as of yesterday, she now owes 3 payments. When will the finance company repo the car? Does she have any time to be bailed out of this?? Thanks for your answers, I am new to this!!
2007-11-09 10:34:59 · 5 answers · asked by Smilingcheek 4 in Business & Finance ➔ Credit
They most likely have turned this over to the recovery department who will begin the repo process.
She has to speak to finance company to discuss options. A chance of getting bailed out are pretty slim but not impossible.
I suggest calling them and simply asking what can be done. The longer they are avoided, the less tolerant and understanding they'll be.
If a payment arrangement can't be made, I'd suggest doing a voluntary repo. It is a little bit better on your credit than a repo where they have to come get it with a repo man.
After they repo, they'll auction the car and then she'll owe the difference between the loan and auction price plus fees. She can discuss the payment options for that balance with the finance company.
Good luck
2007-11-09 10:58:33 · answer #1 · answered by KJ 2 · 0⤊ 0⤋
If she went and paid the back payments now she should be OK. If she can't she should call and either try to make a deal to catch up or start checking out the bus schedules.
2007-11-09 18:43:01 · answer #2 · answered by Anonymous · 1⤊ 0⤋
They'll repossess it-and soon. She needs to call her lender and talk to them or SELL it first so she doesn't get it repossessed. Even if she sells it for less that the loan is for, the bank would rather lend her the few thousand then the whole car loan.
2007-11-09 19:14:49 · answer #3 · answered by barb j 4 · 1⤊ 0⤋
Sure. Anytime she can pony up the back payments before the car gets reposessed should be fine.
2007-11-09 19:06:52 · answer #4 · answered by Uncle Pennybags 7 · 0⤊ 0⤋
You have to call the lender to get answers to these questions. Each lender has different standards and your sister's loan docs may be different than someone else's.
2007-11-09 18:42:16 · answer #5 · answered by advisorcfa 1 · 0⤊ 0⤋