if you have the money to pay up the two months you were behind and pay two months in advance when the tow truck driver comes to get your car can the finance company legelly say that they now want payment in full for the remaining balance in 20 days before you get your car back or they are selling it
2007-03-09 20:07:03 · 6 answers · asked by Brandy O 1 in Business & Finance ➔ Credit
It depends on what your contract says about default.
If there is a clause in there that says something about being in default, they have the right to demand full payment, then you're probably going to lose your car unless you can come up with the full payment.
Read your contract.
Otherwise, call the finance company and see if you can work something out with them. You will also have to pay the towing and storage fees along with the 2 months payments.
If you've been behind in payments a lot, they may not want to work with you anymore and will just demand payment in full. You've also probably destroyed your credit rating for a while and won't be able to get another car loan to get something else. Constant late payments will kill you. The default is going to stay on your record for 7 years now.
2007-03-09 21:44:26 · answer #1 · answered by Faye H 6 · 1⤊ 0⤋
All of this is explained in your contract. If it states that they have this right, then they do. Consult your contract before you go any proceed.
Your credit is most likely already ruined since thay have repoed the vehicle already.
2007-03-10 02:48:13 · answer #2 · answered by ? 7 · 0⤊ 0⤋
No, they are disobeying the law. There are steps they must meet to you, the car purchaser,, if they don't meet thtm exactly, you can sue them. They must allow you 30 days to retrieve your car by paying up the loan to it's current status, they cannot demand the full ballance. Record them telling you this, you can sue them later.
2007-03-09 20:12:27 · answer #3 · answered by 1000 Man Embassy 5 · 0⤊ 2⤋
It depends on where you live and your contract.
If you contract states they have this right, then they do.
If your state law says they have this right, then they do.
Not enough info to give you an accurate answer.
2007-03-09 21:29:03 · answer #4 · answered by Gem 7 · 0⤊ 0⤋
Check your contract. I would expect that they will want payment in full.
2007-03-09 20:17:13 · answer #5 · answered by Anonymous · 0⤊ 0⤋
You have the right to remain silent.
2007-03-10 06:23:13 · answer #6 · answered by Anonymous · 0⤊ 1⤋