My car was reposessed - and I wasn't even 30 days late on my payment!

[Kat30]

Boy did I choose a bad finance company....my car was reposessed and wasn't even 30 days past due. I had contacted the company repeatedly and told them that we were having a few financial difficulties, that would be resolved within 2 weeks. They would not accept a partial payment - said all or nothing. We couldn't afford it at that point in time, so with the payment only 23 days late, they came and took the car. We got a notice in the mail that they were going to sell it, and we could get it back if we paid what was due at the time of repossesion, which was only one payment, but they put 2 payments! The date of the notice was before the next payment would have been due. Can they do any of this? Repo before 30 days? not accept even a partial payment? Demand payment of a payment that wasn''t even due yet? Please help....this is my first car loan, and I would hate to have it go this way....I have already paid a year on it, and this will totally wreck my credit...

 

[Kat30]

By the way - I live in California.....

 

[JETX]

Take a look at your purchase and financing agreement. It very probably includes a clause allowing them to reposess the vehicle (and you pay the costs), possibly for late payments in days. A lot of 'sleazy used car lots' make good business out of selling and repossessing the same car several times. They collect the down payment every time and get to recover the car every few months. There are some car lots that sell cars with weekly payments. This allows them to repo the car faster and resell it quicker.

Read the agreement. It may not seem fair, but it is probably in there.


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Steve Halket
Judgment Recovery of Houston
[email protected]
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This is my PERSONAL OPINION and is not legal advice! Consult your local attorney for your specific situation and laws!