Company is Trying to Charge Me Repo Fees and I Have Never Ever Had a Repossession

[nikki1993]

My question involves an auto loan or repossession in the State of: North Carolina

Hello I was looking online for an answer and saw this site. I have a loan on my truck and then a completely separate loan that was done at a different time at a different company for my Volvo and then both loans were bought by the same company but they are still separate and I still pay them separate payments as was set up originally of course. I got behind. I went to pay the past due payments and wanted to pay off 1 of the vehicles completely. None of my vehicles has ever been repossessed. I have never ever had anyone take them from me ever. That being said I was told that I owed almost an extra $800 in “repo fees” that they had charged me for being late. They never had a court documented paper filed (I checked) on me and they NEVER had possession of any of my vehicles whatsoever. I told them I was not paying that that they could not do that to me. If anything they can charge me the late charges which they have already and that is it. Is this true? Can they really do this even though no actual repossession took place? Also when I went to pay my past due on the one loan and get the payoff amount on the other they told me they were splitting my payment to apply money to both past due accounts and I told them no they could not do that and just pay my truck payments and give me my payoff amount for the other loan. Please help - is this legal? can they do this? Thank you

[Mr. Knowitall]

Read your loan contract. What penalties are described in your loan contract for late payments, and what are they called? (e.g., are they called "repo fees"?)

[nikki1993]

Only a $6 late charge for each month will be applied - only time repossession comes up is in the end where it states if you do not pay your bill they can repossess according to law. They just kind of lay it out like any other loan. Nowhere does it state that they can just say hey I am adding "repo fees" to your final bill. I looked.