I actually owe 1/2 of October's payment and november's payment just became due. Yet they're calling all my references and my job telling them full details about my car and leaving messages for me to clean the car out.
2006-11-16 12:09:00 · 13 answers · asked by nanna 1 in Cars & Transportation ➔ Buying & Selling
They can- first understand this- they dont want to.
All they want is the payments made. They have "collectors" who's job is to call and get money- anyway they can. Each state has different laws in what they can do/say, who they can call, and times they can call.
They can call and say just about anything they want, outside of making physical threats- they cant call your mom and tell her your 2 payments past due- but they can say- " I cant tell you specific information- but tell just tell him to clean the car out, we are coming to get it". they can say things like that.
You need to call them, and work out a payment schedule, so the collector calls will stop. But you have to stay with whatever agreement you come to. You break it once, they come after you even heavier than they did before.
2006-11-17 03:48:37 · answer #1 · answered by Anonymous · 0⤊ 0⤋
It is true that they can repo with any amount owing. The terms the lender has for "when" they would repo depend on the lender.
I do "in-house" loans for bad credit people and I will call them the same day as their payment is due if I havent gotten it before I close. I also issue repo orders at one week without contact. My customers miss a payment - I send a tow-truck.
As far as calling your references, this is normal when an account goes into collection and each lender determines how delinquent an account gets before they sick the collectors on you.
They are not allowed to say anything other than they need to speak with you regarding your auto loan. They may inform your references that your car loan is delinquent and that it is imperative you contact them in order to avoid repo!!!
The lender sounds like a "problem credit" lender that has to stay on top of each loan...
One thing I advise my customers to do that keeps me very happy...pay half the payment BEFORE it is due and the other half when it is due...keeps the bill easier for you to handle too!
2006-11-16 16:01:38 · answer #2 · answered by Anonymous · 0⤊ 0⤋
They can repossess it until it is paid in full. If they are giving other people information on your credit without your permission contact an attorney. They can not release information on your loan unless you authorize it. You can also call them to request that they do not call your work or references. Any of the references can also make a request that they quit calling. Usually you can work out a plan to add late payments to the end or your note. If you don't call them they don't know your honestly having a problem making payments.
2006-11-16 12:49:59 · answer #3 · answered by ssbbr 1 · 0⤊ 0⤋
My first motor vehicle, a 'fifty one chevy 2 door, I paid the super sum of $seventy 5 money for in 'fifty six. Drove it 2 years and offered it for $sixty 5 then offered a 'fifty one Merc convertible for $seven hundred. Drove the Merc till the engine went out in 'sixty two. Then offered a '40 LaSalle Coupe for $2 hundred. Restored that and drove till I went to Nam in 'sixty six and offered it for $seven hundred. The LaSalle immediately could be worth approximately $35,000 in stable difficulty and the Merc, of which there are basically a dozen or so customary to exist is worth around $sixty 5,000. Ahh, for the stable previous days, while a youthful guy might desire to purchase a dazzling motor vehicle, without getting in debt as much as his ears. even with the undeniable fact that I do have a newly restored 'sixty 5 Mustang which I won by swapping a used using mower.
2016-10-04 01:27:10 · answer #4 · answered by dunkelberger 4 · 0⤊ 0⤋
don't be shy on this one call your finance company and ask them for a plan they can and will reposes your car if your more than 2 months behind find somewhere to hide it till you can pay the back money or call them and work out a back payment plan most will work with you if you will agree to catch up the back payments within a reasonable amt of time cause its a paperwork nightmare for them to repossess the car.
2006-11-16 12:14:42 · answer #5 · answered by wjaandsonpainting 1 · 0⤊ 0⤋
They can legally repossess a $20K car for non payment of $500, for example. But any profit from the sale of the vehicle must be given to you.
2006-11-16 14:20:35 · answer #6 · answered by Anonymous · 0⤊ 0⤋
unfortunatly yes because the bank owns the title to the vechicle so in a sence your paying them to use the car and untill you pay it off it will the the back's property
2006-11-16 12:11:40 · answer #7 · answered by firebirdws62168 3 · 1⤊ 0⤋
yep, till u pay the last cent its the banks car
2006-11-16 13:27:00 · answer #8 · answered by Anonymous · 1⤊ 0⤋
Wow! I don't know, but that's a bummer man. Maybe get a lawyer.
2006-11-16 12:13:15 · answer #9 · answered by glen 2 · 0⤊ 0⤋
they are trying to get you scared they don't want the vehicle back but they can repo it until it is paid in full.
2006-11-16 12:13:36 · answer #10 · answered by master of none 3 · 0⤊ 0⤋