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Discussion in 'Credit Talk' started by Paul, Sep 3, 2000.
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The best thing you can do is call the finance company and try to work something out. They can do a deferment if you qualify and get your payments current. Ignoring the collection calls just places your account in the more hardcore collection units.
Generally, finance companies do not begin repossession efforts until the 90 day mark. Mind you, they technically can repossess anytime you are in default and that can be as early as one day after your payment is due. It usually depends on the number of months you are into your contract, how many times you've been late, etc. Also, if your insurance lapses at any time you are in defualt, they will demand you return the car as well. If you default on your first payment, you can certainly expect the repo man to come looking for you.
Get your loan current as soon as possible and pay your car note before anything else each month. If you let it drag in a state of default all the time, you'll end up paying intertest rates of 20% or higher next time you try to lease/buy.
A car finance company (GMAC, Ford Motor Credit, etc.) can repossess your car even if you have made all of your payments on time and are current on the loan. Most of their finance contracts contain a small-print provision that they can call the loan or repossess if they 'believe' that you are going to default on your loan. Although I've never actually heard of a case where they invoked this provision, they can do it and you have little or no recourse. After all, who can dispute what someone 'believes'.
I suppose that if you got arrested in some kind of high profile case, they could do a repo based on the fact that you might not be able to pay the loan if you are in jail or are afraid the car might be subject to some kind of governmental seizure.
If my car is reposed do I have to pay a repo debt? What do a repo debt consist of?