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  1. #1
    Join Date
    Aug 2010
    Location
    Denver, CO.
    Posts
    5

    Default How Long Do I Have Until My Car Gets Repossessed

    Hello all, I have posted here before and you guys have been great and have given me alot of useful information but unfortunately, I am in need of some good advice once again... I bought a brand new car about 6 months ago now and I payed on time, in full for the first four months. About two months ago, I was layed off due to the economy and everything has gone down hill very quickly. I havent payed my car payment for the last two months and on the 8th of next month will be 3 months. How long do I have until they come get it? We are supposed to recieve A large sum of money sometime this week or next week and I am planning on paying them as soon as that happens but I hope its not going to be too late. I have been in contact with the bank through out this whole deal and everytime I call, it seems like I get different stories... One person said that if we didnt pay by the 18th of this month, they would drop our loan and when we pay we would have new terms. Another person said to just pay when we can and other than the late charges, nothing was going to change. Then we recieved a letter sayin that we have until the 22nd of this month to pay otherwise they would take further action. I finally got a job, things are slowly starting to turn around and I want to keep my car... Can anyone help? Is there anything I can do to prevent it from happening(besides paying it right now lol)? Or if they do take it, what are my rights there? Would I be able to get it back? Thank you!

  2. #2
    Join Date
    Jan 2008
    Location
    Toledo, OH
    Posts
    16,126

    Default Re: How Long Do I Have Until My Car Gets Repossessed

    How long do I have until they come get it?
    We can't answer that. Unless your contract specifies a grace period, they're permitted to come fetch it when you're one day late. When/if they actually come get it is all on their schedule, and there's no way to predict what that might be.

    Remain in contact with your lender, let them know you have a job now and see if you can get an ETA on the large sum you're expecting.

    They don't really want to repossess your car, it's costly for them and there's a mountain of paperwork that they don't want to fill out and file. If it is repossessed, you may be able to redeem it, but you don't disclose your state, so I can't look up the specific law for you.
    I'm not a lawyer, but I play a researcher on the internet!
    Caution: I bite. WARNING: Do not send questions or complaints by PM. I'm likely to post them publicly and embarrass you half to death.
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  3. #3
    Join Date
    Aug 2010
    Location
    Denver, CO.
    Posts
    5

    Default Re: How Long Do I Have Until My Car Gets Repossessed

    colorado and thank you for a quick response

  4. #4
    Join Date
    Jan 2008
    Location
    Toledo, OH
    Posts
    16,126

    Default Re: How Long Do I Have Until My Car Gets Repossessed

    You might have some breathing room here. With luck, your large sum will arrive sooner, rather than later.

    Have you received a "right to cure" notice? In Colorado, lenders are required to send a "right to cure" notice advising you that if you don't pay up, they're going to come fetch your car. You've got 20 days from the issuance of the notice to clear up your arrears.

    If your vehicle is repossessed, you do have the right to redeem it - that is, pay what you owe - right up until the car is sold.

    Read here.

    Good luck.
    I'm not a lawyer, but I play a researcher on the internet!
    Caution: I bite. WARNING: Do not send questions or complaints by PM. I'm likely to post them publicly and embarrass you half to death.
    I'm training for the MS Society's Bike to the Bay - and blogging about it!

  5. #5
    Join Date
    Aug 2010
    Location
    Denver, CO.
    Posts
    5

    Default Re: How Long Do I Have Until My Car Gets Repossessed

    thank you so much! i actually spoke with them today and set up a payment plan... so as long as i pay the past due amount by the fourth of next month, we are ok. and then they gave me to the end of next month to pay next month. is verbal good? i asked if they could send me something as to our conversation and they said that the only thing they will send is the copies of the converted bills... thank you again

  6. #6
    Join Date
    Jan 2008
    Location
    Toledo, OH
    Posts
    16,126

    Default Re: How Long Do I Have Until My Car Gets Repossessed

    Oh good! I'm glad you're all sorted out!

    Yes, a verbal agreement is still an enforceable agreement. The converted bills ought to be proof enough of the agreement.
    I'm not a lawyer, but I play a researcher on the internet!
    Caution: I bite. WARNING: Do not send questions or complaints by PM. I'm likely to post them publicly and embarrass you half to death.
    I'm training for the MS Society's Bike to the Bay - and blogging about it!

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