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I am 3 months late on my car payment, but I recently ran into some money. If I pay off what I owe, can I keep my car?

7 Comments »

1. 

   If you pay enough to bring the loan current, you should be fine. If possible, pay of the loan entirely.

   Comment by STEVEN F — November 21, 2009 @ 6:37 am

2. 

   most likely

   Comment by Annie — November 21, 2009 @ 6:37 am

3. 

   Yes, just make sure the money you give them goes to the principle and not the interest charges

   Comment by zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz — November 21, 2009 @ 6:37 am

4. 

   thats up to the people you own the money too. if you contact them and tell them you have the money they should let you keep it.. im paying off my car and they said if you keep making payment you can keep it.. so go and ask them and see what they say…

   Comment by cassie — November 21, 2009 @ 6:37 am

5. 

   probably.. just call the company and find out first when the repo date is.
   sometimes they will tell you one date and the repo company comes and gets it days before.

   Comment by k2t3 — November 21, 2009 @ 6:37 am

6. 

   Probably. The lender wants the money, not the car. Contact the lender and work out payment arrangements. You will have extra interest and late fees. If they have actually taken steps to repo, you may have some additional legal fees.

   Comment by bdancer222 — November 21, 2009 @ 6:37 am

7. 

   First off each state has different laws based on what you can and cannot do regarding repossession. If you still have possession of the car and they have not come and towed it but you know they are going to be coming I would find out what you have as far as rights go. For instance in my state if you have the car parked in a locked (padlocked preferred) garage they cannot open it and take the car nor can they make you open it and take the car. (This being said without a court order) But if you leave it parked outside even if just for a min they can take it. I had that happen i had my last payment i needed to make and was 3 months behind because i was waiting on some money and they tried to repo my car but could not because I found out what i had to do to keep it safe. It seems like a similar instance for you. I would say call an attorney and find out. Then keep it parked under lock and key until you pay it off. And by pay it off that means you have in writing from them paid in full. But most of the time if you do get it repossessed and they do tow it you have so many days that you can buy it back + of course towing fees and other fees tacked on.

   Comment by Jennifer S — November 21, 2009 @ 6:37 am

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