Car reposessed 2nd time. 2010 CR-V EXL Gone for good?

In 2011 I opened a home healthcare agency and we incorporated shortly after. Anyone who knows what it's like to become licensed by medicare will understand WHY my personal vehicle was reposessed. During the licensure process medicare does not reimburse you for your patients- it comes from your own pocket (payroll, insurance malpractice etc) I was living on pennies and it was a scary time. I was only able to take a paycheck about once every 90 days. Meaning by the time my paycheck came I was behind on more than just my car. (gas, electric, water, mortgage) EVERY 90 days since we opened I make a payment to the finance company (including late fees-LOTS of late fees) and bring my account up to date. At the beginning of this year they reposessed my vehicle before I had received my check. They were understanding and saw that I made payments every 90 days (but since my contract obviously states I must pay monthly I was still in default understandably) I was able to retrieve my car by bringing my account up to date and paying all associated late fees and fees associated with the reposession and car storage. I did this the day after my car was taken and I THANKFULLY was allowed to pick it up. So 6 months has passed and this morning my car was again reposessed. (timing is everything I guess as we were finally licensed by medicare two days ago, which means I can now take a normal paycheck. When I found out on friday I took my staff out to celebrate and thank them for their hard work and yesterday I received my first REAL paycheck. YESTERDAY...I thought could finally breathe and the worry and sleepless nights were over) So yesterday I put all my personal bills on automatic payment with my bank account (something I've never been able to to do due the unpredictability of my situation) and all the bills were scheduled to be paid and brought up to date tomorrow. HA! One day too late. This morning they reposessed my car and shut of the gas to my home. (I find it odd that we work and struggle and our gas gets shut off however if I just quit my job the gas would get paid by state programs) I looked up everything I could find on ILLINOIS reposession law and rights of the consumer and found this only: "In Illinois, there are 2 ways for consumers to redeem their cars: •Method One: The 30% Rule 625 ILCS 5/3-114(f-7) (Illinois Motor Vehicle Code): Applies only to vehicles, and only where, at the time of repossession, the debtor has paid at least 30% of the total sale price (including down-payment and value of any trade-in, as well as monthly payments). If so, the debtor must be sent a notice which gives him/her 21 days to redeem. The notice must be mailed to the debtor within 3 days after repossession. Consumers who have paid the minimum 30% can get their cars back and reinstate the sales or loan contract if they pay the overdue payments, late charges and repossession costs. A debtor can redeem a vehicle with this method only once during the lifetime of the contract; •Method Two: Under 810 ILCS 5/9-623(c)(2) (Uniform Commercial Code): Applies to all consumers. A debtor can redeem any repossessed property at any time before the creditor actually disposes of it. However, the debtor must give the full amount of the balance of the contract, including all accelerated payments, plus the repossession and storage charges. Debtors usually won’t be able to do this unless they take out another loan or ask a friend or relative to purchase the car (assuming its worth what is left on the loan)". I am NOT upside down on the loan. The vehicle is currently worth more than I owe (Was purchased for 33,000 with a trade in vehicle they gave me 17,000 for. So my loan amount was 16,000 however the interest was Very HIGH so around 23,000 is what my loan actually ended up costing) I purchased the car in 8/2009 with a 60 month term so payoff was 8/2014. According to method one since Ive paid over 50% the amount owed on the loan I should've been able to get my car back. However since it has already been taken once it looks like Im not eligible for that now. I would abviously not be able to pay the car off immediately nor would I be able to get a new loan (due to the reposession which is probably ALREADY on my credit report) SO I believe I have given ALL information anyone could need. So here's my questions..... 1. Do I have ANY recourse/rights after the 2nd reposession? 2. Am I eligible to pay the past due and get the car back? 3. Is it GONE FOR GOOD? 4. IF the keep/sell/auction the car, they would end up owing ME money(about $6,000.00). Will they pay the money they would owe me or keep that too? Sorry for the novel-just wanted to make sure all info was here. Please no derogatory comments. I actually work VERY hard for a living. I have staff to pay- all have families and many are single moms. THEIR salary comes FIRST. THANK YOU FOR ANY INFO, HELP, or ADVICE

Asked By: Jamie K - 9/23/2012
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Answered By: dis_smirf - 9/26/2012
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