I have a 2002 Saturn that i have had financed for the past 5 years, I only have 8 more payments to make on this car but because of other obligations I can only send the finance company $100.00 a week which I do every week. I am only one month behind. The finance company has said I may have a problem with my loan. I have been making payments with this company for the last 5 years and although I have been late in the past I always get the account up to date. Now, with the holidays approaching I am late again can this company reposess my car even though I am sending them $100.00 a week. I pay $335.00 a month and I owe them about $450. Is it true that if I send them something every month they cant do anything any help on this matter will be appreciated. Thanks
2007-11-19 04:52:46 · 6 answers · asked by paul s 4 in Business & Finance ➔ Personal Finance
Better look outside and see if your car is still there because, yes, they can repossess it because you are behind on your payments!
Call them up and work something out. You are close to paying it off and they certainly don't want to repossess the car unless they have to do so.
2007-11-19 05:10:40 · answer #1 · answered by The Professor 5 · 1⤊ 0⤋
If you are behind, yes they can take the car. No it's not true that if you send them something they can't do anything. That wouldn't even make sense - what if you just sent them $1 a month? Would it make sense that that would take you off the hook?
Have you talked to them? You might be able to work something out with them for paying the rest of what you owe.
2007-11-19 05:36:35 · answer #2 · answered by Judy 7 · 1⤊ 0⤋
Try calling the company and informing them of your situation. Explain how even though money is tight, you have still found a way to send them $100 a month. This proves you are responsible and that you aren't too risky. There's a good chance they will work with you.
2007-11-19 05:08:41 · answer #3 · answered by cpep27 3 · 0⤊ 0⤋
They can take the car virtually anytime they want, but
depending on the state you live in the laws can be different. I'd advise that you check out the repossession laws in your state and work out a deal with the auto loan company.
If you've paid fairly regularly over the past five years as you've indicated, then why don't you contact the lender and work something out?
2007-11-19 04:58:11 · answer #4 · answered by gopats_1 2 · 0⤊ 0⤋
They sure can! you might want to call them and see if they won't put the past due on the loan balance and let you start fresh. I did that once many many many years ago. It was with HSBC and they were great to work with.. Good luck....
2007-11-19 05:02:00 · answer #5 · answered by boohoo1964 3 · 0⤊ 0⤋
Yup... they do not have to make arrangements for past due payments...
2007-11-19 04:56:57 · answer #6 · answered by Anonymous · 0⤊ 0⤋