At what time can a bank take leagal action on car loan? From what I understand they can't take the car till I'm 90 days behind, i'm only 45 days and am making as many payments as i can every month. Yet they are still calling and harrasing me, not only at home but at work.
2006-08-04 05:43:36 · 5 answers · asked by Anonymous in Cars & Transportation ➔ Other - Cars & Transportation
How may a debt collector contact you?
A collector may contact you in person, by mail, telephone, telegram, or fax. However, a debt collector may not contact you at inconvenient times or places, such as before 8 a.m. or after 9 p.m., unless you agree. A debt collector also may not contact you at work if the collector knows that your employer disapproves.
2006-08-04 05:51:40 · answer #1 · answered by Vulcan 1 5 · 0⤊ 1⤋
IT'S CALLED DEFAULTING ON YOUR LOAN...
It's hard to say by when and how much, without looking over the loan agreement that you have with your bank.
However, a contract is just that...if you don't pay according to what you've agreed to, you are in default of the loan.
(this is where we need to read the "fine print")
The very best thing you can do in any situation like this is to call them and talk to the loan officer in charge of your account, explain your situation and make a payment schedule that you both agree with, and then STICK TO IT.
When this is done, there would be no reason for the bank to be calling and harrassing you.
If, on the other hand, you have simply let your payments fall behind and go past due without saying anything then, they will play by the rules you've agreed to and take back or repossess the loan collateral, which is the car.
Oh, and they really don't want the car back, they just want the money and interest that you agreed to with whatever penalties and late charges might now be added on.
2006-08-04 12:48:17 · answer #2 · answered by GeneL 7 · 0⤊ 0⤋
you have to read the fine print in your loan contract. it is a farse that they cant do anything until you are 90 days late, in reality they can take action if you are 1 day late. it all depends on your contract. Most companies will not take action until the 90 day mark. remember you signed a lot of paper work, and basically signed away all your rights to finance that car.
try to work something out with them, if you aviod them they will take action, if you keep in contact with them, explain to them your situation, and your inability to pay this month or next month, they will work with you, and some companies will even waive late payment fees.
2006-08-04 12:50:02 · answer #3 · answered by SWT 6 · 0⤊ 0⤋
Actually, you should not get behind. You signed a contract that you would pay XXXX amount monthly. You have broken that contract, refused to pay the bank back the money that you owe them and when they ask you for it you call that harassment.
It is people like you that makes all of the other borrowing public have to pay high interest rates to cover their lost and cost of getting their money back.
Other have to pay more because it cost banks money to hire people to try and get their money back from people that do not pay or take forever to pay.
You are costing the bank money! you call yourself an adult.
Adult also means being responsible for your actions.
PAY YOU DEBT, and quit crying like the spoiled baby that you are!
2006-08-04 14:04:54 · answer #4 · answered by Anonymous · 0⤊ 0⤋
The minute you arelate with payment, they can say you have broken contract. They can take the car whenever they have the proper paperwork after deliquency of payment is over 48 hours.
2006-08-04 12:50:06 · answer #5 · answered by Gothic Martha™ 6 · 0⤊ 0⤋