HomeCan your car be repossessed if the finance company accepts payments of less than the amount due?
Wiki User
2006-10-17 22:59:21
2006-10-17 22:59:21
Bottom line: YES it can. Although many things could factor into this answer, such as, have they given you anything in written form stating the new terms? Have you renegotiated your loan terms? When faced will something or nothing, most creditors are willing to work out something with you but are not bound by anything other than the terms of the contract. Although this point could be argued in a court of law. More input from FAQ Farmers: * If a person is sending or making payments of a lesser amount it doesn't mean the finance co 'accepts' these payments as acceptable. You would always want to discuss the situation with the finance co to see if the payment amount and dates being paid are acceptable. I work for a large finance co and we always try to work with the customer while they are trying to bring their account current. We won't repo a car if the customer is making the payments as discussed/agreed (which is always noted on an account) but if those payments aren't made or are late and we don't hear from the customer, there's a good chance repo is in process. Bottom line... the bank paid that car off for you, and they 'own it' until you pay them back. Work with them and they'll work with you.
Related Questions
You car can usually only be repossessed if you fail to make the payments to your finance company.
If you are not making the required payments to the finance company that holds the lean on you car it may be repossessed. Proof of income is not required or relevant.
It is probably stated in your finance or lease agreement that if you don't make your payments on time that the finance company has the right to repossess the vehicle. Consider yourself informed. Long story short, if you don't want your vehicle repossessed you need to make your payments.
Contact finance company
Call your finance company.
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