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What do you do if your car is late on payments and you total it?
Wiki User
∙ 11y ago
Call the bank or loan company. Even though the car is gone you still owe for the loan, so you need to find out the balance and make arrangements with them to pay it back. If your insurance will cover some of your loss I would suggest you take it to get the payments current on the loan. With the ding on your credit report from the bank/loan company it will be hard buy a new car and get a loan. This is something you need to handle as fast as you can.
- In addition, you may still need another car. I would suggest you speak to the car loan or lien-holder and ask about a substitution of collateral. This allows you to maintain the relationship with the bank and keep the existing interest rate and current status of the loan. The balance owed after the insurance pays is put on the next car loan, in agreement with the lien-holder. It is a seamless way to carry-on the note and not be subject to huger charges, late payments and interest rate changes. The dealership must be knowledgeable and willing to participate. Contact the bank first to see if they are a willing participant. Also, in the future, purchase GAP protection, so you don't get caught in the "gap" of owing more than the car is worth at time of loss.
Wiki User
∙ 11y ago
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Can you repossess a car that is under your name from a friend who is always late on the payments?
Yes, it is your car.
Car repo in ny?
A car can be repossessed in the state of New York if payments are late or defaulted. The only way to not get a repossessed is to make your payments on time.
I owe 4 payments on a car but the total left on the car is more than the 4 payments the bank said that it is like that because of late payment fees can they repo if i pay just the 4 payments.?
Late payment fees are agreed upon by you when you sign the finance contract, yes you owe the additional money as long as their addition of the fees is within the guidelines stated in the contract.
If a car was repossessed and you called and said you would pay all late payments why wouldn't they let you have the car back?
Perhaps the car is worth more than the remaining payments!
You have paid your car payments but have late fees can they repossess the car?
Yes, late fees indicate that payments were not made on time, which renders the original agreement invalid and allows the lender to repossess the vehicle if they so choose.
How many days late on car payments before it is repo?
60 days
What will happen if you are late with car payments?
If you are late, depending on who you owe, you can get taken to a collection agency, charged fines and/or have your car repossesed. I actually know two people who couldn't do the payments, it may have been for a couple of months, and their cars were repossesed.
How many late payments before they can reposses your car in California?
by law they can repossess your car if you are 1 day late. However, your best option is to get professional help.
What if you are late 3 days on car payment?
Nothing I believe they only repossess your car if your a month or more off on your payments
In the state of Ga can your car be repo for being two days late?
Usually there is a grace period for late payments; however it is not a requirement.
Can a car be repossessed for late fees we have never been late on the payment but got late fees?
If your payments are current, they're not coming to repossess your car. Trust me, the finance company would much rather have your money than your collateral (i.e., the car).
Will you lose your car if you are late on a car loan by two or three payments and a letter was sent stating you are in breech of contract but you are going to make the payments up to date?
Until you get paid up to date, your car can and probably will be picked up.
