I plan on making the payment on the 29th of this month but the finance company said I have to have it paid by 5:00 today or they will reposses. I am only 19 days late, can they do this or are they trying to scare the payment out of me?
2006-12-22 04:01:33 · 8 answers · asked by Lisa R 1 in Business & Finance ➔ Credit
I think you have to be 3 months behind before they can repossess something.They are trying to scare you.I could never be a bill collector. I couldn't be as hateful as they are.I know it's their job, but sometimes they seem to enjoy it.
2006-12-22 04:06:34 · answer #1 · answered by Anonymous · 0⤊ 0⤋
The answer to your question is dependant upon the finance company's grace period. Essentially, the date that you are outside of the grace period, they do in fact have the right to repossess. Also, your payment history will affect the finance company's willingness to be accommodating. However, it would be in your best interest to call them back and offer to have them directly draft the money from your checking/ savings account if possible. If you feel their threat is real, it will be worth it to house your car at a different location until you can make the payment AND confirm that it has been posted to your account. This may seem far fetched, but from personal experience, I can promise you that a repossession will cost you exponentially higher than that late payment will. It is imperative to ensure that they have posted the payment to your account because they contract towing companies who are not aware that you have made the payment and will still repossess the car and refuse to reverse all of the fees/ penalties. I hope this helps you.
2006-12-22 12:40:12 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Can they? Yes
Will they? Probably not.
Rarely in one of those cases where the lot you buy the car at is actually financing it, they will do that when yoiu're only a little late.
But a bank or loan company? They dont like repoing because they rarely get their money back.
Try calling them back and talking to a different customer service person. Often times if you give htem your debit card or check number by phone they can set up the payment for the 29th and that will appease them.
2006-12-22 12:14:18 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Short answer: Most likely, yes.
Long answer: It depends on where you live and your situation.
A few states (Colorado, Idaho, Indiana, Iowa, Kansas, Maine, Oklahoma, South Carolina, Utah, Wisconsin, and Wyoming) have enacted the Uniform Consumer Credit Code (UCCC). For that to govern, your car must be a consumer purchase (i.e. for personal or family use). There is a special default provision in that code which basically states that if you have never been sent a "Notice to Cure" the default, the creditor can't repossess until you have been sent that notice and the period for curing the default (usually 20 days) has elapsed. You only get one chance to default and have a right to cure - the second time, they are allowed to repossess.
One word of caution: Make sure that your state has enacted this particular provision of the UCCC before relying on it. States sometimes make changes to "uniform" laws before enacting them. The link below provides links to where each state publishes their UCCC statutes online.
If you are a debtor in a bankruptcy case, the law on repossessions is quite different. In that case, you should let your lawyer know what is going on.
If your situation hasn't been covered above, it's most likely that your lender can repossess, provided that the repossession takes place without a breach of the peace and without getting law enforcement involved.
2006-12-22 12:30:21 · answer #4 · answered by bige1083 1 · 1⤊ 0⤋
WOW usually they will talk like that if you are 2-3 months behind. You need to call a supervisor or a manager and discuss you situation and tell them that you were threaten with this. some dirt crap finance company would say that, if it was a respected bank they would never do that they would give you like a courtesy call and then ask for an explanation. Are you only 1payment late?
2006-12-22 12:20:50 · answer #5 · answered by Anonymous · 0⤊ 0⤋
I guess you consider the payment due date a "guideline" and NOT a "deadline".
Keep skirting with danger and you are likely to get burnt.
2006-12-22 16:40:39 · answer #6 · answered by DaMan 5 · 0⤊ 0⤋
have to read your finance contract, I guess they theoretically could do that, dont see how it financially serves them though. They take a pretty good hit on a repo.
2006-12-22 12:06:57 · answer #7 · answered by David B 6 · 0⤊ 0⤋
yes they can reposse your car my advice to you is just pay them something
2006-12-22 13:10:45 · answer #8 · answered by pattibcacl 6 · 0⤊ 0⤋