Guy Unveils Legal Hack to Reclaim Down Payment After Car Repossession in Viral Video

Repossession of a vehicle is a common practice where the leasing company or the lender takes away your vehicle or property just because you missed some loan payments. Sometimes, this situation often happens without the companies warning the person, leaving them with feelings of dejection. A video shared by @alwaystouchingmoney_inc on TikTok which has 18.3K likes, stressed how he can claim the down payment on his vehicle which was repossessed in 2021. The video provides a fresh narrative on how consumers must be aware of their rights and lender's obligations under The Truth in Lending Act. 

When he learned about the dealership's violation of the act, @alwaystouchingmoney_inc decided to take his down payment back from the Nissan dealership from where he purchased his repossessed car. Mike shared his contract and in the follow-up videos while demonstrating how he got the return receipt and a letter response from United Nissan. The letter asked him to state the specific subsection of the Act that was violated by the dealership so that they could look into it and take action. Even though the dealership was unable to find their violation as per Mike's request, his story gave a new perspective to the users that asking for their money back and being aware of consumers' rights as per the government acts is very crucial. 

Some users trolled him, saying things like getting a down payment back do not exist. @csotoperspective commented, "That’s like expecting your security deposit back after an eviction for non-payment." Another user @J Jay commented, "You can’t get your down payment back...the down payment is what the bank approves you for and what the dealer is selling you the car for." People were surprised to find that something like this actually exists and they can claim their funds back. However, when Mike posted the follow-up video with the Nissan letter, people showed their support for him. @CyncirelyUnited supportingly commented, "You have to also give them the subsection...send it again, you’re on the right path. Don’t let them play in your face! Keep going, you got this!" Another user @BWasnthere commented, "You can send them the fees for each day violating." 

Mike's video sparked the urgency in understanding the Truth in Lending Act (TILA). The act protects consumers against incorrect and unfair practices concerning their loan and credit payments. It also binds the lenders to disclose all the important information such as the interest rates, fees, and other hidden charges related to financing so that the consumer can make sound decisions.

Besides the hacks shared in the video, there are some other ways to save your vehicle from being taken by lenders. You must be in touch with the leasing company or lender, always sign the financing loan with lucrative terms and conditions, and if you have defaulted on the payments, voluntarily surrender the vehicle. This would avoid the money hassles and would not result in the forceful repossession of your favorite car. Mike's situation demonstrates how important it is to take charge of your finances and not let the agencies get the better of you.

You can now follow Mike (@alwaystouchingmoney_inc) on TikTok for more finance and business-related content.