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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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Answered 2011-09-13 11:58:04
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
A:
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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Yes, they will repossess if you have only one payment left.
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