Wachovia Dealer Services / WFS Financial Unessisary Repossesion ! Legal Fleecing /The Royal Scam ! Irvine California

my brother had gone through something simmilar but his was relpo'd for $ 23.00 underpayment. He had a truck worth around 13000 and owed around 5000. he was never contacted or notified of the underpayment and paid his payment on time every month. They showed up one morning and hooked it up and told him he had to pay repo fees and the balance. After the payment was made they had issues finding the vehicle. They lost his personal items,  GPS unit , CDs, rocky boots. They had the truck already loaded on the truck to the auction. No apaulogy, and the rude customer service told him if had paid for his vehicle he wouldn't be in this situation. (Which he did). They could never show what the underpayment was for And they were trying to make money off of the sale. In my opinion, if they really wanted to get the most money out of the vehicle they should send them back to the car lot but they sell them for a fraction sometimes of the worth and send the bill to the borrower for the remainder. 

Glad you were able to get it back!

I had a verbal contract with the collection employee for Wachovia after receiving notice of repossession.  I was late for the first time in December 2007, notice received within two weeks of late.  Arrangements were made to catch up one month behind payment with Income Tax Refund. 

Tow truck pulled in my yard at 31 days late.  Vehicle was sold on action at 47 days late.  They got more money out of me by agreeing to a verbal contract/promise. 

Default is legal.  Unethical but illegal.  I am old enough to have paid off for four vehicles in my past.  I had been late on loans in the past with the many vehicles I bought new and paid off with other companies such as Ford Credit, etc.  We don't consider one payment late as serious, but it is legally default. 

If I can find out how, I will sue Wachovia for unethical and malicious business practices.  I had faith that my verbal contract was valid.  I trusted the late payment issue was resolved.  When appeals all the way to the President of Wachovia failed, I contacted the Better Business Bureau, my local politicians as well as our new U.S. President.  Legislation is our only hope!!! 

It is totally unethical, and I hope these smug commentors online about us "not paying" are forced to take a Medial Leave or worse, causing them financial strains!!

When the car is worth MORE than the remaining balance of the loan, you have what is called equity in your vehicle-it's a financial ASSET.

An auto loan is SECURED CREDIT-the vehicle is the collateral on the loan. There is no motivation for any lender to negotiate with a delinquent debtor when there is equity in the vehicle.

It is very important for consumers to understand this! When you have significant equity in your financed vehicle (only a few months of scheduled payments remain) it is MORE IMPORTANT THAN EVER to keep your payments current to prevent repossession.

When the loan is young, the lender has every incentive to work with delinquent borrowers. This "leverage" changes as the loan matures.

I had a car with toyota financial and thought I am disorganized and always late hand very idoitic, they were happy as long as they got paid... no bank does business like this! SO do not get a loan with wachovia... even if they are the only one who will give you one. No other company refuses to work with people that is a bunch off bull.

First stop using "So it began..", "So I.." that becomes very anyoying. Not to mention logically incorrect as it can not really begin more than once.

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So here it is.

1)When the car was repeod Baldwin pulled all my peronal items out !
- By law they are REQUIRED to inventory all contents of the car

2)They assesed the cars value ! and reported it to Wachovia !
thats how Wachovia new the condition of the car.
- Again nothing wrong or different than any tow yard/bank would do.

3) With in 5 days it was already at the auto auction.
- As long as they did not sell it before the 10/15 day mark(depending on how you were notified) there is nothing illegal about this.

4 ) I only owed 4,500 dollars on the principle ballance of the car that i paid $23,000 and was late but making regular payments 8 payments till payoff.Now Granted this is not including the interest that they made on the car.
- UNTIL the car is paid off it is NOT your car and the bank can do this. Yes even if you had 1 month left they can repo the car. However, what ever they sold the car for you are entitled to anything above and beyond the loan balance + fees, just as you would have been responsible for any deficency.

I had the car financed through future nissan , and figured i would save a couple of points by going with wachovia...
- Doubtful that Nissan would have treated you any differently. In fact because of the current conditions the chances of you getting reposessed increase if you owe less than the car is worth. Because unlike when you are upside down, where the bank has to do additional collection efforts to get deficency balance. If you owe less than it is worth they can get the full loan balance at auction and be even without having to take any additional write-offs or collection efforts.

Last 8 paments to go , Car repoed ! What a SCAM resale value was 8,000 and you figure if a dealer picks it he is going to make interest on that , this vehicle was babied it would easily pull full blubook at auction.
- Very Doubtful. Auction is SCRAP value you do not get people going to these things expecting to pay anywhere near "blue book value". If they did they would deal with a regular dealer or seller. At an auction you are lucky if you get 50% of "Blue Book" value. Generally regardless of condition the average is 25%-33%.

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Now, a Repo is not a good thing. The point here is that it is very unlikey that any other bank would have done anything any differently. In fact consider yourself lucky that your car was towed to the auction yard only 80 miles away. I have heard some cases where the car is towed to totally different states a couple hundred miles away.

First stop using "So it began..", "So I.." that becomes very anyoying. Not to mention logically incorrect as it can not really begin more than once.

---
So here it is.

1)When the car was repeod Baldwin pulled all my peronal items out !
- By law they are REQUIRED to inventory all contents of the car

2)They assesed the cars value ! and reported it to Wachovia !
thats how Wachovia new the condition of the car.
- Again nothing wrong or different than any tow yard/bank would do.

3) With in 5 days it was already at the auto auction.
- As long as they did not sell it before the 10/15 day mark(depending on how you were notified) there is nothing illegal about this.

4 ) I only owed 4,500 dollars on the principle ballance of the car that i paid $23,000 and was late but making regular payments 8 payments till payoff.Now Granted this is not including the interest that they made on the car.
- UNTIL the car is paid off it is NOT your car and the bank can do this. Yes even if you had 1 month left they can repo the car. However, what ever they sold the car for you are entitled to anything above and beyond the loan balance + fees, just as you would have been responsible for any deficency.

I had the car financed through future nissan , and figured i would save a couple of points by going with wachovia...
- Doubtful that Nissan would have treated you any differently. In fact because of the current conditions the chances of you getting reposessed increase if you owe less than the car is worth. Because unlike when you are upside down, where the bank has to do additional collection efforts to get deficency balance. If you owe less than it is worth they can get the full loan balance at auction and be even without having to take any additional write-offs or collection efforts.

Last 8 paments to go , Car repoed ! What a SCAM resale value was 8,000 and you figure if a dealer picks it he is going to make interest on that , this vehicle was babied it would easily pull full blubook at auction.
- Very Doubtful. Auction is SCRAP value you do not get people going to these things expecting to pay anywhere near "blue book value". If they did they would deal with a regular dealer or seller. At an auction you are lucky if you get 50% of "Blue Book" value. Generally regardless of condition the average is 25%-33%.

---
Now, a Repo is not a good thing. The point here is that it is very unlikey that any other bank would have done anything any differently. In fact consider yourself lucky that your car was towed to the auction yard only 80 miles away. I have heard some cases where the car is towed to totally different states a couple hundred miles away.

First stop using "So it began..", "So I.." that becomes very anyoying. Not to mention logically incorrect as it can not really begin more than once.

---
So here it is.

1)When the car was repeod Baldwin pulled all my peronal items out !
- By law they are REQUIRED to inventory all contents of the car

2)They assesed the cars value ! and reported it to Wachovia !
thats how Wachovia new the condition of the car.
- Again nothing wrong or different than any tow yard/bank would do.

3) With in 5 days it was already at the auto auction.
- As long as they did not sell it before the 10/15 day mark(depending on how you were notified) there is nothing illegal about this.

4 ) I only owed 4,500 dollars on the principle ballance of the car that i paid $23,000 and was late but making regular payments 8 payments till payoff.Now Granted this is not including the interest that they made on the car.
- UNTIL the car is paid off it is NOT your car and the bank can do this. Yes even if you had 1 month left they can repo the car. However, what ever they sold the car for you are entitled to anything above and beyond the loan balance + fees, just as you would have been responsible for any deficency.

I had the car financed through future nissan , and figured i would save a couple of points by going with wachovia...
- Doubtful that Nissan would have treated you any differently. In fact because of the current conditions the chances of you getting reposessed increase if you owe less than the car is worth. Because unlike when you are upside down, where the bank has to do additional collection efforts to get deficency balance. If you owe less than it is worth they can get the full loan balance at auction and be even without having to take any additional write-offs or collection efforts.

Last 8 paments to go , Car repoed ! What a SCAM resale value was 8,000 and you figure if a dealer picks it he is going to make interest on that , this vehicle was babied it would easily pull full blubook at auction.
- Very Doubtful. Auction is SCRAP value you do not get people going to these things expecting to pay anywhere near "blue book value". If they did they would deal with a regular dealer or seller. At an auction you are lucky if you get 50% of "Blue Book" value. Generally regardless of condition the average is 25%-33%.

---
Now, a Repo is not a good thing. The point here is that it is very unlikey that any other bank would have done anything any differently. In fact consider yourself lucky that your car was towed to the auction yard only 80 miles away. I have heard some cases where the car is towed to totally different states a couple hundred miles away.

First stop using "So it began..", "So I.." that becomes very anyoying. Not to mention logically incorrect as it can not really begin more than once.

---
So here it is.

1)When the car was repeod Baldwin pulled all my peronal items out !
- By law they are REQUIRED to inventory all contents of the car

2)They assesed the cars value ! and reported it to Wachovia !
thats how Wachovia new the condition of the car.
- Again nothing wrong or different than any tow yard/bank would do.

3) With in 5 days it was already at the auto auction.
- As long as they did not sell it before the 10/15 day mark(depending on how you were notified) there is nothing illegal about this.

4 ) I only owed 4,500 dollars on the principle ballance of the car that i paid $23,000 and was late but making regular payments 8 payments till payoff.Now Granted this is not including the interest that they made on the car.
- UNTIL the car is paid off it is NOT your car and the bank can do this. Yes even if you had 1 month left they can repo the car. However, what ever they sold the car for you are entitled to anything above and beyond the loan balance + fees, just as you would have been responsible for any deficency.

I had the car financed through future nissan , and figured i would save a couple of points by going with wachovia...
- Doubtful that Nissan would have treated you any differently. In fact because of the current conditions the chances of you getting reposessed increase if you owe less than the car is worth. Because unlike when you are upside down, where the bank has to do additional collection efforts to get deficency balance. If you owe less than it is worth they can get the full loan balance at auction and be even without having to take any additional write-offs or collection efforts.

Last 8 paments to go , Car repoed ! What a SCAM resale value was 8,000 and you figure if a dealer picks it he is going to make interest on that , this vehicle was babied it would easily pull full blubook at auction.
- Very Doubtful. Auction is SCRAP value you do not get people going to these things expecting to pay anywhere near "blue book value". If they did they would deal with a regular dealer or seller. At an auction you are lucky if you get 50% of "Blue Book" value. Generally regardless of condition the average is 25%-33%.

---
Now, a Repo is not a good thing. The point here is that it is very unlikey that any other bank would have done anything any differently. In fact consider yourself lucky that your car was towed to the auction yard only 80 miles away. I have heard some cases where the car is towed to totally different states a couple hundred miles away.