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Can a finance company refuse to accept a payment and then repossess your car?
Wiki User
∙ 8y ago
Unfortunately, yes they can repossess your car. They have the right to take it at any point that you do not make a full payment on or before the indicated pay day. The only exception is if you have a written agreement that states you have a grace period.
Otherwise there is nothing you can do about it except pay in full on time every time.
Wiki User
∙ 8y ago
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Can a finance company repossess my car if I am only one week behind in car payments?
Typically, yes. Unless you have it in writing that they will change your payment date, or accept a later payment, they can repossess your car for being only a day late on your payment. However, most companies will not repossess this early as it usually ends with them losing money. They make more money by you paying your monthly payments plus interest. In the long run, if they repossess they have to sell the car at wholesale or auction and typically the person whose car was repossessed does not pay the balance due. This whole process takes a lot of time and money. Usually your finance company will avoid repossession until it is a last resort. Buy here pay here places aren't so nice however. In the end, legally speaking, the answer is yes.
I have paid 2500 dollars on a 2700 dollar car and sellers refuse to accept final payment and are threatening repossession. What are my rights?
A seller may not refuse final payment in an attempt to repossess.
If the dealer accepts partial payment can they still repossess your car?
Yes. Once the lending agreement is in default the lender may take whatever action they choose in recovering the monies owed. It is a misconception that by making a partial or token payment the creditor will not be able to assert their legal rights. The lender can accept the payment, still repossess the vehicle or pursue litigation.
Does a mortgage company have to accept a late payment during a bankruptcy if they receive it?
No.
What happens when you dont pay your monthly car payment in full?
If they accept the payment you're ok. The big question is "If." You should send enough to pay the interest. Most companies don't repossess the car for a couple of months.
I've broken a partial (three teeth together) and I don't have insurance. Will anyone accept a payment plan?
Any dentist will accept a payment plan in exchange in services, you will have to talk to the finance department for available payments and other options.
Where can a company find information on different payment solutions?
There are many options for a company to accept payment solutions from its customers. Options include American Express, Pay Simple, Tiger Payment Solutions, and Comdata.
Can a car company take payment then repossess?
Basically... probably yes. You should check the terms of your loan contract closely, but most likely it says, prettied up in lawyer-talk, "If you are even one day late with the payment, we can take the car back, sell it, and charge you for the expense of doing so plus the difference between what we sell it for and what you still owe. Also, if we accept a late or partial payment once, it doesn't change the terms of the contract or obligate us to do so again, and we can still repossess the car if you're not current on your payments."
How can your finance company accept your car payment then refuse to finance you?
That's ridiculous. This must be an unrepeatable company or you were taken advantage of. Hopefully, you paid in traceable funds (check or money order). More than likely you had some kind of scrape on your credit or there was a mix up at the dealership, but without a correct loan number they should not of taken your payment. That's very fishy, because of the fact they aren't going to take you money if they haven't even funded the deal yet.
What is the address to send a payment?
The address to send a payment can probably be found on the company's website or by calling the company and asking for the payment address. Many companies also accept electronic payments now as well, and these are processed securely and more quickly than mail.
What exactly does PCI DSS stand for?
PCI DSS stands for Payment Card Industry Date Security Standard. It is a standard which measures security features for company's who accept payment cards.
After filing chapter 7 you did not reaffirm your car loan what happens now?
2 factors: 1. Are you current on your payments? - if you are not current on your payments the creditor will most certainly repossess your vehicle. however you will not be liable for any deficiency amount. 2. Who is the creditor? - Most creditors will gladly continue to accept payments on the vehicle and not repossess it. however some creditors such as Ford Motor company will repossess regardless of whether or not you are current.
