45 days late on car payment

[mrbig]

What is the name of your state? SC

I am 45 days late on a car payment to CitiFinancial because I was out of work. I am now back to work and trying to get caught up. Citifinancial called and when I called back I was told that paying a payment in two days (when my paycheck clears) was "unacceptable". They wanted a postdated check by phone. I refused that option because I don't trust them. To make a long story short, I hung up the phone with a vague threat that they will make a "business decision". My question is, how long/late before a company like Citifinancial will repo a car? I'm concerned that the car will be taken before they get a payment on Monday.

Thanks for your help!

[CourtClerk]

Under the terms of your contract, I'm sure they can reposess your vehicle the minute you're in default (which is now). Sometimes as early as 30 days late they will come and get the vehicle.

Funny how you don't trust them, but you're the one that has reneged on the deal.

[debtcollector`]

Originally Posted by CourtClerk

Funny how you don't trust them, but you're the one that has reneged on the deal.

That's the one that gets me too.

DC

[TiredOfAbuse]

A lot of times a creditor will wait 60 to 90 days before they take action on late payments. Remember it's the job of the Creditor or Collections agent to be firm, if not demanding about getting a payment to them.

I would be surprised if they did something to you by the time you can get a payment to them. When you get your paycheck, send them a payment and try to get yourself current as quickly as you can. That will show them that, even though you fell on hard times, that you are trying your best to keep to the contract.

Also try calling them back, ask for a supervisor or manager and let them know the story. You never know, you may get someone who will listen and even make a note to your account that payment is forthcoming.

Good luck!

TiredOfAbuse

[mrbig]

Thank you for the replies. The reason I said I don't trust them is simply that they may deposit the check as soon as they get it and not wait a day for my check to clear. I don't have a paranoid mistrust for the company or a self righteous view of myself. I want to be clear that I accept responsibility, I just wanted to know if I needed to hide the car for a couple days!

I thought this site was Free Advice, not free condemnation for one line probably written in semi-frustration after talking to a debtcollector. Thank you, TiredOfAbuse for giving me realistic response to my dilemma.

By the way, our bank once told us that it's illegal to write and/or accept a post dated check. Is that true?

Mrbig

[TiredOfAbuse]

I thought this site was Free Advice, not free condemnation for one line probably written in semi-frustration after talking to a debtcollector. Thank you, TiredOfAbuse for giving me realistic response to my dilemma.

Sometimes I wonder myself.

You are welcome. I've been in this situation before. Don't get me wrong, they could do something starting on the first day of being late. In this day and age though, they like to retain their customers and I feel my original advise stands. You should be fine in getting your catch up payments to them a little late. Don't wait too long though and stay in communication with them! They may be mean on the phone, but it'll put you in a better light sometimes with a phone call from yout saying "Hey, sorry it's late, but the next catch up payment is in the mail!". The Customer Service agent sometimes will put the note into your account - something that can help you in the future with the Lender.

Also know, the late payments will probably show up on your credit report. It'll hurt a little sure, but as long as you get back to current, your credit rating shouldn't drop too much.

TiredOfAbuse

[Ladynred]

What they are saying is pure collection tactics, applying pressure to make you cough up cash they just know you are hiding from them - that's their attitude, IMO they ALL think like that. At 45 days late, you're going to have to make TWO car payments to get current and satisfy them. Chances are they will not try a repo at this point, but they CAN. AS an FYI, hiding the car is illegal.

My question to you is - -why don't you have any money saved that would allow you keep current on a secured obligation ? #1 mistake in this country - few people actually SAVE anything.

[mrbig]

You make a good point regarding not having savings. After being out of work for 6 weeks we had depleted our savings, which, was not substantial. However, we are financially conservative - no credit cards, big toys or trips to Vegas. We homeschool our four kids and, ironically, bought the car on credit for the job I no longer have. We play by the rules (I wouldn't really hide the car - that was a joke) we have always paid our bills, I'm delivering pizza at night to get us caught up quicker and I communicated with everyone about our situation that we have obligations to. Of all the the companies/utilities we owe, this is the only one we've had this type of trouble.

I realize no one here really knows us but we are not deadbeats. We simply wanted advice for an unusual situation. I kinda feel we became a whipping post for everything that's wrong with America. We do not have a pattern of unmet obligations. One payment has already been made and the other one will be paid on Monday. Thanks for the free advice.

[VeronicaLodge]

hey mr.big, do you listen to dave ramsey? the pizza delivery thing reminded me of him, i listen to him! haha

good luck, i hope your luck and situation turns around, you sound like a good guy.