My payment was due on the 13th, but I haven't been able to make the payment due to a family emergency. I am planning on making the payment on October 1st, when I get my annuity money, but until then I have no way to pay it. I have not ever been this late on my payment, but am worried that they will come take my car. How quickly after a missed payment can they repo my car legally? I live in Ohio.
2007-09-25 03:30:27 · 9 answers · asked by Anonymous in Business & Finance ➔ Credit
I have tried talking to the finance company and the two times I have talked to someone they just demand the payment and say they can't extend it that my payment is due on the 13th no if ands or buts. That is why I am concerned.
2007-09-25 03:39:25 · update #1
Auto finance is what I do for a living, you need to call your lender and tell them what is going on.
Don't worry about your car being repossessed, this normally takes 3 missed payments, but you do need to keep in touch with them when something like this happens.
2007-09-25 03:34:47 · answer #1 · answered by ? 7 · 2⤊ 0⤋
Do you have a grace period? Most loans do. It is usually two weeks. My house payment is due on the first but not considered late until after the 15th. Not a good idea to use that though.They will not repo for a few weeks. Sometimes not even a few months. They always demand payment because most people they can scare into coming up with the money. I do not know legally when they can do it.
2007-09-26 21:42:40 · answer #2 · answered by kim h 7 · 0⤊ 0⤋
They probably won't come so soon and most companies will call you to set up a pick up time. It's easier for them than pulling up and "stealing" the car like they used to do. Your best bet is to call them and tell them that you plan to pay on Oct. 1 and that you'll be caught up by next month. They really don't want the car back, they want to get paid. You'll probably have to pay a late payment fee, but it shouldn't be more than $15-$25.
Call them and talk to someone. Good luck! :)
2007-09-25 03:35:51 · answer #3 · answered by searching_please 6 · 0⤊ 0⤋
Call your car company immediately and explain the situation to them. Some companies will forgive one payment and move it to the end of the loan if you have a good payment history. Most companies aren't going to reposses with in a few weeks. Just call them ASAP.
2007-09-25 03:36:29 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Usually wont even consider an action in Ohio untill you are over 60 days. YOu have a good history and a good reason; call them and explain; you might not even get a late charge.
2007-09-25 03:34:44 · answer #5 · answered by wizjp 7 · 0⤊ 0⤋
Hi,
Just because there will be delay in making one payment, your car won't be repossessed. You can visit http://www.autoloanguide.info for some useful tips on handling the situation. Good luck!
2007-09-25 04:04:56 · answer #6 · answered by Barton 1 · 0⤊ 0⤋
You will be fine, they will not even report it to your credit until after 30 days past due. Most of the time they will work with you if you call them & explain yourself, they do not want your car back b/c they will lose money on it.
2007-09-25 03:39:28 · answer #7 · answered by Anonymous · 0⤊ 0⤋
My brother in law had his payment behind for 6 months before it was repoed. I guess it depends on the lending company.
http://flavaofblog.blogspot.com/2007/04/30-tips-for-working-from-home-jobs.html
2007-09-25 03:53:01 · answer #8 · answered by Anonymous · 0⤊ 0⤋
i would call them to let them know your gonna be late and what day youll be sending it they will probably give you a code to send it money gram so it will get there fast
2007-09-25 03:34:41 · answer #9 · answered by ? 7 · 0⤊ 0⤋