What happened to MXPRWD?

Here’s a “fun” story for you.

Once upon a time there was a Girl and a Boy who were getting their finances in order. Boy had just joined a credit union, and found out that they could refinance their car for a lower rate and cut their payment each month.  GREAT!

So boy and girl currently had financing on their car through SUNTRUST.

Boy jumps through several hoops and ends up driving several miles to get credit union everything they need in order to pay SUNTRUST. SUNTRUST is uncooperative with both Boy and Credit Union.

The entire process takes a few days longer than expected.

Boy and Girl must make their monthly payment to the devil SUNTRUST. But they are in the middle of refinancing (they are about to get the entire sum of money including the payment) so Boy calls SUNTRUST to inform them that the payment is on the way, that it will be a little late because it is coming from the credit union whom they (SUNTRUST) have been in contact with because they gave the credit union grief about releasing the amount due.

SUNTRUST responds with: “Okay, thats fine, just  let us know if we don’t receive the money.”

…

Boy and Girl weren’t sure how to let SUNTRUST know that SUNTRUST did not receive the money… but they received a letter from the credit union a little while later that the check had been sent.

A day later, Boy and a Friend were chatting and Dogs began barking.  A man named Repo was in the back wandering around Boy’s car. Repo told Boy that the whole thing would be a lot easier if Boy gave him the keys.

Boy waved goodbye to Repo and Car. For a nice dramatic touch, it was pouring rain.

The next day, Boy called SUNTRUST, feeling a little put out. Boy spoke with Mike. Mike tells Boy: yes, he is aware of the refinancing and of the phone call boy made but none of that is really matters because by Virginia state law SUNTRUST can repossess the car without any notification after a single late payment.

Then he adds that Mr. Repo’s fee is $495 and there is, of course, a nightly storage fee of $25 and yes, since the car was collected at 7pm, and they are closed so even if you had the money at this very moment, there is no way not to be charged. Thankyouverymuch have a great day.

Did I mention Boy and Girl were getting ready to move? And in the process of buying their first house? and also needed to get an x-ray for a broken bone?

So then Boy and Girl are stuck with the dilemma — Do they pay $1100 (in cash) to get the car out now or pay an additional $25 a day and shell out $500-600 later?

Their funds told them they were just going to have to wait and make 2x daily phone calls to see if SUNTRUST has received the money.

And that is how a car like MXPRWD might have ended up in jail. for 3 days.

 

Share your stories with completely unfair laws and banks.