what are the laws in texas on car financing collections?

Question

bought a car, 1 day late on payment, being harrassed by finance company united auto credit

Answer 1

Texas finance laws are rather "loose" I think. I live in Texas and made the mistake of financing my laptop through Dell. 1 day late and they start making their phone calls, as many as 4 a day, including weekends. In your situation the finance company can take your car from you for non-payment, but I think a certain number of days have to pass before they can take that kind of action.

Answer 2

First of all, you are not being harrassed. They are simply calling to find out when you'll make a payment. You promised to pay the finance company every month by a certain time. You didn't pay them on time.

There should be a payment grace period outlined on your contract, but that means they won't charge you late fees until after the grace period. They will still call to find out when you'll write a check.

When your payment is late your phone number gets put into a dialer. If there are fewer customers that have made late payments, your phone number will come up more often, which means you'll get more calls.

My recomendation would be to make a payment. The calls will stop (atleast until you miss another payment).

Answer 3

There is no grace period for reposesion. If you are one day late they could (if they wanted) be there the day after payment was due to get the car. Most places want the money =, not the car, so they don't do this. Harrasment should stop as soon as you are caught up. Some places do these quick repos so they can sell a car over and over again.

Answer 4

No, the one solution to get out of the mortgage is to pay it off. It's a performed deal now. You will have to have found out for those who might find the money for the repayments BEFORE you obligated your self and a co-signer to a longer term monetary dedication. It's too overdue now, you cannot placed the genie again within the bottle.