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if my contract on my loan isnt up until september, can they repossess my car before then, i am 101 days past due, i have only 500 dollars left to pay?

6 Comments »

1. 

   Yes they can because you are past due. If you are having trouble making payments, you should call them and explain your situation with them and hopefully they will work with you.

   Comment by Scott1120 — January 30, 2011 @ 6:38 am

2. 

   Yes, they can take your car even if you only owe them $500 to pay it off.

   Don’t worry… by the time they are done adding all the finance charges, late charges, repo-man’s bill, storage, etc. etc….. your car will fetch just enough at auction to pay off what you owe.

   Meaning you don’t have a car…. your credit is ruined and all that for $500 you still owed?….. and let me guess…. not your fault, right?

   Comment by Reena — January 30, 2011 @ 6:38 am

3. 

   Yes…..actually most the time, they don’t allow cars to go later than 90 days, so I would beg or borrow to get that $500 ASAP. You will be responsible for ALL charges from the repossession, which could go well into the thousands.

   Comment by siena — January 30, 2011 @ 6:38 am

4. 

   Man I feel ya. I was in the SAME boat with my van a few months ago. Here is the deal. They probably won’t REPO it because it’s worthless and they know it. They’ll do what’s called a "chargeoff" which will suck because you’ll have the vehicle but will never get the title. Again, the bank wins and you just have to somehow pay it. I’d imagine the only possible up side would be you could probably pay it off later but they WILL beat you hard with late fees. They did it to me and I paid mine off on time but was just a few days late on other payments. They wouldn’t even refund 2 late fees when I said I’d make the last payment. They are evil right wing corporatist bastards. Pay off the vehicle and try your best to not borrow for a car again. I know it’s easier said than done, but remember with the econ being so bad it’s best to fight back by beating down used car dealers. They are right wing dirtbags trying to rip you off anyway of course. Offer them LOW and be ready to WALK if they don’t sell at the price you want.

   Comment by Amanda J — January 30, 2011 @ 6:38 am

5. 

   They can and they will. After 3 missed payments, the repo man cometh.

   The best thing to do if you’re having difficulty is to call the lender and explain. When they repo it, they charge you all kinds of fees and storage and you’ll be lucky to get it back for a thousand bucks & you’ll still owe the money.

   Comment by Let me steer you — January 30, 2011 @ 6:38 am

6. 

   There is a couple of awesome information on exactly this. read through all of the information over at http://www.loanstalk.tk

   Comment by kelsey kielty — January 30, 2011 @ 6:38 am

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