My car got repo'd yesterday and the dealer told me i have to pay the entire balance before i get the car back. The balance is 1,705.00, but i'm behind 500.00. He told me i have 10 days or he is reselling the car. In my contract there is no clause that states the dealer has the right to request the full balance but only what is past due. The dealer is a buy here pay here place. Any legal advice on getting my car back since i'm only behind 500.00 and they refuse to accept payment from me unless it is 1,700.00?
2007-09-28 04:53:01 · 5 answers · asked by romellorome 2 in Cars & Transportation ➔ Buying & Selling
As an owner of a 'buy here pay here' lot, let me assure you that not every one of us wants to resell cars over and over. It is too much paperwork, time and hassle to repo cars and clear the titles so they can be resold. What I CAN tell you is when people don't pay as promised, it makes it much harder for me to help the next person who needs a car be able to purchase one without a huge downpayment. Keep in mind that it is MY money out there on the line, your missed car payment may mean I don't pay a light bill. If it were me, I would accept the $500 plus repo/late fees and rewrite the contract, but I tend to be nicer than most. Your best bet is to go with hat in hand, with as much cash as you can scrape together, apologize for missing payments and ask for a second chance.
good luck!
2007-09-28 06:04:19 · answer #1 · answered by bob_ber_down 4 · 0⤊ 1⤋
Only behind $500? I'm surprised it got to that point before it got taken back. This is how these places stay in business. They sell a car to someone they know is going to default on the loan. Then they repo the car and resell it....over and over. You haven't got a leg to stand on legally, so your only choice is to pay the entire amount or let it go and somehow get another car. Whatever you do....make sure that next time you make the payments on time.
2007-09-28 12:20:01 · answer #2 · answered by Otto 7 · 0⤊ 0⤋
SO now you start crying! Go get a loan from the bank friend or let the car go back in 9 days. Most the time if you call then and talk they will accept late payments. Honestly but miss for a month and see what a mess your in now? ASK if you can put 500 down payment on that 1,750 car pluss repo fee and late payment and start over be nice. Tell them it was a misunderstanding humble yourself.
2007-09-28 12:04:44 · answer #3 · answered by John Paul 7 · 0⤊ 0⤋
BE CAREFUL about letting that car go. I would just try my best to pay it off. I have a "friend" that this happened to....it's so very traumatic to have your car stolen in the night. He should have just paid the balance and got the car back. It looks REALLY bad on your credit history if you let it go and you'll still owe them money for the car PLUS the difference that it sells for on the auction block. I'm so sorry this happened to you, times are hard....if anyone knows that it's me.
2007-09-28 13:05:06 · answer #4 · answered by MSUGina 2 · 0⤊ 1⤋
Read your contract again. You are in default on your contract and the lender has the right to demand full payment. Pay your bills on time and avoid problems like this.
2007-09-28 13:40:36 · answer #5 · answered by Scott H 7 · 0⤊ 0⤋