topic Re: Repossesion in General Credit Topics

Repossesion

Anonymous — Fri, 31 Oct 2008 01:34:46 GMT

If your car get repossessed, Can you get it back by paying the note up? Or do the finance company call the whole loan? Nissan Motor Acceptance Corps..

Re: Repossesion

llecs — Fri, 31 Oct 2008 01:44:12 GMT

It varies by state. Some laws allow you to catch up on the arrears w/ fees to get your car back and others make you PIF to get it back.

I had one a few years back and was allowed to catch up on a payment or two with fees, and got the car back.

Re: Repossesion

Anonymous — Fri, 31 Oct 2008 15:27:55 GMT

I don't know about any state specific laws, but I can tell you that in Missouri it is entirely up to the lender. If you haven't been habitually late over the course of your loan and it was a short term payment problem that was the result of say unemployment and the bank believes that after you catch up the payments you won't have a problem making the payments, they may be more inclined to work with you. Otherwise your up that famous creek without a paddle.

Re: Repossesion

Anonymous — Fri, 31 Oct 2008 16:38:18 GMT

In most cases, they will allow you to recover the vehicle with up to date payments and all the fees (and sometimes the next payment due). You may only have 48-72 hours to do so though before they auction it off. The other thing is that if it is a lease, they usually have clauses in the contract that state if it is repo'd that you have yo pay the balance in full, not just the past due payments.

Re: Repossesion

Anonymous — Fri, 31 Oct 2008 18:59:22 GMT

The time frame in which they auction it off or sell it to a private party is also dictated by the state. WA gives you 10 days to get your vehicle back.

Re: Repossesion

Anonymous — Fri, 31 Oct 2008 21:37:10 GMT

Missouri also has a ten day redemption period. In reality though it takes longer than that for the bank to sell it. In order for them to sell the vehicle they have to have a title in the bank's name. This can't be sent in until after the redemption period, so in actuality it takes 3-4 weeks before they are typically able to sell it. At the bank I work at we've never broken even or sold a vehicle more than what was owed, so if you came up with all that was owed before the vehicle was sold, I can almost guarantee the bank would sell it back to you as opposed to running it through auction.