not legal.

You screw yourself when you put yourself in the position of having to use these credit companies. They are in it to make money by lending money. They take on those who have proven themselves to be higher risk customers. Just don't take on more debt than you can handle, pay off the loan on time or early, and you will fin that you can get financed with regular lending institutions at far better rates. Remember though that banks, credit companies, and the mob guys down on the corner want to be repaid according to the original agreement they make with you. They all get nasty to varying degree when you mi payments or they have to repo products. Or pop knee caps.

Did you think that loan was really a gift? Guess you learned your lesson

You really wont be screwed if you pay your bill now will you?

or better yet do you feel you are being treated unfairly at this time or know someone who is?

let me just say there are certain companies that hurt ashe county and should be shut down. people that prey on those that don't know better than to be in debt or how to manage debt. and then use harassment as a means to make money off these people. be careful who you deal with.