I am still due for my June car payment, and it will go to 30 days past due on July 25th at which time I will owe two full payments. I've been in contact with my car company (Honda) and have explained my current situation and when I would be able to make a payment. I've had the car 3 years and have gone past 30 days 2 times so this would be the third time. My "advisor" has said once the car payment goes past 30 days it goes to a review board where they can make the decision to repo my car. So my question is: do they REALLY repo your car for being 30 days late or are they just trying to get their money sooner and using a scare tactic? Like I said, I have a decent pay history with them, I've been in contact with them so they know what's going on, I've given them a date when I can make the payment - I'm not hiding or ignoring thier calls. Do they take this stuff into consideration?
2007-07-13 11:12:21 · 6 answers · asked by ellie 3 in Business & Finance ➔ Personal Finance
if you are in communication with them, make sure you are making notes of whom you are speaking with, what arrangements have been made and for what date, and what date you spoke. It probably would not even hurt to email that person, with a "this is just to confirm our arrangements" email, so you have documentation.
Yes, they can repossess even after 1 month -if they so choose...that is why it is important to stay in touch with them.
it would cost them more to hire a repo man and then sell at auction....so stay in contact....
also - since you are defaulting on these payments...be prepared for any credit cards that you have to be raised...they run your credit all the time and if you are late or miss a payment...UP goes your interest and payment.
good luck
2007-07-13 11:19:43 · answer #1 · answered by Blue October 6 · 1⤊ 0⤋
Yes, they will take things like that into consideration. If they know you're making an honest effort to pay and keep up with them, then most all finance companies will work with you. As for whether or not they can repo your car at 30 days late, that all depends on their guidelines or what was in any paperwork you signed when you bought the car. I've seen some that say they can repo a car if you're 14 days late, others 90 days.
Just keep in touch with them and keep working things out with them, and when you promise to get a payment to them by certain dates, stick to it, so they can see you're keeping your end of the bargain.
2007-07-13 11:22:57 · answer #2 · answered by Katasha 3 · 0⤊ 0⤋
Best Advice. Have your uncle contact a Lawyer and explain the situation, then get some legal advice. To me, sounds weird. The phone company would have had to win a case, and then possibly they could repo the car, but there would be a court order somewhere for it.
2016-05-17 05:52:33 · answer #3 · answered by ? 3 · 0⤊ 0⤋
I'm afraid you do NOT have "a decent pay history with them", you said yourself you "have gone past 30 days 2 times so this would be the third time". You are a medium to high risk for complete default, so if your car is worth more than you owe on it, you are really quite likely to wake up and find it gone. Paradoxically, if you owe more than it's actually worth, they probably won't repo it.
2007-07-13 14:16:11 · answer #4 · answered by Anonymous · 0⤊ 1⤋
They don't want to repo your car. It's v-e-r-y expensive for them. The only reason that they would do is if they think that there is no other way for them to get their money. Keep communicating.
2007-07-13 11:23:17 · answer #5 · answered by Ted 7 · 0⤊ 0⤋
*IT HAS TO BE ONE PAYMENT BEHIND ,LIKE IF YOU PAY WEEKLY THEY CAN PICK IT UP IN A WEEK, IF IT'S A MONTH BEHIND IT'S HAS TO BE 30 DAY'S IF YOU PAY EVERY 6MOS. THEY CAN'T PICK IT UP UNTIL IT'S 6 MOS. BEHIND, & SO ON. IF YOU TALK TO THEM THEY WILL TAKE THE CAR & HOLD IT UNTIL YOU MAKE A PAYMENT,
2007-07-13 11:31:36 · answer #6 · answered by imjudyk 2 · 0⤊ 0⤋