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  1. #1
    Join Date
    Jun 2009
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    2

    Default Late or Missed Auto Loan Payments in North Carolina

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

    I lost my job six months ago and I live in the area of the highest unemployment rate in the state. My husband and I have not missed a payment. Our payments have been late, but we always pay before thirty days late. My husband has tried to get them to change the due date, they refused. He tried to get them to defer a payment, they refused. Someone in the loan collection department called and got ugly when I refused to give him my husband's cell phone number. I spoke to my husband and then called the loan company and set up a payment. The girl asked me if I wanted to go ahead and set up the next payment and I told her I would have to check with my husband since he is the one that handles the finances. She said if I didn't set up the second payment then the person from loan collection would be calling me a day after the payment goes through. She also said that they could repossess the car if we only miss one payment.

    Are they allowed to harass us and be nasty like that and make those kinds of threats? Are the laws in NC really so protective of big business that they can take my car with one missed payment although not one payment so far has been more than thirty days late?

  2. #2
    Join Date
    Jul 2008
    Posts
    853

    Default Re: Auto Loan Question North Carolina

    The laws are like that everywhere. You made a contractual agreement to pay every month, on or before a certain date. If you fail to do that, there are a number of remedies available to the lender: they can "accelerate" the loan, meaning that they can demand payment in full, or they can repossess the collateral (the car), or they can do both (minus the resale value of the car, after it is resold at auction). Which one they choose to do depends on a number of factors, including the contract, your state's laws, the bank's policies, and the likelihood (as figured by the bank, using your payment history and credit record) of failing to pay the rest of the loan.

    Calling you every day that you are late and asking for payment is not harassment. The easy way to stop the calls is to pay them. I know that sounds harsh, but think of it from their point of view. After all, they loaned you thousands of dollars, perhaps tens of thousands of dollars, and if you were in that same position, you would want to get paid, or at least limit your losses as much as possible, right?

    This is not as much of an anti-consumer thing, as it is a protection of the money of the investor. Look at it from the bank's point of view: If you are paying late now, what happens when another of life's little problems come up? What is the likelihood that you are maintaining the car? How will this effect the resale value of the car, if the maintenance is not being done?

  3. #3
    Join Date
    Jun 2009
    Posts
    2

    Default Re: Auto Loan Question North Carolina

    Quote Quoting divemedic
    View Post
    The laws are like that everywhere. You made a contractual agreement to pay every month, on or before a certain date. If you fail to do that, there are a number of remedies available to the lender: they can "accelerate" the loan, meaning that they can demand payment in full, or they can repossess the collateral (the car), or they can do both (minus the resale value of the car, after it is resold at auction). Which one they choose to do depends on a number of factors, including the contract, your state's laws, the bank's policies, and the likelihood (as figured by the bank, using your payment history and credit record) of failing to pay the rest of the loan.



    Calling you every day that you are late and asking for payment is not harassment. The easy way to stop the calls is to pay them. I know that sounds harsh, but think of it from their point of view. After all, they loaned you thousands of dollars, perhaps tens of thousands of dollars, and if you were in that same position, you would want to get paid, or at least limit your losses as much as possible, right?

    This is not as much of an anti-consumer thing, as it is a protection of the money of the investor. Look at it from the bank's point of view: If you are paying late now, what happens when another of life's little problems come up? What is the likelihood that you are maintaining the car? How will this effect the resale value of the car, if the maintenance is not being done?
    We do pay. We pay every month. We have not missed a payment, we have just been late. No matter what the situation is, no one has the right to be mean and nasty when they talk to me or anyone else who answers my phone. I have worked customer service for more than half of my life and I would have lost my job if I had talked to anyone the way they have talked to me.

    In case you haven't noticed, we are not the only people in this country that is in this kind of a situation. The bank holding our loan is one of the ones that received bailout money. They can afford to work with us to make arrangements to make good on our loan. Like I said, we owe them the money and we have been making payments.

    And we are not low class enough to not maintain our vehicle. That statement is just uncalled for on your part.

  4. #4
    Join Date
    Jul 2008
    Posts
    853

    Default Re: Late or Missed Auto Loan Payments in North Carolina

    Paying late is still not paying according to the contract that you signed.

    As far as how they talked to you: they want to get paid. Being nice isn't working, so they step it up. What they said to you is not illegal.

    Whether or not the bank got bailout money does not give you a free pass to violate the contract that you signed. They can repo the car if you are not paying according to that contract.

    Not caring for the vehicle happens when people are broke. People who can't make their payments can frequently not afford to keep them in good repair, either.

    Whether you appreciate my comments or not, they ARE accurate. If you don't want your car repossessed, pay your note on time.

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