Posted on: 29th Sep, 2006 06:05 pm
question,this is about reposession of my vehicle. how many payment sbehind can you be before a finace comapny will repo your car. my car is finced thru triad financial in california and i live in NC i amtwo payments behind and was suppose to make one today but don\'t have the money , I will be 3 months behind on 10/6 but i can pay a payment on 10/6. the reprensentative told me my loan wouldbe sold if i didn\'t pay today and that car would be repossessed.what can i do ? I \'ve had car less than a year bought it from southern states buick dodge mazda in raleigh,nc and it \'s been in and out of shop needs power steering pump no wand rear end serviced.had to have brales put on it after having it a month and got no warranty with it as is
Hi Guest,
Creditors have the legal authority to repossess a vehicle as soon as the borrower defaults on the loan. But state laws as well as the creditors vary in the number of late payments, which constitute a default.
I think you should talk to the finance company and request them to extend the payment date or make any other change in the contract, so that you can arrange for payments and repay the loan. Make sure the company makes changes in writing and not orally.
Thanks,
Sara.
Creditors have the legal authority to repossess a vehicle as soon as the borrower defaults on the loan. But state laws as well as the creditors vary in the number of late payments, which constitute a default.
I think you should talk to the finance company and request them to extend the payment date or make any other change in the contract, so that you can arrange for payments and repay the loan. Make sure the company makes changes in writing and not orally.
Thanks,
Sara.
"how many payment sbehind can you be before a finace comapny will repo your car."
After how many late payments the finance company can repossess your vehicle actually depends on the loan agreement. If there is a grace period (30, 60, or 90 days) mentioned in the agreement, then the company may repossess at the end of that period. There can also be a default clause stated in the agreement and this can also lead to repossession. However, if you are late and there is no grace period allotted to you, then repossession can take place any time. You need to check this from your loan agreement.
After how many late payments the finance company can repossess your vehicle actually depends on the loan agreement. If there is a grace period (30, 60, or 90 days) mentioned in the agreement, then the company may repossess at the end of that period. There can also be a default clause stated in the agreement and this can also lead to repossession. However, if you are late and there is no grace period allotted to you, then repossession can take place any time. You need to check this from your loan agreement.
Hi Van,
"car would be repossessed.what can i do ?"
If your creditor has decided to repossess the car, he should tell you the date of the sale (by the state law) so that you can reinstate the loan contract. That is, knowing the date of sale, you can gather the amount you owe and pay it along with repossession and other expenses (attorney fees). If you can reclaim your car, you should be regular with the loan payments and satisfy the terms of the reinstated contract in order to avoid another repossession.
God bless you
Samantha
"car would be repossessed.what can i do ?"
If your creditor has decided to repossess the car, he should tell you the date of the sale (by the state law) so that you can reinstate the loan contract. That is, knowing the date of sale, you can gather the amount you owe and pay it along with repossession and other expenses (attorney fees). If you can reclaim your car, you should be regular with the loan payments and satisfy the terms of the reinstated contract in order to avoid another repossession.
God bless you
Samantha
Im 1400 dollars behind on my car payment this past January,but Id just made a 800 dollar payment last month and I just sent a payment of 300. If I keep making payments every month,would I still be able to avoid repo of my vehicle? If I keep making payments? They told me if I paid half of the 1400 which I did,I will be okay,but I havent recieved a monthly statement and also I cant get in touch with my finance company
what is preventing you from contacting your finance company? do they not have a mailing address, or an email address or a phone number? somehow they gave you the information on how to make payments - it would make sense that they would be accessible.
If i am behind on payments 2300 bucks then start making payments and get caught up.Can the vehicle still be repossessed.The repo epresntatives are threating to put a warrant out.They said even if I made payment i still have to return car.I was wondering if true and if I could maybe setup some kind of arrangements with finance company and still keep my vehicle
Hi tinky,
The lender just wants you to make payments on the loan. He is not interested in repossessing your vehicle, unless they feel compelled to do so. I believe if you talk to the lender, he would be willing to work with you to set up some sort of repayment plan. In the meantime, if you can make the due payments and get current on the loan, it will be great. Talk to the lender regarding this.
The lender just wants you to make payments on the loan. He is not interested in repossessing your vehicle, unless they feel compelled to do so. I believe if you talk to the lender, he would be willing to work with you to set up some sort of repayment plan. In the meantime, if you can make the due payments and get current on the loan, it will be great. Talk to the lender regarding this.
indeed, tinky, you need to catch up on your payments as quickly as possible so as to prevent the repossession. i'd think their message to you is to say that unless you catch up at once, they'll still feel the need to pop the car. so, don't make partial payments, unless you work out such an arrangement with the customer service people. that's why it's imperative that you contact them right away and try to work out an arrangement.
I have a loan with CitiFinancial auto. i am 81 day and 871.00 behind. though i have made payents everymonth just not the full amount. What are the odds that my vehicle will be repoed at the 90 day mark? I can make the payment by the end of the month.
Hi magking,
As you are not making the full payments, the lender has the rights to repossess the vehicle. You've mentioned that you'll be able to pay the dues at the month end. You should inform the lender about the same so that he can give you some extra time to pay off the dues.
Thanks
As you are not making the full payments, the lender has the rights to repossess the vehicle. You've mentioned that you'll be able to pay the dues at the month end. You should inform the lender about the same so that he can give you some extra time to pay off the dues.
Thanks
how long do it take for them to come repo that vechile once they say its going to b repo
A lender doesn't even have to make the threat to repossess - it's in your contract, so the action can come at any time, if you're in default. If they've said they're coming out for the vehicle, then they're probably on the road right now looking for it. Once they say it, the timing could be 15 minutes or 15 weeks - depends on how well you hide the vehicle and how well they do their detective work.
Of course, it isn't the lender who's coming out to take the vehicle (except in rare cases). It'll be a hired hand who specializes in such work. And specialists know how to find a piece of collateral without much difficulty.
Of course, it isn't the lender who's coming out to take the vehicle (except in rare cases). It'll be a hired hand who specializes in such work. And specialists know how to find a piece of collateral without much difficulty.
im behind 2 months i nne help what can i do
Hi albert!
Welcome to forums!
As you're are 2 months behind on your mortgage payments, you should apply for a loan modification in order to save your property from foreclosure. You should write a hardship letter to the lender. If the lender is convinced about your financial hardship, you would be able to get a modification.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As you're are 2 months behind on your mortgage payments, you should apply for a loan modification in order to save your property from foreclosure. You should write a hardship letter to the lender. If the lender is convinced about your financial hardship, you would be able to get a modification.
Feel free to ask if you've further queries.
Sussane
Sussane, since this thread is all about repossessions of automobiles, I suspect that Albert is likely 60 days late on his car payments. In that event, of course, a foreclosure isn't on the table. Also, therefore, a foreclosure isn't likely.
Albert, your best bet is to be in conversation with your lender immediately so as to let them know what your situation is and how you might be able to solve whatever it is that prevents you from keeping payments current. Call them right away, before they come to take your vehicle.
Albert, your best bet is to be in conversation with your lender immediately so as to let them know what your situation is and how you might be able to solve whatever it is that prevents you from keeping payments current. Call them right away, before they come to take your vehicle.