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Vehical Repossession?
27th August 2009
If youre behind on auto payments and you can only afford to make partial payments, can they still repossess you vehical?
Posted in: Auction FAQ | | Comments (7)
7 Comments »
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Yes, I believe they can. Your best bet is to call them and explain the situation to them and see if you can work something out. The longer they go w/o hearing from, the more likely you are to have this happen.
Comment by beccasmom99 — August 27, 2009 @ 9:04 am
Yes, they will send you certified mail before doing so.
It is their car, you’re driving it.
They can take it at anytime.
Comment by Tommy Pantsdown — August 27, 2009 @ 9:04 am
they CAN, but usually if you have been in contact with them, and up front about the situation, they won’t. answer the collector’s calls, be courteous, be honest, but most of all, be humble. and be lookin for a part time job to catch up on those payments!
Comment by william s — August 27, 2009 @ 9:04 am
More than likely, yes. Read the contract that you signed when you purchased your vehicle for more information regarding late payments. Most places won’t take a partial payment. They may be willing to work with you on this, though, because repossessed vehicles usually sell at auctions and they will end up losing money. Good luck!
Comment by mspicer0005 — August 27, 2009 @ 9:04 am
Then won’t take it if you are paying extentions. They will not go towards paying down your loan but will buy you more time. The cost is around half of your monthly payment.
This will also save your credit…. at a cost.
Comment by Shaq iz Phat — August 27, 2009 @ 9:04 am
Unfortunately yes they can. Once the contract is breached the lender according to the written agreements on the contract can hold the borrower in default of the agreement and can legally get their collateral back.
Comment by LOC8R — August 27, 2009 @ 9:04 am
yes they can i am afraid, because the car is legally theirs, until the loan amount is paid.
Comment by stanhind — August 27, 2009 @ 9:04 am