Hello, yes we are newbies to this forum. We have been good about keeping our bills paid and living within our means, but then we went through an out of state move and are trying to sell our home, the job my hubby was supposed to have started didn't end up starting until next Monday etc.. It poured down on us and now we are exactly 63 days late on our car payments. We have two cars through Honda, and we will be able to get the payments back up to date within the next 3 weeks. Our plan is to make a car payment every week for the next 3 weeks and that will bring them up to date and current. So we called Honda and they implied that no matter what we do our cars are going to be popped. Both cars are going to be paid off in 2009, and we have no intention of letting them take our cars knowing we will have the payments caught back up in a matter of weeks. Do they normally do repos (Honda) after 60 days? Would they notify us in some way that it has come to this? If they intend to repo them would they just refuse our payments that we are making at the end of next week and after that? Or will they accept the payments and still repo the cars? Will they send us something in writing that we are in default and subject to repo? How does this kind of thing usually happen? I know we should never have let them go behind, but we did because our house was rezoned a high risk flood zone and our mortgage company gave us 45 days to get the flood insurance on the house, well $1500 later, and right after my dad had to get back surgery and so on, basically once it started to rain on our parade it just started to pour and we went behind. Thank you in advance for any insight any of you can give us. We have no idea what to expect. We moved from SC to AR.
I don't know what Honda's specific procedures are, but I do know that repos in 2008 are headed for highest level in the past decade. With all the defaults they are dealing with these days, its tough to get any kind of sympathy. Generally they will not start coming after your car until you are at least 2-3 months late, which you are, and they will have to send you a final notice stating that unless you make payment in full they will repo the car. I suggest you gather as much money as you can, call them to make a payment and explain your payment plan to bring things up to date, and then make sure you don't park your cars at home for awhile .
Did you call them before you got behind? I lost my job unexpectedly in 2003 and we had just bought a Chev. Tahoe. It was financed through GMAC and I called them before we missed a payment to see if there was anything we could do. They did an interest only payment for us the first month, a 125.00 payment the second month and a 250.00 payment for the third month and then back to the full payment amount the following month. They did that without reporting anything negative to any of the CRA.....no late payments or anything. It helped us till we got the new job established and paychecks coming in. I found out in 2003 that people WILL help you if you call before your account goes delinquent. We worked out abbreviated payments with 2 credit cards and a store account.
