My Brother's Car Got Repo!

Question

They are asking for delinquent amount plus repo fee, how much does repo fee usually cost? Do they charge you per day while they have it on their hands?

Also is there anyway to negotiate to lower his monthly payment by talking to whoever financed his car? Or lowering his interest rate? He was paying $450 a month...

I warned him, don't pay something you can't afford, yet he still bought an expensive car. I hope he learned his lesson...hopefully.

Answer 1

Reposession fees can pile up fast.  They charge an intitial fee and then a per day storage fee for the car.  Could be several hundred dollars.  Maybe he will listen to you next time

Answer 2

Once a loan has become so delinquent that the vehicle has been repossessed, there's very little that can be done. Your brother should have tried to renegotiate his loan before he got behind on the payments. He will now be paying for a car he will never see again.

Answer 3

Having done repo work  it can run from  100 to 600 depending the company your repo for.  Also this would include the  difficulty in the company and the client comming to  some agreement before they call us to go find the car.  The company we repo for  pay us  around 150 for the vehicle return usually but they charge the client 300 then they charge a storage fee in their lot so the longer the client takes to pay the debt the more the fee goes up.

Answer 4

to bad then he should have paid it they will charge anything from $100 to $700 plus what he owes the bank