Hi, My car was just repossessed because I skipped one payment last month and when I called the financing company they told me that in order to get my car back I had to pay the defaulted amount plus one extra car payment which they will hold until the end of the term, which is in one year. She also told me that she will continue to debit my account even after it has been repossessed, is this legal? I've read the Ohio laws about repossession, but couldn't find anything about my question. Thanks
In order to help you, we need more info: Who is the loan with? Do you want the car back? Or, do you just want to let it go?
The loan it's through a local dealer, the financing comany is Global Financial. If possible I would like to get my car back because I've already paid over 60% of the loan. Thanks
I am sorry, what I meant was that I bought the car at a buy here, pay here dealer. They have their own financing company and they do report only to Equifax.
Well, you're probably going to have to pay the amount that they request if you want the car back. They are within their rights to take the car back after missing one payment. They can also demand payment in full if you want the car back. It sounds like they're only asking for you to get caught up on payments and to make one advance payment. That's not so bad, considering the other options they could have given you. If I were you, and I wanted the car back, I would make the payments they request... and I would be sure not to miss any further payments. Otherwise, expect more of the same from them in the future.
The lender are probably continuing to debit the account as they are probably hedging their bets that the car will not sell for as much as you owe. Call your bank and have them suspend the EFT immediately!! There are requirements of repossession in Ohio, including notifying you of any pending liquidations. Here's a link to the Ohio repossession laws: http://www.clelaw.lib.oh.us/Public/Misc/FAQs/Reposses.html
Repos usually don't occur after missing just one payment. But that depends on the lender sometimes. Were there some late payments in the past? Sometimes lenders will take the "fed up" approach and repo the car the very next time a person is even one payment behind.
How are they debiting your account for a car you don't have in your possession any longer? prd2b ========== Because getting the car back does not cancel the debt.
I have a friend of a friend that had a repo guy come out to get a car the other day. The guy told the repo guy to go away that he had alreadyresolved the problem with the OC. He lied, but the repo guy left. After hearing the story, I thought that if he sent a "verification letter" that would give him 30 days to come up with the cash, and temporarily stop the collection/repo? Was it a dumb thought or would it work? Thanks Charlie
