and the bank is asking to give it up, do I have to do this by law, specially when I can update the past due amount in few days?
2007-02-26 06:23:49 · 10 answers · asked by tresleger 1 in Business & Finance ➔ Personal Finance
no I am not hidding the car... I gues they are no doing a good job in understanding my life style.
2007-02-26 06:32:39 · update #1
It's no about being a criminal... BAD things happens to good people too...
2007-02-26 06:43:42 · update #2
Assuming you are serious about being able to bring the car payments current in a few days, I would simply call them and tell them that and then keep doing what you have been doing and take a chance that you will continue to be ahead of the repo guy. One word of caution, if you tell the bank what day you are going to be there, DO "NOT" drive the car there to make the payments. Yes, as a former bank officer and repo type I had it towed from our parking lot while the client was inside making the payments.
2007-02-26 08:33:23 · answer #1 · answered by ? 7 · 0⤊ 1⤋
Yes, you do have to surrender the vehicle. But, if as you state you can make the payments including the late fees? Call the bank and tell them. They would rather have their money than the vehicle.
If they do take it? You will have a repossession on your credit and most likely owe a balance. They will sell the vehicle at auction and apply that amount to the loan, whatever is left over? YOU OWE. They can then get a judgment for this balance and garnish your wages.
If the vehicle is is repo status you obviously have missed several payments, by law the bank can not do this unless the payments are 90-days or more past due. Pay your bills deadbeat.
2007-02-26 06:58:01 · answer #2 · answered by ? 7 · 0⤊ 0⤋
If this was the first time you were late on the payment, they would not be sending the repo man to collect it.
The bank is ordering you to give up the car because (since you did not make the payments) it is technically not yours. By law, they have the right to get that vehicle back and try to collect on the debt. Re-read the original contract you signed when the bank or financing company loaned you the money.
I would suggest that you get this sorted out as quickly as possible. You may be able to get the bank to take the repo guys off your case by paying them, but now you also have to pay penalties which will go to paying the repo guys time.
Usually when it comes down to repos getting involved, your credit score has taken a beating and the bank is really not interested in talking with you anymore...but I hope I'm wrong for your sake.
2007-02-26 06:30:29 · answer #3 · answered by SteveN 7 · 0⤊ 0⤋
I think the repo man is going to get it. If you have it locked out of sight in your private garage then sooner or later you are going to need to drive the car (otherwise why have one?). After that at some point you will leave it in a parking lot next to a store and when you come back it will be gone.
Whether the bank will put up with the crap of you paying late and expecting to be forgiven this time so that you can pay late next time, that is up to them. They may decide it is just easier to garnish your wages or to get a court order asking for payment so that a constable can nab you for contempt of court when you don't pay.
2007-02-26 06:31:58 · answer #4 · answered by Rich Z 7 · 0⤊ 0⤋
Afraid so, since until the bank receives the money due and releases the car from repo status, it is not your right to hold onto it or hide it from the repo man.
2007-02-26 06:28:06 · answer #5 · answered by Kiffin # 1 6 · 1⤊ 0⤋
Hell No! because i'd not be in a seize 22 subject. I make positive I absolutely have my stuff paid earlier each person takes it away. in the journey that they take it, hey- I deserve it. i'm no longer gonna wrestle absolutely everyone for it. it really is not any longer worth it. i'm absolutely for the repo guy- he's in effortless words doing his job
2016-12-04 23:45:06 · answer #6 · answered by ? 4 · 0⤊ 0⤋
I'd think unless you have been a total disaster, they'd prefer their money and the charges to the car. In the end it's the bank's call; if they want the car and aren't taking NO for an answer, turn it in before it gets damamged and you end up with a deficency balance that you'll be responsible for even after the car is gone.
2007-02-26 06:27:57 · answer #7 · answered by wizjp 7 · 1⤊ 0⤋
THE CAR DOES NOT BELONG TO YOU, THEY CAN REPO IF PAYMENTS ARE NOT MADE OR ARE LATE, YOUR ONLY CHANCE IS TALK TO THE BANK AND TELL THEM. WHY CAN'T THE REPO MEN NOT GET IT? ARE YOU HIDING IT? THAT IS AGAINST THE LAW ALSO. YOU COULD BE CHARGED WITH A FELONY.
2007-02-26 06:28:33 · answer #8 · answered by dtwladyhawk 6 · 1⤊ 0⤋
by law yes you do have to give it up plus if you dont the bank can ruin your credit and you dont want that
2007-02-26 06:26:22 · answer #9 · answered by links305 5 · 2⤊ 0⤋
if they can't find it and you call the bank and have the money to make all payments up to date they may stop the repossession
2007-02-26 06:27:41 · answer #10 · answered by Robert P 6 · 0⤊ 2⤋