Need advice

[C.Martin]

I'm not sure what to do here. My husband became unemployed back in March and is a contractor. He has since started a new project a week ago. He will not be paid until 7/20/01,
we have become 3 months behind in our vehicle payments the 24th of June. I have talked several times with the collection manager. I was told if I could make 2 payments it would stop the repossion. I'm not able to make 2 payments only 1 at this time. They said if I turned in the vehicle
now, that I would have 15 days to pay everything up. I won't be able to do that in 15 days. What would happen if I don't turn the vehicle in, but pay everything up on the 20th of July. Could they refuse the payments and continue the repossion process. I live in GA.

 

[Jeter]

You need to know what the reposession process is. It's not a long drawn out process like credit card collection. First they will ask you for payment. Then they will demand payment. If you call, they may try to work something out with you to help you retain ownership of the vehicle (that's where you are now).

If they don't get what they want, they tow it from wherever it is parked. If you hide it in a garage at home, they will come to your job and tow it from the lot. Believe me they would have someone follow you to find out where and when the vehicle is being driven and parked. Once they get the vehicle, it will be subject to auction. By the time July 20th comes around, your vehicle may belong to someone else. The 3 payments wouldn't matter at that point. The car would be paid in full.

Never mess with your car payments. It's not like credit card debt. You will find yourself without a vehicle and they do not care to hear your story.

Jeter

[Edited by Jeter on 06-26-2001 at 07:06 PM]

 

[C.Martin]

Thank you for your reply, that is what I was trying to find out. What the repossion process was. As far as picking up the vehicle that would be pretty hard. Considering my husband is working out of the state. I went ahead and made the 1 payment today. I will pay up the remaining 2 payments on the 20th of July. What I need to know now is, will they still try to repo the vehicle at a later date. Even if the payments are up to date and are made on time after this. Will they try to make me pay for the charges to repo the vehicle if it was never picked up. I'm aware that I do have to pay the late fees. Please reply
Thank you
C. Martin

 

[Jeter]

They will never try to repo the vehicle if the payments are up to date. It doesn't matter how many times you fall behind if you get back up to date at their discretion, they will make no furthr attempts to reposess.

They normally won't charge you for an attempt to reposess. Just be careful becasue they can attach interest charges to your bill that are incredible.


Jeter