It seems there might not be much market for cars such as yours(junky, clunky, ragged out, motor blown?) so the finance co. decided to let you keep it. It's not worth repoing for what it will bring. BUT, that doesnt effect their ability to SUE you, get a judgment and/or garnish your wages, OR any other legal remedies. So if you really want to impress them, take the car to their parking lot and leave it on,say, Sunday. Big surprise for them on Monday morning. LOL
After having been through this before, I can tell you that once you default, you have to give the finance company atleast 6 months (from the time it was considered defaulted, not from the time of the missed payment, usually at 60 to 90 days passed due) if at that time you still have the vehicle, you need to send the finance company a certified letter stating where the car is and that they need to retrive it. If they still don't recovery the vehicle with in 30 days, you can then go and apply for an abandonment title. After you get the title you can sell, junk or keep the car. You still owe the debt but obviously the car doesn't hold enough value at auction to try and recoup any of the debt by repossessing and selling it.
Yes, they will repossess if you have only one payment left.
You will have to speak with your finance company to determine when they will repossess your car. Each company has different rules and requirements and in most cases if you contact them about the missed payment they may be able to make payment arrangements with you.
The question is, "Why would you worry about a missed payment when you have interest in the vehicle?" The money that you used as your down payment and any payments you have made total your interest in the vehicle. Why are people running from the repo man when in fact you can place the finance company on notice that, if your interest is repossessed, you will file criminal charges in federal court against the finance company and get triple what the car is worth. I guarantee you they won't take it. You can also put a mechanics lien on the vehicle to protect your interest in it.
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.
They can litterally reposses your car 1 second after midnight the day after your payment is due.
You still need to get the car out of impound. You have a limited time to do this before the impound lot puts a mechanic's lien on that vehicle. Once that happens, they'll be able to take possession of and sell your car, and you'll still be liable for the payments you owe to the finance company. If the finance company gets wind of this, they might repossess the car to avoid losing it over a mechanic's lien.
I think it varies on how long and who the finance company is but the last time I made a payment on my truck was November of 2007 and its January of 2009 and im sill driving it
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.
Surprised the finance company would allow a second chance loan after one repossession already. If they did grant another loan, chances are that they would be watching the loan progress very closely and would take immediate action if there was a default on one payment.
A finance company cannot repossess a car after the loan has been paid off for over a year. Send copies of the proof of payment to the finance company by certified mail. You may also need to clear up the matter with the credit reporting agencies.
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).
If you are not in breach of contract (ie haven't been late in the past), then the finance company has no right to demand early payment unless the contract states this as a provision. If you *are* in breach, or have been in the past, then the finance company has some leeway -- a bit of "you violated, so we violate right back."
can a finance company reposses your vehicle if you made your payment on the15 day
Check your loan documents but they can if you are one day late. Most don't because they really want the money. Three to six months late on payments the REPO man will be looking for ya.
No, the dealership cannot repossess your car for a downpayment. However, if there was a downpayment paid, and your check bounced, that's passing bad checks, which depending on the amount of the down payment, could be a felony. Read the fine print on your contract and you'll see that if the car is related to the commission of a felony, it puts you in default, which means the finance company can repossess your car. It's all in the fine print, but dealerships and finance companies are all in business to make money, and they pay people like myself very well to make sure their interests are covered. I'd suggest paying your downpayment.
Generally a month. Sometimes if you ask your bank or finance company to defer the first payment for an additional month they will.
Only if someone stole it from the owner. Otherwise the car is just repossesed by the finance company.
No, They would have to be behind on the car payment The above is not always the case. It can depend on what the car was impounded for. If it was impounded for something like drugs where asset forfeiture comes into play then yes the finance company can take the car regardless of payment status. The reason for this is because there are times when the authorities will tell the finance company that if the vehicle is returned to the registered owner the finance company will lose their rights to it as well. The finance company does not have to hand their collateral back to you if it means loss of collateral, it is their car after all.
The car dealer is not required to collect a down payment. The finance company is the one who usually asks for it. If they desire a down payment, they will contact you to get it.
In Oklahoma, a loan company can repossess a vehicle when it is just 1 payment behind. These companies can also repossess a vehicle at any time of the day or night as long as they do not breach the peace.
Auto dealers would normally offer you a Guaranteed Asset Protection plan attached to your amount of the auto. This GAP is technically insurance of your asset, the car for payment of the remaining amount owed the finance company after the regular insurance pays their amount.
They are not going to repossess a vehicle because you were rude. They can however repossess it if you miss just one payment.
This would be determined by the terms of the loan agreement and the applicable local laws. Within the loan agreement there should be reference to the action that can be taken to repossess the car should non-payment arise.
READ your contract. IF you are in default, they can repossess.
If you aren't paying in full they can repossess the car. To a bank " some sort of a payment " doesn't count. Call them and make arrangements.