2006-12-21 03:05:58 · 6 answers · asked by michael gb 1 in Business & Finance ➔ Credit
Yes, they are within their rights.
You borrowed money from them to buy the car. The car was pledged as security for that loan. You did not pay that loan, so they get the car, and if they cannot recoup the money that you still owe on the car from selling the car, they can go after you for the balance.
If they are willing to let you have the car back if you pay the balance in full, expect that there will also be some additional charges to pay as well...such as the repo man's fee (tow truck, etc) and any related costs the lender may have incurred in trying to secure their money.
They want the full balance now, not just the payments you are behind on. They want it all, because they are in the business of lending money to people who will pay it back on time.
Good Luck!
2006-12-21 03:14:41 · answer #1 · answered by gr8 3 · 0⤊ 0⤋
Sorry sweetie-but yes it's legal! Been there-done that! You could try to negotiate a price with them but they might not budge-when they repoed mine (the only night I didn't set the alarm-how ironic) I had to negotiate with them and pay for the impound fee! Good luck sweetie-but you might want to go look at second chance creditors for a vehicle-high interest but it's a car!
2006-12-21 11:17:52 · answer #2 · answered by dodlydink 4 · 0⤊ 0⤋
YES it is legal. They own the car not you, when you stop paying for it, they take it from you and that's the only way you'll get it back. They probaly won't negotiate any other terms with you since you have screwed them already.
2006-12-21 11:11:58 · answer #3 · answered by S.F 2 · 1⤊ 0⤋
Sorry dear. Not only is that legal, but if they sell the car to someone other than you for less than you still owe on it they can still charge you for the difference.
2006-12-21 11:26:52 · answer #4 · answered by zaffaris 5 · 1⤊ 0⤋
when you buy a car you agree to pay the full balance of the loan...if and when they repossess the vehicle for non-payment you still owe the balance of the loan...completely legal
2006-12-21 11:12:45 · answer #5 · answered by Shannon M 3 · 1⤊ 0⤋
Yes, it IS legal.
That will make you think TWICE about not paying your car note ON TIME, right?
Furthermore, how dare you complain about the HOT MESS you created by not paying the note due in the FIRST PLACE?
2006-12-21 14:53:44 · answer #6 · answered by DaMan 5 · 0⤊ 0⤋