Our car payment was 1 day late and the company began calling us repeatedly and then came to our house looking for payment, what are the laws regarding this?
2007-10-01 13:25:07 · 8 answers · asked by wmheim13 1 in Business & Finance ➔ Credit
I've had them call me before the payment was late b/f and ask if it was going to be on time. I even have good credit. so I devised a plan, I started calling them when I sent the payment, just to be a smart a**, it was funny for me, confusing for them, and yes they stopped calling to check on the payment
2007-10-01 13:34:58 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Steve gave you the best answer. I collected car loans for 3 years. It sounds like you financed through a sub prime lender and they are usually pretty aggressive with there collecting. They take big risks and want to make sure those risks pay. They are within there rights though most people didnt like being called to pay the bill they owe and tend to call it harassment but it is not. Simply pay the bill on time and there will be no calls. Simple solution and its what you said you would do anyway when you signed the contract and they lent you the auto that gets you to work everyday. They didnt seem to be asking for anything you shouldn't already be doing.
2007-10-01 13:46:15 · answer #2 · answered by Joe R 2 · 0⤊ 0⤋
The previous posters are referring to the Fair Debt Collection Practices Act (FDCPA). It has strict rules regarding third party debt collectors. However, the FDCPA does not guard you against the original creditor.
Technically if your payment was due on September 30, it is late on October 1. The original creditor has a right to ask you to bring your commitment up to date.
2007-10-01 13:47:34 · answer #3 · answered by Ti 7 · 0⤊ 0⤋
Sounds like you have a really crappy loan company. The repeated calls could probably be considered harassment, but otherwise they are legal. I'd either keep the payments current, sell the car, or finance it elsewhere if that's the best they can do.
2007-10-01 13:35:06 · answer #4 · answered by steve.c_50 6 · 0⤊ 0⤋
Typically a creditor can only call you on the phone at your place of employment or home between the hours of 8am-9pm.
If I were you, get your car loan refi'd with another company, seems like yours is a little unscrupulous.
2007-10-01 13:46:30 · answer #5 · answered by Ryan S 4 · 0⤊ 0⤋
They can try to collect, most won't unless you have bad credit. If you ask them to only contact you by mail they have to quit calling. That could make them start repo procedures, then get a judgment for anything the sale doesn't cover.
2007-10-01 13:32:35 · answer #6 · answered by shipwreck 7 · 0⤊ 0⤋
I'm pretty sure they've done nothing wrong. If it's late, then they have the right to call you whether is a month late or a minute late.
2007-10-01 13:32:56 · answer #7 · answered by fold_em83 3 · 0⤊ 1⤋
In texas, they cannot do that. THey cannot harrass or threaten.
2007-10-01 13:38:06 · answer #8 · answered by letipinklove 1 · 0⤊ 0⤋