Just wondering if a bank will notify you before they reposses your car? My boyfriend and I are a month behind on our payment. The lender called us and we agreed to send a little more the next due date. It was due on the 20th and due to unexpected bills, I am just now mailing out a check tomorrow for the original amount. They called a couple days ago and left a message but i havent called back yet. How long will wait to do a repo? Thanks!
2007-12-30 19:48:45 · 9 answers · asked by Anonymous in Business & Finance ➔ Credit
They will not notify you so you can't hide their car. They will take the collateral and sell it then sue you for the difference. If you were buying the car together both of you will have bad credit. Buying things on credit with people you aren't married to is generally a bad idea and can get very complicated.
If it was due Nov 20 and you didn't pay it until the 31 of December and didn't send the extra you agreed to you should call them and beg them to let you send extra if you have some you can send.
2007-12-30 19:52:13 · answer #1 · answered by shipwreck 7 · 1⤊ 0⤋
If they call you, you should get back to them as soon as possible. The person that calls you is the person that will send somebody out to repossess so avoiding calls is a bad idea. It is up to that person when they repo. If you told them you would do something and you didn't they have the right. Call them ASAP and work something out. Tell them you are making the payment right then and give them the exact amount and check number so that they can look for the payment.
2008-01-01 05:06:57 · answer #2 · answered by CJ 3 · 0⤊ 0⤋
Sorry, but you don't get a "courtesy call" before the bank decides to "repo" your car.
If I were you, I would start hiding the car until you get all of this straightened out with the bank. You can never play it too safe.
Furthermore, you and your boyfriend should assess your budget and find out what is causing both of you to fall a month behind on the car payment.
Worrying about a "repo" is a clear red flag that either a change in purchasing behavior, a change in lifestyle, or a change in job (to better paying) is warranted.
2007-12-30 22:19:06 · answer #3 · answered by DaMan 5 · 0⤊ 0⤋
Most creditors will not reposses your car if you are a month behind. But, they will ask for a payment plan that you need to stick to. They can also ask for proof of full coverage on your car and if you do not have it, they can add it to your loan payments. This insurance will only be on and damage that is done to the car.
If you look at your loan documents, there should be something in there regarding repossession.
Also, if you call the Banking Commissioner in your state, they should be able to tell you if a "Notice of Repossession" has to be issued.
2007-12-30 22:08:11 · answer #4 · answered by fruitie7 4 · 0⤊ 0⤋
They will let you know several times it is the law
The re po time is in accordance with either the loan agreement of state law or both in unicence
with the re po man weeks after the last contact of reposition to happen the re po man schedules you when he has time
2007-12-30 21:48:59 · answer #5 · answered by Anonymous · 0⤊ 0⤋
If the loan is more than a year old, you may be able to get a 2 month deferment if you make your payment. If you do not have enough for a full payment,. perhaps a family member can lend you the funds.
2007-12-30 21:20:50 · answer #6 · answered by Anonymous · 0⤊ 0⤋
They will not notify you. However, they also won't repo it after a month. If they did that for everyone who is a month late they would have more cars then they need to deal with. It usually takes them about 3 missed payments before they will repo it.
It sounds as if you have already talked to the lender so you should be fine as long as you pay the agreed upon amount.
2007-12-30 19:54:20 · answer #7 · answered by OC1999 7 · 4⤊ 0⤋
Nope they will not... they will try to catch u off guard so the Repo guys can come and get it without any problems.
2007-12-30 19:53:24 · answer #8 · answered by ~*All Eyes On Me*~ 3 · 2⤊ 0⤋
Unicence
2016-12-16 13:14:28 · answer #9 · answered by ? 4 · 0⤊ 0⤋