I was told that they would send me a "Demand Letter" for being 2 months behind. I plan on getting to only one month behind when I get paid next, but what can they do if they send me this letter? I don't want my vehicle to be reposessed. I am only 5 payments from finishing off the 60 months plan and my vehicle was purchased in September 2001.
All info will be appreciated.
2007-01-09 05:34:36 · 4 answers · asked by Ariel G 1 in Business & Finance ➔ Credit
I believe that a demand letter is simply that... a letter demanding that you pay the amount that you are past due.
Your best course of action would be to call GMAC and explain to them the situation and that you are working to pay them off. They don't want to repossess your car any more than you want them too, so generally they will work with you. Just catch up on your payments and pay it off as soon as possible.
2007-01-09 05:39:34 · answer #1 · answered by Anonymous · 0⤊ 0⤋
A demand letter is a letter from someone you have borrowed money from (GMAC Auto) demanding that you pay a certain amount of money to them in order to keep your vehicle. Sometimes it is the full amount remaining on the loan, but sometimes they will also let you pay a set amount and then make normal payments after that.
If you do not pay the amount when it is due according to the letter then they will come and get your vehicle.
for future reference...NO MATTER HOW LATE YOU MIGHT BE ON A PAYMENT...CALL THEM AND TELL THEM...if you know you will not be able to make a payment, let them know and you won't be getting a demand letter from them.
2007-01-09 05:46:27 · answer #2 · answered by Jessi 7 · 0⤊ 0⤋
that is just a warning if you do not make an effort to make those payments the will repossess it. I would suggest you call them.My daughter went thru that and they seemed to be very helpful when she called.
2007-01-09 06:19:03 · answer #3 · answered by nj2pa2nc 7 · 0⤊ 0⤋
After 6 months repossession stage turns into stolen vehicle.
In your case your just now entering repossession stage.They are just trying to threaten and scare you.
2007-01-09 05:47:13 · answer #4 · answered by Mid 3 · 0⤊ 0⤋