Overhaulin'

Car repo on car title loan in NM?

I took out a car title loan with a company called Lighthouse Financial for 734.00. I was exactly 16 days behind on my payment and they took my car. No warning or anything, just woke up one day and my car was gone. I called them to ask what i needed to do to get my car back and they tolded me that i had 10 days to pay the full amount that i owed..which the qouted me 999.60. They is no way i can pay it in that little amount of time, I know they car is pretty much gone but my question is this..do they have the right to keep my personal items that were in the car at the time they took it. My son's car seat, stroller, clothing, My college books, ID and things were in the car when they took it. It seems totally unfair because if they had giving me any kind of notice that they were going to take it so quickly i could have borrowed the money from a family member or gotten my things out at least. What sucks is when they took it i was actually going to pay it the next day.lol. And Actually with the agreement i made they were not supposed to take posession of the car until my payment was 30 days in default. And i always made my payments on time. Unfortunately im not trying to make a sob story but my 18 month old needed an operation and was in the hospital so i was unable to pay on time.

Public Comments

1. Not to be unsympathetic - but your notice is your payment due date. If you took a title loan, they will repo after 15 days late. Were they supposed to send a gift basket and a notice? If they told people "Hey we will be there about 4 tomorrow to reposess your car" do you think most people would wait patiently and clean out their cars? Or would they take the car and hide it in a friends garage? Unfair? lol - you borrowed money from them. You agreed to pay on a certain date. That date came and went. So they took action according to the terms YOU agreed to. How is that unfair? You can get your personal items. Ask them where the car was towed to. Make arrangements with the tow yard to get y our personal effects.
2. They are required to tell you where your car is being held. Get the info, go get your belongings and kiss the car goodbye. As far as being unfair is concerned, YOU defaulted on your agreement, not them. Therefore, they owe you no courtesy whatsoever.
3. I would just call and ask them. Obviously, they don't want your stroller. I'm sorry this happened to you. In the future, you shoudl avoid ripoff artists. If they put up a sign that says "get ripped off here" then you wouldn't go there. But you went to this place, even though it was obviously a place to get ripped off. Let me just add, for the benefit of other folks reading this, if you see a sign that says "payday advance" or "title loans", that is a place to get ripped off. That's what they're in business for. They were probably charging you 50 or 60% annual interest rate. On payday loans, they usually charge about 300% to 500%. Nothing good can happen to you when you go through that door. They're not nice people. Who'd want to be a customer of such a place? These places prey on people that don't have all their marbles. You should be afraid to walk through the door. Any person reading this should be afraid to walk through the door. Any person on earth should be smart enough to stay away from such a place. P.S. If you can't pay for an operation, how are you going to pay for an operation plus 50% interest? It doesn't make any sense. Hospitals don't usually charge interest at all.
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