I bought a car In Alabam 3 years ago and it was financed through a company in Florida. I have consistently made the payments on the Vehicle for the past 3 years and not missed 1. The interest rate is rediculously high !!(beside the point) I only owe about 10 more payemnts on the vehicle and it will be paid for. I am experiencing finacial issues this month and was not able to make my payment on time it is currently 7 days late. I spoke with a representatve when it was 3 days late and asked them for a possible payment Holiday this month. I got a call from the "office manager" saying that they would start repossesion proceedings on monday ( this will be 10 days late ) If I do not make my payemnt by then. They insist that they DO NOT have a GRACE period. No option on defering payments. I feel that they are being UNresonable due to the fact that I now OWE LESS on the car than it is worth. And that they are taking advantage of this situation I am now in .
My question is are there laws concerning how long a loan has to be in default before they can repo a vehicle. I intend to make the payment within the next five days at worst. Can they repo the Vehicle if I am less than 30 days in defaulton the loan?
I currently live in georgia and am not sure what laws apply either. FLA Alabama or Georgia.