Good News!!!!! Mercedes-Benz Will Reinstate My 453!!!

"Mercedes Streeter" (smart) 02/01/2019 at 16:25 • Filed to: Smart

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I’m keeping tight-lipped on the details I’m willing to reveal in public, but long story short they’ve agreed to follow the guidelines of the “ 30% rule” in Illinois , where you just pay the money you owe and the loan gets restarted.

The bad news is that the price of this is $2.2 k. That’s not at all much an issue, provided they don’t have some absolutely insane due date for me to have the cash. Sell a bike, sell a phone, get paid from work ...bam, there’s their money. Or if they’re willing to wait a little longer, my tax refund would take care of the whole thing.

This is a gargantuan weight off my shoulders. 

WilliamsSW > Mercedes Streeter 02/01/2019 at 16:30

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Woo hoo!  Great news!  Glad to hear it! 

Kiltedpadre > Mercedes Streeter 02/01/2019 at 16:34

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Great news! I’m glad there’s a happy outcome.

promoted by the color red > Mercedes Streeter 02/01/2019 at 16:44

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We’re going to need you to rip some celebratory burnouts.

boredalways > Mercedes Streeter 02/01/2019 at 16:45

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To celebrate, I demand smart car donuts in the snow* !

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* screw it, it's Friday. Donuts in the "cocaine"

Mercedes Streeter > boredalways 02/01/2019 at 16:47

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Only if those donuts are performed by the 451! The 453 doesn’t have traction control that can be easily disabled and the 450s have dead batteries from the cold.

Highlander-Datsuns are Forever > Mercedes Streeter 02/01/2019 at 16:58

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Obligatory.

Klaus Schmoll > Mercedes Streeter 02/01/2019 at 17:01

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30% rule what? I respect that you don’t want to share TMI, but can you drop a couple words so that I know what I am looking at here?

Sampsonite24-Earth's Least Likeliest Hero > Mercedes Streeter 02/01/2019 at 17:01

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Damn girl you needed a win lately and this seems like a really good win. Congrats! Who would have thought this God forsaken state would have gotten something right lol

Captain of the Enterprise > Mercedes Streeter 02/01/2019 at 17:10

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I’m glad it worked out for you!

E90M3 > Klaus Schmoll 02/01/2019 at 17:13

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From here :

Method One: Reinstatement, the 30% Rule, 625 ILCS 5/3-114(f-7) : Applies only to vehicles, and only where, at the time of repossession, the debtor has paid at least 30% of the deferred payment price or total of payments due (including the down payment and any trade-in in the 30%). The “deferred payment price” is similar to the TILA “total sale price” 815 ILCS 375/2.10. The total of payments due should be the same as the TILA “total of payments.” If so, the debtor must be sent a notice which gives the debtor 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, and cure any other defaults. A debtor can redeem a vehicle with this method only once during the lifetime of the contract. Also, it is unclear if certain types of defaults, such as the use of the vehicle for illegal purposes, can be cured.

Klaus Schmoll > E90M3 02/01/2019 at 17:18

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So in dummy speak, she slipped on the loan but is getting back on track?

Monkey B > Klaus Schmoll 02/01/2019 at 17:19

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same here...27 years in the car business and I have zero clue as to what any of this means.

E90M3 > Klaus Schmoll 02/01/2019 at 17:24

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I’m not exactly whether the 30% re fers to making a payment that is 30% of the total payments due or if 30% refers to that amount of original loan payments made. Regardless, getting the loan back on track.

shop-teacher > Mercedes Streeter 02/01/2019 at 17:26

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Excellent!

PS9 > Mercedes Streeter 02/01/2019 at 18:05

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Wait...you gotta pay them $2.2 k to finish the loan but then you have to start all over again and pay off another new loan? The fuck... Please say that’s not how it works.

Mercedes Streeter > Klaus Schmoll 02/01/2019 at 18:11

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Sort of. I haven’t actually paid 30% and t hey haven’t actually repossesse d the car. AFAIK, they haven’t even taken it to court yet . However they are still willing to treat it similar to the 30% rule to give me a second chance.

As I mentioned in now deleted threads, had they just not lost my documents this wouldn’t have happened in the first place.

Mercedes Streeter > PS9 02/01/2019 at 18:13

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Thankfully no. I just pay $2.2k ($2k in missed payments, $200 in late fees) and the loan continues like nothing happened. :)

Side note: I wouldn’t be owing $2k in missed payments if it hadn’t taken them roughly 3 months to get their act together..

Future Heap Owner > Mercedes Streeter 02/01/2019 at 18:59

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I’m very glad to hear they’re not taking your car.