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My car was repossessed. What do I need to pay to get it back?
3rd September 2009
I was told I need to make 3 payments but I’m only 2 payments behind. I received a letter today from the bank that says I need to pay 820 for redemption of my car. Which is payment for the 2 months not three. So do I pay what the letter says or do I need to pay the the third month which is not due until 8/07.
Posted in: Auction FAQ | | Comments (5)
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I would contact the lender and see. I would pay 3 payments because lots of times they call the whole note in when you default. So I wouldn’t argue at all just pay what they tell you . Plus you may have to pay fees for the repo on top of your payments………………UJN
Comment by Uncle Jed Knows — September 3, 2009 @ 9:02 am
Go to the bank with the letter and $820
Comment by farf02 — September 3, 2009 @ 9:02 am
I’d pay the third month also. That way it shows them that you really want to do right.
Comment by Daniel D — September 3, 2009 @ 9:02 am
If you are really only 2 payments behind they may want the 3rd payment for collateral or just an early payment to insure you stay up to date. I would do as the other person suggested go to the bank and find out what you really need to pay to get your car back.
Comment by Ms. J — September 3, 2009 @ 9:02 am
You should pay the balance of the debt and you probably will have a repo fee.
Comment by dogmando2002 — September 3, 2009 @ 9:02 am