ive been late on my motorcycle payments but the company did not notify me of repo or anything and when I called them about it the rep was rude and told me I had to pay the full balance and I couldnt pay to make the payments current...cant I send in a payment to make them current even though this rep is trying to make me pay the whole thing off?
2007-05-09 08:57:34 · 6 answers · asked by marolt4 2 in Business & Finance ➔ Credit
Much depends on what state you are in.
Some states have cure statutes where the creditor must allow you the opportunity to pay the past due amount, including fees, which will stop the repo.
Other states allow the creditor the right to demand the full amount of the loan. In that case it would up to the creditor if they will accept only the past due + fee payments or not.
You should read your states repo statutes to see how pre and post repos are to be handled.
If you have problems finding your states repo statutes, you might click on my profile and go to the last link listed and do some reading and/or ask in the credit forum.
2007-05-09 14:08:57 · answer #1 · answered by echo 7 · 0⤊ 0⤋
wait has it been repo'ed? then most likely you had to be 3 months behind. read your contract and find out the details. most likley you will have to pay the full amount late payment due before you get it back.
otherwise
just make sure youre not 3 months otherwise they could repo. just make the payment you can, but dont let it ever get more than 2 months behind. theyre about the money so they may be rude and depending on how small the bank/finance company youre dealing with they may be nastier.
gl
2007-05-09 16:01:29 · answer #2 · answered by Juillet 4 · 0⤊ 0⤋
It depends on what your loan agreement says. You should have a copy of it - read it. It's not uncommon that if payments are more than some specified amount of time late, that the loan is automatically in default and payment of the full amount is due immediately.
2007-05-09 16:04:40 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
If you send in a payment, they will take the money and still make you pay off the loan. If you are late on payments, you breached the contract.
2007-05-09 16:02:12 · answer #4 · answered by regerugged 7 · 0⤊ 0⤋
i think they should have came to your house, and sat down with you and talked to you about the repo. should have made things easyer on you, maybe you were treated unfairly? call the naacp and they mite have some grounds to help you on.
2007-05-09 16:10:04 · answer #5 · answered by waljac6108 5 · 0⤊ 2⤋
Let them repo it. It might save your life.
2007-05-09 16:06:57 · answer #6 · answered by Toolegit 5 · 0⤊ 2⤋