We're supposed to make a payment of $250 but can only afford a smaller payment... (The car is collateral for a loan we took out to pay off our older bills.)
2007-04-08 14:43:28 · 6 answers · asked by hmm 5 in Business & Finance ➔ Credit
if you make a smaller payment without making payment arrangments than you are not conforming to the contract and as a result your car can be repossessed if the lender sees nessessary to do that. however most lenders repossesstion is a last resort and will not happen until you miss atleast three full payments with no attempt to pay and no contact.
most lenders will be willing to work with you. call them up and explain your situation. in your situation they will probably accept your smaller payment with your promissed to get caught up and start making regular payments again..
always contact your lender never assume anything unless it is being followed exactly as it is on the contract.
2007-04-08 14:57:19 · answer #1 · answered by sandmom1 2 · 3⤊ 0⤋
If the terms of your purchase agreement state that no partial payments will be accepted, then they don't have to accept partial payments and they can repo your car. Since used, repo cars usually sell at auction and the company you financed through will lose money on the car if they have to take it back, they may be willing to work with you and refinance your note. I would talk to them and find out if they can do this. Good luck to you and hope this helps.
2007-04-08 22:12:54 · answer #2 · answered by mspicer0005 2 · 0⤊ 0⤋
Rather then making a payment that is less than the required payment and hoping for the best, you should contact the lender and discuss this with them.
They may be able to help you before the fact, rather than you trying to deal with them afterwards.
2007-04-08 21:50:49 · answer #3 · answered by echo 7 · 4⤊ 0⤋
Call your lender and tell them your problem, if this is the first time and you have a good pay history with them they will most likely let you skip this payment and add it to the end of your contract.
I did this a couple of times with Ford and it was no big deal.
2007-04-09 10:14:55 · answer #4 · answered by ? 7 · 0⤊ 0⤋
Only if you defaulted in your payment, will they repossess the car. In you case you did not adhered to the terms in the contract (paid the required amount) the car can be repossessed.
2007-04-08 21:49:24 · answer #5 · answered by SGElite 7 · 1⤊ 0⤋
No, if its first time the payment is short, they will likely to notify you that you should make a better payment and they will trethens to sell the car.
2007-04-08 22:24:43 · answer #6 · answered by Anonymous · 0⤊ 2⤋