What if you know someone is hiding a car to avoid a repossession?

Answer 1

Here are some responses from our contributors:

• If you know what finance company the person has the loan through, and their account number or social security number, you can contact that finance company and ask them for a finder's fee. There is no set amount for "reward". By turning in people who are hiding vehicles and not making payment on them, you save all of us higher interest rates!
• I am behind in my car payments right now because of my having cancer, and the finance company (TranSouth) is threatening to repossess my car...they are the most abusive and evil company I have ever had the displeasure of dealing with. My interest rate is so high, that the original loan was for $10,000, I've been paying $350 per month for 3 years and I STILL OWE $10,000....and they use lies, threats, false promises and manipulation in dealing with me... how would anyone who turns someone in for a few bucks live with themselves afterwards??
• I hope you never find yourself in a position where suddenly you have trouble even putting food in your family's mouths, nevermind paying a car loan on time despite wishing that you could.
• Do you honestly think that finance companies would lower their interest rates even if suddenly every past-due account were made current by tonight? They COULD, but they wouldnt...each company's rates will always remain as high as that company can possibly get away with without losing too many customers to competitors
• Poor people are the ones who will always be the victims.
• I never imagined that people could be so cold and uncaring...until i found myself broke and sick. Than I saw the true side of human nature .
• It is not cold to send orders for repossession. I have a loan on a car and the slime that bought it from me decided not to pay and I have sent them for repossession. They have hidden the car from the company so now I pay for a car that I do not have. HMMMM is this fair?
• This is life if you can't pay for a car you do not deserve to have it NO MATTER WHAT YOUR SOB Story is. You not paying for your car damages other people's lives so step up. Pay or return.
• Sure you can get a "reward" AFTER the car is P/U by using your info. Call the repo man and make your deal. Don't expect to get rich, but if you save him/her time and gas money, they will share the love.
• What's the best way to deal with it?? SIMPLE. HONESTY. If a repoman asks you where the car is and you do know, tell him. IF you don't know, tell him you don't know. If no one asks DON'T TELL. If someone's car is about to be repoed, they should NOT tell. HONEST people won't have to lie. Dishonest people won't know anything to tell for a reward.
• I usually give 50.00 then add that onto my bill to the finance company then they just add that cost to the debtors deficiency.
• Believe me, there are stupid, shady lenders who force good people (Scare people too) with repossession. It makes good, less legal savvy people overpay, pay twice, etc... so get off that crap! I am in a dealing right now with Wells Fargo, where they never received a title from the place I bought a car from... all the while I have been paying for a car I can't get tagged... or pay taxes on. Mind you this has been going on for 8 months (all the while WF says they will send the information to the proper DMV... and they don't even possess the title) The title has never been changed into my name. But WF says if I return this vehicle, they will charge repossession, and make me pay the cost of auctioning.... and hit me with the balance! I have been making payments up until June of 2006... at which time I felt enough was enough!! Cry me a river. I did all the proper things, went through all the proper channels and now this! I will hide this thing until eternity until they decide to dissolve this contract and relinquish me from all responsibility for their stupidity!