repo status but not rep'd yet..... md?

Question

If a car is in repo status but the car is never actually taken, can you pay the passed due amount and keep the vehicle or once repo status is in effect or is there is no paying up.
They want me to turn the car in tommorrow and I am out of town so they cant repo the car now....but when get back I will pay in full ....will this fly? Can I pay after the ish has hit the fan?

Answer 1

It depends on the status you have with the finance company. If you have made payment arrangements in the past and have not kept them in the end, they are going to want their unit back. If this is a first time thing and you have a good history with them, there is a chance that you can make an arrangement with them.

Keep this in mind. In some states, mine being one of them, after demand has been made for the unit, and you do not turn it over or you do not leave it out where it can be picked up there is a law that can have you in some serious trouble, "Withholding collateral from its right full owner". The state I live in if I suspect that someone is hiding a unit on me, I can present them with a demand letter. If they do not contact me and make arrangements for pick up within 24 hours of the time I leave the letter on their door or in their hand, I can have them picked up and jailed until they decide to turn the unit over, they still will face criminal charges.

Section 18-5-206 of the Colorado State Law : Defrauding a secured creditor or debtor:
If the DEBTOR (you), with intent to defraud a creditor, sells, assigns, transfers, conveys, pledges, buys or encumbers a promissory note or contract signed by you the debtor;
A) Commits a class 3 misdemeanor if the amount owing on the note or contract is less then fifty dollars;
B) Commits a class 2 misdemeanor if the amount owing on the note or contract is fifty dollars or more, but less than two hundred dollars;
C) Commits a class 4 felony if the amount owing on the note or contract is two hundred dollars or more, but less than ten thousand dollars; and
D) Commits a class 3 felony if the amount owing on the note or contract is ten thousand dollars or more

For the purposes of this section:

A) “Security Interest” means an interest in personal property or fixtures that secures payment or performance of an obligation;
B) A person is presumed to have intended to hinder enforcement of the security interest or lien if, when any part of the debt secured by the security interest or lien was due and failed:
(1) to pay the part then due and
(2) if the secured party has made demand, to deliver possession of the secured property to the secured party, the rightful owner.

http://caselaw.lp.findlaw.com/scripts/getcase.pl?court=co&vol=1999app%5Cct040110&invol=1

I do not know what state you are in but you do need to know that 32 states hold this law on the books and any repo company has the right to use it as they seem fit.

Call the finance company. If you have been blowing them off, they are not going to want cash or keys, they are going to want the keys. The best you can hope for is that they will be honest in telling you that they will work with you. A lot of places will tell the maker of the loan that they will put the order on a 7 day hold and send someone out for a field call. When the person comes out to "inspect the unit", they hook it and roll, and there is nothing you can do but watch it roll down the street, at that point less than 20% get the unit back.

Good luck and remember, that unit is not worth catching a felony charge over.

Answer 2

It depends on the lender completely.

Some lenders will let you pay the past due amount, others insist that the balance of the loan be paid in full.

Call the lender and see what they say, if they promise to take it out of repo status, get it in writing somehow someway. The last thing you need to do is pay them at the same time an eager repo man is dragging your car down the street.

Answer 3

Talk to the lender, to get to this point you ignored them for months. Once it goes to repo you can still pay up its just going to cost you more.

Answer 4

IT ALL DEPENDS ON THE LENDER AT THIS TIME BUT IF YOU WERE TO GO AND PAY THE ENTIRE BALANCE THAT IS OWED TO MAKE EVERYTHING CURRENT, THEY WOULD LIKELY TAKE IT BECAUSE IN REALITY THEY DON'T WANT THE CAR BACK, JUST THE CASH.

Answer 5

Drop them off on a hectic highway nook, with signs and warning signs around their necks that say: "Will sparkling your place, wash your motor vehicle, and mow your backyard for nutrition and a mattress on your cellar." you might have some takers by using the following day.