laid of from work from 12/01/06 to present; consulted finance company and was given till 1/15/07 but yet on 1/08/07 it was repossed at 2:30 a.m. and now they tell me i have to pay 200.00 tow fee in addition to back payments, is this legal?
2007-01-09 10:20:46 · 5 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
Some of the repo laws vary from state to state..In N.C. it is legal for a vehicle to be repossed after being just 1 day late..Let me say that none will actually do that,unless there has been multiple problems with it in the past..If you signed a contract stating that you would pay them in payments, then you are responsible for the payments as per contract..Im sure it does not state that the payments are not due if you are not working..
They can charge you a repo fee also..Actually 200.00 is cheap..Most repo companies charge more than that..They dont work for nothing!
Sorry i could not give you the info that you wanted to hear..Welcome to reality!
2007-01-09 11:09:29 · answer #1 · answered by Harley-HST 4 · 0⤊ 0⤋
That depends upon state law. In some states, your car can legally be reposessed if you're one day late. In CA you must be at least 90 days late or have been 30 days late 2 or more times during the term of the loan and be at least 30 days late currently. There are exceptions to that, though.
If the repo was legal -- consult with an attorney on that -- the tow fee is legal as well. The repo firm has to be paid and that will be on you.
2007-01-09 11:28:23 · answer #2 · answered by Bostonian In MO 7 · 1⤊ 0⤋
well, usually you need to miss more than 2 payments to have it repossessed.But, if in fact you were often late with your payments say more than 3 times 30 days late than you are considered high risk and therefore have legal proof of this and can reposes on or just after said payment due date after second missed payment.With poor payment history they can make a personal judgment that you are not going to make good on the loan and not too many judges would be sympathetic to you with a poor payment history regardless of loosing your job or not.
Yes, not exactly fair but in the world of legal red tape just the same true.And yes, they do have legal right to charge you for the tow along with the past due payments.
2007-01-09 10:30:35 · answer #3 · answered by vmaxer85 4 · 0⤊ 0⤋
In my state (Texas) the protecting of unencumbered own property interior a repossessed vehicle is considered as robbery. i don't have a clue about Florida regulations, yet i imagine i might want to point she report the be counted to the police and be conscious in the experience that they could help you in convalescing her property. after all, the repo company had no criminal declare on some thing except the vehicle.
2016-12-28 13:32:57 · answer #4 · answered by ? 3 · 0⤊ 0⤋
pay your bills and it's not a problem...
finance companies don't care if you have a job, as long as they get paid....
BTW...yes, it's PERFECTLY legal.....they actually own that car until you pay for it...
2007-01-09 10:28:18 · answer #5 · answered by Anonymous · 0⤊ 1⤋