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I purchased a car and put 600 down the dealer wants 1500. The loan has already been approved and I got my payment book from the finance company. Can the dealer reposess my vehicle for the difference of the money for the downpayment
We agreed that I would put 1500 down but I only had 600 at the time. The car is financed through my bank not the dealer. I already made my first payment.

9 Comments »

1. 

   If the loan is approved, then the finance company has already paid the dealer at this point.
   The $900 owed to the dealer DOES NOT allow him to repossess since the Finance company is now the Lein Holder/ note holder.
   He can sue in civil court and or report negative info on your bureau report.
   He stil reserves the right to return the funding back to the Finance company and repurchase the loan back. In this case he CAN Repo your car. Lein Holders and note holders can repo if conditions are not met and payment is not made timely according to the contract.

   Comment by nick — January 3, 2011 @ 4:15 pm

2. 

   Yup, that money is owed and if you signed an agreement saying you would pay it and didn’t they can take the car back.

   Comment by Jennifer S — January 3, 2011 @ 4:15 pm

3. 

   You bet he can.

   He has papers showing the car is his until paid for, and all he has to do in most states is go the the DMV with those papers showing your signature, sign that you are behind on payments, pick up a repossession title, give it to me (or whoever is working for him depending on area) and your car is GONE.

   Comment by oklatom — January 3, 2011 @ 4:15 pm

4. 

   yes. He could sue you for the money (and win) if he doesn’t want the car back.

   Comment by Ray — January 3, 2011 @ 4:15 pm

5. 

   I’m confused….did you initially put down $600 and then the dealer came back to you saying you needed another $900 to get the car? Or was $1500 the agreed upon down payment and you just haven’t paid it in full?

   Pay the money or the contract will be void and they will take the car back.

   Comment by sukbunny — January 3, 2011 @ 4:15 pm

6. 

   No the dealership cannot re-po the car, Only the financial instituion that you pay your car payment to can do that, The dealerchip can only report it to collections of a no payment which will then affect your credit, you credit will have a red flag showing that in the past you have had a delinquent payment in your credit, which will then make it hard to get future loans

   Comment by Xavior — January 3, 2011 @ 4:15 pm

7. 

   You agreed to pay 1500. SO PAY IT. Why are you trying to screw someone over. What would you do if the dealer owed you $900, you’d go nuts, smearing the dealers name all over the net, and banging on his front door to get your money. Pay Up.

   Comment by jay — January 3, 2011 @ 4:15 pm

8. 

   wow, that must be the nicest dealer in the world to let you drive the car away still oweing them $900. and yeah they can take it back, you havnt satisfied the terms of the contract, If the contract you signed actually says your are supposed to put $1,500 down then you still owe the dealer that money before the car is yours.

   I cant believe they let you drive away without the full down payment LOL

   Comment by spacemonkey1958 — January 3, 2011 @ 4:15 pm

9. 

   Yes, and it isn’t a very good way to establish a relationship with the dealer or the lender. If you agreed to $1500, you’d better pay them $1500.

   Comment by Scott H — January 3, 2011 @ 4:15 pm

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