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Can a car be repossessed the day the payment is due?
2nd June 2010
My car loan is from a local used car dealership and the due date was today. After 30+ payments so far… I have never been late on a payment until today. Just 2 hours after the close of the dealership they came and repossessed my car. I live in North carolina by the way. My contract states that DEFAULT status doesn’t occur until 10 days after the due date if no payment has been made and no where else does it say otherwise. Was the dealership in the right to repo my car just 2 hours after the closing of their doors? There wasn’t even any warning they were coming either.
I’ve checked with 911 and it was reported to them as a repo. NC requires repo men to call in what they are repoing in case the vehicle is reported as stolen. That way the sheffifs dept. knows already that it isn’t stolen. The dealership is one of these buy here / pay here type places that actually isn’t in the car business anymore (but runs a different type of business now… computer repair to be exact) and I’m the last client they have who owes them money on a loan. I’m just trying to get a good heads up now because it’s too late to contact an attornery tonight and want to be a little better prepared for when i do call in the morning.
As far as other possible reasons for them to repo… full coverage insurance has been maintaned since day 1, no alterations or damages have been made to the car, no attempts to re-sell the car with or without their foreknowledge. In all honesty I believe these people did this out of spite due to the fact that I too run a computer repair business that is growing while there’s is dwindling. But an attoney’s paralegal said this morning… they didn’t have the right to repo so soon.




