i was only late once and like clockwork the next day the phone calls started. they called 10 times a day. even when i already talked to someone they kept calling.. oh foregot to tell you,,i have never been late before i have owned the truck for 4 years making payment and i only have 8 more payments to go. why would they treat me like this?
2007-08-15 11:47:37 · 9 answers · asked by fitboyfitboyfitboy 3 in Business & Finance ➔ Credit
i live in new york city,,,i was stupid to buy it in north carolina the laws suck there
2007-08-15 11:49:08 · update #1
That is what credit companies do. It doesn't matter your previous goodness, they will totally disregard that!
2007-08-15 11:55:24 · answer #1 · answered by sd_mex_chic 3 · 0⤊ 1⤋
You can look up the laws which apply to that State on the web, but it sounds like your financed thru Ford Motor Credit, if so, they should have a blanket policy and it should be plainly stated on your original contract. (if you know where it is)
I highly doubt they will take further steps on a repo at this point, they would rather have the money not the vehicle.
If you have been contacted 10 times for the same issue, seems bordering on harassment... on the next call, ask their name (ALWAYS) and advise them you are recording the call...(even if you're not) this will usually end the calls.
When you get your next statement, call the lender and explain your excellent past history, since this is the first time you have been late you can ask that they remove the late fee penalty (which will be hefty) Most all company's will give a grace at least once.
2007-08-15 19:10:31 · answer #2 · answered by annie 3 · 0⤊ 0⤋
They would not go by NC law, they go by the law in the state you have residence in NY.
Like the others said, it's generally 60 days before a vehicle is repo'd. Though if you bought it from a buy here, pay here place they may be quicker to repo.
One poster mentioned looking to the FTC for all of the calls they are making - the FTC FDCPA is not for original creditors and will be of no use in this case.
Though, NY does have their own version of the FDCPA that does include original creditors.
But, if it were me, I'd just make the payment ASAP, then write a letter asking for goodwill from them in NOT reporting that one late payment.
That late payment will report for 7 years from the date of the late and late payments are major score killers.
2007-08-15 19:22:56 · answer #3 · answered by echo 7 · 1⤊ 0⤋
Auto finance is what I do for a living and I have dealt with Ford Credit several times ans I must say this is not their normal way of doing business.
I agree with Echo. Call them and see if they will not report the late payment. With your good pay history they may work with you.
In the future, if you know that you are going to be late call them and let them know. Ford's policy is as long as you are in good standing you can skip 1 payment a year and simply add it to the end of the contract.
2007-08-15 19:58:57 · answer #4 · answered by ? 7 · 1⤊ 0⤋
Legally they are only allowed to contact you once a day, if you answer their calls. Most do not call until after 5 days as there is most times a grace period of 5 days to compensate for calender /pay dates. Would call and ask to speak with a supervisor of about this situation. If you get no satisfaction there remember be calm works better go to your congressman's website and report abuse, they will take it to the AG.
2007-08-15 19:40:24 · answer #5 · answered by Pengy 7 · 0⤊ 0⤋
If you haven't already paid them and gotten current, I would do it now. If you have to do a cash advance on a credit card, the interest will be much cheaper than a late on your credit report. Many companies have a grace period. The sooner you pay it the more likely they are to not report you late.
I would call them, arrange payment, and ask about credit bureau reporting.
2007-08-16 04:57:04 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Please try to make your payments because the bank that holds your title is ruthless, no matter the state of purchase. They are not your friends and will exercise their contract the moment you step away from their plan (that you signed). You are dealing with huge corporations who's job it is to make money for their stock holders. Sorry, I really feel your pain as I've been there. Keep paying no matter what until you have the title then consider buying used from a private source next time.
2007-08-15 18:58:34 · answer #7 · answered by Lizbiz 5 · 0⤊ 0⤋
Boy, having a tough time right now eh?
Most car lenders will attempt to repo after being 60 days late. Everyone is panicking on the default rates on so many things right now.
There is no excuse whatsoever, and it's probably illegal, for them to hound you multiple times per day, especially when you talked to someone that day already. Go to ftc.gov and look up collections to see what your rights are.
2007-08-15 18:55:34 · answer #8 · answered by Yanswersmonitorsarenazis 5 · 0⤊ 0⤋
Technically, you broke the contract, so technically, they could...
... but they wont repo you for at least 60 days.
When colllection people call you, you are not dealing with intelligent life. You are dealing with morons.
Back in my irresponsible days, I was constantly 30 days late for like a year.... nothing bad happened.
2007-08-15 18:56:41 · answer #9 · answered by Mike 6 · 0⤊ 0⤋