2007-09-22 08:21:49 · 4 answers · asked by trillian880 2 in Cars & Transportation ➔ Buying & Selling
Call you loan company. It's the only way to find out. It's up to the loan company and how they can/can not extend terms to you.
Most loan companies do not really want to take your car, they want you to pay back the loan that you took out. The best thing to do if you are having troubles is to call them. They maybe able to give you a break with minimum penalties, but you won't know unless you contact them and ask.
What ever you agree to, be sure to get them to give you a written final agreement. This way you are also insured in case the loan company plays "tricks." Most won't, but make sure that they have agreed and it is written. Verbal agreements are worth as much as the paper they are written on.
2007-09-22 08:29:32 · answer #1 · answered by hsueh010 7 · 0⤊ 1⤋
That's between you and the company that carries your financing. It would depend on a number of factors. If you have waited until the repossession truck is hooking up, you can probably not get it back without payment in full. If you are only a few days late and contact them and explain what is going on and send them something you would probably be left alone for a while.
2007-09-22 08:43:25 · answer #2 · answered by oklatom 7 · 0⤊ 1⤋
Yes. The law says that as long as you contact your creditor or the salesman and promise to pay and catch up missed payments, he cannot repo your car.
It is better to at least give him SOMETHING, as little as $20, that will help you keep your car.
Explain you are having financial poblems. Don't keep quiet or not talk to him. When you don't answer his calls, that's when he has to look out for his financial interests and take back the car.
This goes for any and all credit cards, too.
2007-09-22 08:33:11 · answer #3 · answered by Mazz 5 · 0⤊ 1⤋
Your loan company is the only one who can answer that. For the most part, making partial payments lets the lender know that you are in over your head, and your interest rates, late payment fees, are going to bury you. You are better off trying to work with the lender, making those payments that you agree to. If you just send part of the payment, your agreement is in default, and they will repo. Getting a second job, selling off items to get back on track, anything is better than letting the car get repo'ed. It will haunt you for years, while you are trying to restablish yourself, that repo will always stop you from moving on. In over your head? Face the fact, work out a plan to get out of debt, and most of all, work with the lender, they don't want to see you fail either.
2007-09-22 10:51:08 · answer #4 · answered by fisherwoman 6 · 0⤊ 1⤋