[coolswimom46]

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.
Thanks all
Shark bait

[jk]

does your contract give you a grace period?

If not, the payment is due when it is due.

[coolswimom46]

Im not sure .... sad to say that I DO NOT have a copy of the original contract..(hurricane Katrina).. So Im not sure. They have told me on the Phone that there is none.. however I read a thread in this forum that the reply was that they had never heard of a "reputable" co. going after for REPO unless the loan was more than 30 delinquent.
1.Do they llegally have to fax or mail me a "copy" If I request it ?
2.My real question was are there consumer protection laws on loan agreements that require reasonable "grace" in the event of a late payment.
CAN they repo the car if it is even 1 day late??????
Thanks for your reply
Shark Bait

[elorei]

however I read a thread in this forum that the reply was that they had never heard of a "reputable" co. going after for REPO unless the loan was more than 30 delinquent.

This may have more to do with grace period laws on selling a repo'ed car than the company's reputation.

For instance, if I repo a car that is pawned here in Georgia, I must give the debtor 30 days to pay full amount due to reclaim their car. However, if I wait a full 30 days after the due date of the pawn, I can retitle the car immediately.

That said, even if your contract gives a "grace period" before repo, I guarantee it also has an acceleration clause. Meaning if you end up late, they can choose to no longer take payments, and can instead demand the entire remainder of the balance.