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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.

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โˆ™ 2011-09-13 11:58:04
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Q: What happens if a finance company refuses to repossess your car but you haven't made a payment in over 6 months?
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Related questions

Would a finance company repossess your car if you only have three payments left but are more than 30 days late?

Yes, they will repossess if you have only one payment left.

If I pay bi weekly and have missed one payment. Can they repo my car?

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.

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

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.

When can finance and thrift repossess a car in state of California?

They can litterally reposses your car 1 second after midnight the day after your payment is due.

What if car is impounded but all payment are current?

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.

How long does it take for the bank to write off a vehicle if they are unable to repossess it?

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

If someone drops their name from a car loan and it has been paid for over 1 year can the financing company repo it?

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.

Is a finance company quicker to repossess the second time if you fall behind again?

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.

Can a finance company report a car stolen if no payment has ever been made?


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.

After 15 days can a company reposses your car?

can a finance company reposses your vehicle if you made your payment on the15 day

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).

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