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I was very past due on the car payment- 71 days and finally paid my past due balance in full on 2/22/10 through my online banking account. My bank shows a posted transaction payment to my auto credit company on 2/25/10. At 12:30am on 2/26/10 they repossessed my car. I called the credit company at 8am the same day of the repo and they said they did not receive payment. I called my bank and they said that the credit company has received payment which cleared on the 2/25- a day before the repo. When I called the credit company again they said that they did not see the transaction prior to the repo and it showed payment was received on 2/25/10. The credit company then continued to say that because I paid with online banking as an electronic check they do not consider it a form of legible payment because I could cancel the transaction with my bank at any moment (ie "made payment to wrong company") they want a payment through something like Western Union. My major question to this information is can the credit company still request that I’m responsible to pay the repo fees, towing and storage fees even though my past due balance was paid on and cleared to the credit company before they actually repossessed of my car? Is this legal in the state of WA? The credit company keeps telling me that I need to cancel my payment through my bank and send them a payment through their ok’d payment options (ie western union). Please help!! I’m not sure if the credit company is trying to pull one over me because they messed up on a repossession notice that technically should not have happened had they seen my payment before the tow truck came to my home.

I’m going over my credit report, and feel pretty overwhelmed. I lost my car (rather it was repossessed) after losing my job and getting on unemployment, which is so much less that I can barely afford food every month, so forget about a car payment. And, quite frankly, I just want to know what happens if I don’t pay off these debts? I don’t have a lot of debts, but for a 21 year old college student, I’m pretty much in front of the financial firing squad as we speak. 5K on the car, 2K student loans (which don’t need to be paid back until I graduate), 1.5K on a Capital One card. Those are my concerns.
So question: what if I just never pay? Is it possible to rebuild my credit without paying them back? Doesn’t it reset every 7 years or something?
Thank you.

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?

I am current on my car note; but I’m wonder what would constitue as a "default." I’ve read that before my car can be repossessed, I have to have to be atleast 90 days late, is this true? I’m wondering if the loan company has legal rights to take my car if I miss my next payment.

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.

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