2006-11-13 14:32:17 · 7 answers · asked by cargirldawn 3 in Business & Finance ➔ Credit
Lots of bad answers to this question. Read your loan agreement, yes it is possible that your agreement and state law permit a repossession the day you are in default.
2006-11-13 14:44:57 · answer #1 · answered by Anonymous · 1⤊ 1⤋
The state in which you live would need to be disclosed before someone could accurately answer. The Uniform Commercial Code is not the final authority but is sort of the common law of the land.
Several states now require a prior notice of Right to Cure be sent before recovery can be executed. Right to Cure is legal notice that an account is past due and gives a specified time for the debtor to pay a specific amount to cure the delinquency.
The last day for payment in the seven states is as follows:
Colorado—20 days from notice date
Iowa—21 days from notice date
Kansas—20 days from notice date
Massachusetts—21 days from notice date
Maine—20 days from notice date
Missouri—15 days from notice date
South Carolina—20 days from notice date
2006-11-13 15:02:52 · answer #2 · answered by Mere Exposure 5 · 0⤊ 0⤋
go over the loan application / agreement that you signed, make sure to go over any and all fine print if there is nothing stated in the contract about that then your next move would be to contact a lawyer for advice. They are more than likely trying to scare you,if you were only one day late, but still I would look over the agreement and then call a lawyer.
2006-11-13 14:42:34 · answer #3 · answered by hockeyiluv 2 · 0⤊ 0⤋
in case you purchase a automobile from a private occasion, and it lands up getting repossessed, they could record it to the credit bureaus, so i don't be attentive to the place you acquire your suggestions. the only concern distinctive approximately purchase here pay here lots is that a number of them do not run a credit verify once you purchase. additionally, if it became right into a purchase here pay here lot, the possibility is it became into offered as is, and the failing factors are actually not their accountability. Did you inspect the motor vehicle with your mechanic till now procuring? they won't prefer the motor vehicle lower back till you pay for fixing it, yet you may could desire to ask them approximately that. many of the lots have on web site mechanics who will fix it, and upload the fee of fix on your settlement additionally to evade taking it lower back. lower back, talk over with the lot. sturdy success.
2016-10-17 06:11:03 · answer #4 · answered by kigar 4 · 0⤊ 0⤋
Read you loan agreement. If they do repo your car you can get it back but it is a hassle. You can even talk to the loan office. They may grant you more time. Sometimes they say that to scare you.
2006-11-13 15:22:59 · answer #5 · answered by Staci R 3 · 0⤊ 0⤋
No. Thay have to give you an written letter and give you 30 days to respond.Just trying to sare you,that's their job. Terrible an't it? Call an lawyer if you have to.
2006-11-13 14:36:07 · answer #6 · answered by pixie1 1 · 0⤊ 1⤋
NO
READ YOUR LOAN AGREEMENT....
2006-11-13 14:34:24 · answer #7 · answered by cork 7 · 0⤊ 1⤋