2007-10-19 09:59:06 · 6 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Depends on the state you are located in.....
2007-10-19 10:01:44 · answer #1 · answered by rukidden99 3 · 0⤊ 0⤋
It depends on what your situation is and much of the time what type of company you have your car financed through. Most people that have their car financed through normal companies get letters telling them that they are late and the finance company will exhaust all means as far as letters, calling, etc. before any means are taken as repossession. On the other hand, if you have financed through a second chance lender, which is a company which finances to those with credit problems and who have had repossessions before, you can be one day late and they will be collecting your vehicle. They legally do not have to give you any kind of warning. Many people wake up one morning and their car is no longer in the driveway. Some realize what has happened as they already know that they are late but then others report their car stolen and then find out what has truly happened after that. Companies do not have to let you know anything but most will let you know out of courtesy, but then there are those who do not.
2007-10-19 17:29:55 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Most finance companies will try to communicate with you because they want your money not your car but failing to get paid they can and will grab your car where ever they can.
I worked with a bank repo department while in college and we picked up cars from work parking lots, people driveways, where ever and the only people we had to inform were the police so that when you saw your car driving away and called it in they would say no it was not stolen it was repossessed.
2007-10-19 17:06:29 · answer #3 · answered by Space493 3 · 0⤊ 0⤋
They will tell you you are late, send you a letter stating that they can, then in the middle of the night they will, you will arise to another day, go out to your car, find that it is not there, and will most likely report it stolen, then you will know the truth.
2007-10-19 17:07:15 · answer #4 · answered by Pengy 7 · 0⤊ 0⤋
They can reposses without your knowledge, it's their car. Notifying you is just a courtesy.
2007-10-19 17:03:18 · answer #5 · answered by Anonymous · 0⤊ 0⤋
usually you at least get some sort of demand to pay the bill first - check the fine print, there might be something about "if payment is not made by such and such debt, your property will be repossesed in payment of said debts."
2007-10-19 17:20:18 · answer #6 · answered by teresathegreat 7 · 0⤊ 0⤋