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Can a finance company refuse to accept a payment and then repossess your car?


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2015-07-15 21:38:26
2015-07-15 21:38:26

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.


Related Questions

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.

Websites accept credit card payments through companies that offer payment and transactions processing services. The company processes payment, takes a fee and forwards payment to the company.

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.

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.

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.

Yes. He does not have to accept a partial payment.Yes. He does not have to accept a partial payment.Yes. He does not have to accept a partial payment.Yes. He does not have to accept a partial payment.

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."

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.

Yes. Jehovah's Witnesses will accept voluntary contributions which will be used to finance the production of bible based publications and centres of worship. They do not ask or accept money in payment for preaching and teaching the bible which is done completely free of charge.

No, but if they accept any payment, they cannot begin the repossession proccess

No, there are still some companies that do not accept credit cards. Personally I think they all should, call them and ask them to change their policy on this.

The bank can refuse a payment if it is not enough to pay the past due amount. In this case, you may need to contact your bank about payment options.

Its called Non Banking Financial Companies. Indian laws allow a private finance company to accept public deposits & conduct finance business, provided it complies with Reserve Bank of India's guidline.


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.

If the collection agency did not accept your payment, the debt should be discharged from their control. You might need to contact an attorney to make sure these debts are removed from your credit report. If you are making payments to the company that sent you to collections, they will need to remove you from the collections agency.

This means payment for a purchase is due in 30 days, net of any discount due the buyer. Buyers would accept it because it delays payment and obtains a discount concession for timely payment. Sellers accept it because they want to make the sale and these are typical terms of payment in their industry.

This really depends on the vet you use, because many do and many don't. The vet I use personally does accept payment plans.

amazon doesnt accept paysafecard payment...

Many companies accept credit cards via phone, particularly Visa or Mastercard. To find out if specific companies accept payment this way, one should visit the site's webpage or speak to a company representative on the phone.

No. MoneyGram will not accept PayPal as an acceptable payment method.

A partial payment will stop an eviction but the landlord must be willing to accept it. If they will not accept a partial payment, the eviction will proceed forward.

Banks do not accept goods as payment for a mortgage.

For security reasons use a third party for payment such as PayPal. Most agents in Vietnam now accept payment with credit cards, paypal, bank transfer or Western Union.

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