I recently bought a car from a local small dealership. I had to do a $3000 down payment . I put $1000 in cash and the orher $2000 was going to come from my tax return. Unfortunatly I moved and the tax return is being held up by that situation. I have already started paying the bank for my car.
Please help!
2007-03-09 03:04:14 · 5 answers · asked by K.D. 2 in Cars & Transportation ➔ Buying & Selling
It is possible. If part of the agreement for the car was that you were going to give $2000 and you have not given that $2000 then the dealership could consider that default. Some of the small dealerships will repo if you miss one payment. I have heard of some trying to repo if you have been consistently late on payments (although, I heard they got in trouble for that one). Talk to whoever is holding the loan and make sure they know what is going on. Make sure you keep in contact with them. That is one of the biggest complaints lenders have about borrowers who get behind. The borrower will avoid the lender at all costs. Sometimes a simple phone call or visit will prevent a repo.
2007-03-09 03:11:45 · answer #1 · answered by A.Mercer 7 · 1⤊ 0⤋
Wherever you owe your note to, dealer or bank, they certainly CAN take the car back for non-payment. Normally, they will allow you 2 missed payments before starting legal action and repossession proceedings. Then, your car will disappear some day from your work or home parking area, taken back by some "Repo man".
You also need to know that, if your car is returned to them, they can take it to an auction and sell it for whatever it will bring (often for pennies on the dollar). Then, they will come back on you for the dollar difference between what you owed and what they received from the car at auction. In effect, you will then be obligated to pay for a car you have already lost.
2007-03-09 03:18:07 · answer #2 · answered by Dr. J 3 · 0⤊ 0⤋
Yes they can, and they will find you, even if you are making payments...
I learned this the hard way 10 years ago, I had a 1 YO car and i missed 2 payments, but i moved and figured they couldn't find me... I was young anf naive..
Unfortunately I went outside one morning, my car was gone... they took it back, put it up for auction and sold it for $3000 less than i owed on it, so now i had no car and owed the bank $3000.00!
so because i didnt pay my 2-300.00 payments i ended up owing them 3000.00 sounds stupid doesnt it? So learn from my mistake, they got you by the balls when you sign the finance agreement....
2007-03-09 03:39:43 · answer #3 · answered by n_maritz 3 · 0⤊ 0⤋
They sure can. Call the dealer and explain the problem.
2007-03-09 03:07:16 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Yes, they can.
2007-03-09 03:12:13 · answer #5 · answered by Xiomy 6 · 0⤊ 0⤋