I owe $54.00 on my car payment its about two weeks late? Does anyone know if this is cause for car reposession. by the way this is my first time being late.
2006-11-30 01:26:40 · 7 answers · asked by terjar4 1 in Business & Finance ➔ Credit
Two weeks late? Normally not. But if you don't get caught up within the next few weeks that could change.
Best bet: Get in touch with the lender and let them know what your situation is and make firm arrangements to make up the arrearages as quickly as possible. Then follow through with that. The worst thing that you can do is to keep silent on the issue. If they don't hear from you they'll assume the worst; that will not work in your favor!
2006-11-30 01:31:54 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Normally that wouldn't be long enough for a repo, but then you need to look in your finance papers and see what the default clause says exactly. Most states do not have laws that govern how long before a repo can take place, that's determined strictly by what contracts you sign. The only exception to that would be a contract which is deemed "unconscionable", which means that the terms are too far removed from common sense to be enforceable. Otherwise what you sign is what you are stuck with.
2006-11-30 09:44:59 · answer #2 · answered by Goyo 6 · 0⤊ 0⤋
It depends on what the terms are for your car loan. Contact your financing company and explain your situation...and ask them about a payment plan so that you can get "caught up" with your payments. If you avoid them or don't let them know you are having difficulties, then they can assume that u are trying to dodge them. Good luck!
2006-11-30 09:33:40 · answer #3 · answered by its_me_cheeky_dee 2 · 0⤊ 0⤋
Have you tried yet to talk to the finance company? Alot of times they will work with you if you explain your situation to them? If you run into problems where you need help in making a payment, Ask to see if they have a payment deferral option available. Hope this helps!
2006-11-30 09:31:51 · answer #4 · answered by Diaper Delivery Services 3 · 0⤊ 0⤋
You have to be at least 2 months before they repo your car. I would not worry about being 2 weeks late.
2006-11-30 12:35:12 · answer #5 · answered by nashvillekat 6 · 0⤊ 0⤋
The last thing that a finance company or bank wants...is your car or the expense associated with repossessing it.
Call the lender and explain your situation. They will be happy to hear from you and will help you get back on schedule.
2006-11-30 09:32:08 · answer #6 · answered by rick b 2 · 0⤊ 0⤋
youre two weeks late and they repo your car. huh that is highly illegal press charges go to the magistrate in your town.
2006-11-30 09:31:12 · answer #7 · answered by duc602 7 · 0⤊ 1⤋