Life Insurance & Extended Warranty on Repoed Car

[laurayde]

What is the name of your state? Texas

Car was repossed in bad faith, I in good faith offered to pay the late payment plus repo fees, but was told no, by the used car dealership. I was one month behind. When I bought the car less than a year ago I didn't know that I was buying life insurance and and a extended warranty. Question 1, if they received and accepted a late payment didnt they change the contract then and there and basically waived the right to a good faith repossession based on the contract. Question 2, cant I get the accelerated loan amount reduced by telling them to eliminate the extended warranty and life insurance policy from the date the car was repoed because they included it in the amount of the loan for the specified term. Please help so that I know what chance I stand. This company is suckering consumers everyday. Thank you in advance for answering. Laura

 

[JETX]

"if they received and accepted a late payment didnt they change the contract then and there and basically waived the right to a good faith repossession based on the contract."
*** No. Their acceptance of your late payment does not waive or alter the contract.... unless noted IN the contract.

"cant I get the accelerated loan amount reduced by telling them to eliminate the extended warranty and life insurance policy from the date the car was repoed because they included it in the amount of the loan for the specified term."
*** The warrant probably cannot be deducted, since it was a specific purchase, paid in full. Also, the lender could claim that the value of the remaining warranty would be reflected in the higher 'auction' price obtained for the vehicle (very unlikely, but arguable all the same). The life insurance MIGHT be recoverable, depending on the type of insurance purchased.

 

[zappy]

I in good faith offered to pay the late payment plus repo fees, but was told no, by the used car dealership.
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was that done in person and with cash in your hand, or with a credit card over the phone?

if not then why should they trust you to put the check in the mail?

 

[laurayde]

to Zappy,

It was over the phone and in good faith with cash to go and pay what fees were owed. I was just one month late. The way I figured if this company were in to helping the consumer establish credit then they would work with people. I guess their is just somebody else who needed that car more than I do.