I live in Illinois and am currently like 80 days past due
2007-06-21 08:56:21 · 7 answers · asked by brandonneary 2 in Business & Finance ➔ Credit
I would think that it would be reasonable to pay your late payments and interest... other than that, you wont be getting it back.
2007-06-21 09:04:41 · answer #1 · answered by bmwdriver11 7 · 1⤊ 0⤋
Auto finance is what I do for a living and once it's picked up there are only 2 options.
1. Pay the entire amount due in full.
2. Go to the auction when the lender is selling it and bid on it yourself.
Be aware that if they sell the vehicle at auction they will come after you for the balance due plus all fees for the repossession, towing, storage, auction, interest and lawyers.
If you do not pay them they will go to court and get a judgment, at that point they can attach bank accounts, garnish wages (if your State allows it) and file liens on any other property you may own like cars, boats, land and homes.
All of this will show on your credit for 7-years making it almost impossible to get any other type of loan without paying massive down payments, huge fees and State maximum interest rates.
Do not let this happen, call them and make arrangements to pay A.S.A.P. before it's to late.
2007-06-21 16:12:37 · answer #2 · answered by ? 7 · 1⤊ 0⤋
Expect to be required to pay off the loan balance IN FULL, not just what you are past due. You've already demonstrated to the lender that you are not honoring the loan agreement terms. They don't want you back as a client. As well, you will be charged the towing fees by whomever repossessed the vehicle, and storage fees for keeping it in impound. Once it has been repo'ed, it ain't cheap to retrieve it.
2007-06-21 16:32:49 · answer #3 · answered by acermill 7 · 0⤊ 0⤋
You need to call the company who is holding the note on the loan for this car. They will tell you what you must do to get the car back. More than you will have to pay up all past due amounts along with the late fees, towing and storage fee and who knows what else.
2007-06-21 16:04:58 · answer #4 · answered by Anonymous · 2⤊ 0⤋
I am a ex=repoe man.
It is up to the company who ordered the repoe.
My experience: Usually if you paid the past due payments and the charges. You could get your car back.
The last thing a creditor wants is your car!
2007-06-21 16:54:24 · answer #5 · answered by yahweh550 4 · 0⤊ 0⤋
you would need to pay the amount due plus any fees charged by the repo company to get it out of hock. good luck. next time just make your timely payments.
2007-06-21 16:11:30 · answer #6 · answered by thejenns22 4 · 1⤊ 0⤋
If they repoded it then you have to pay off the whole loan to get it back.
2007-06-21 16:04:11 · answer #7 · answered by shorte716 6 · 1⤊ 0⤋