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My friend is a repo agent in the area and basically was picking cars up within the 3rd month on non payment. For the last 18 months he has had such a back log that cars are on his list for at least two months before he can focus on them. He is using a new tactic (at least for him) that has been working very well. Basically letting the individual know that the car has been assigned. He will go to the residence once and give them the option for handing over the keys and letting him drive it away no harm no foul. If they refuse he tells them that at some point weather it be the grocery store, work or the mall it will disapear. At least 75% of them hand the keys over. The OP should contact the finance company and try to talk it through. It goes along way.
I worked for a llarge (non-sub prime)Auto Credit Company for 6 years. They have the right to repossess the car on the default date (using 11 days or the day after the pre-set grace period). Most of the time we waited until 30-60 days depending on how much of a loss we predicted to take by taking possession of the unit.
Trust me, you need to call and try to work something out. They will work with you within reason. Just be honest up front and you should be ok. When you starting lying to them is when you'll have even bigger problems.
If anyone thinks there are dependable used cars out there for a couple of thousand dollars, you haven't been out shopping for used cars lately. Most of those were taken OUT of the market by the Cash for Clunkers program. Oh you may find something for under $5,000K, and you will spend hundreds more on car repairs. Take if from one who knows.
The bank can make more just reposessing and then reselling your car than dickering around working with you if you get behind on the payments.
I believe if your hours are cut back from 40 to 20 on you can apply for unemployment benefits and receive payment. When I was working in NJ a fellow worker was cut back to 20 hours from 40 and he did that and received some payment. I'm not sure how much but it was something. But that was in NJ and I'm not sure if its the same here. But it can't hurt to apply and find out. Also as mentioned above try getting a second job, McDonalds etc, its better then ruining your credit.
It's been my understanding that they can repossess the car after 60 days. If you are hearing that it takes longer, I would guess that's because of a backlog the tow operators have.
If I were OP, I'd call the finance company and tell them whats going on. They can sometimes put the late payment back on the loan and start fresh again. However, if OP thinks he won't be able to make the payments at all, then either get another job or just give up the car. The finance company can still come after you for monies owed however.
Another awesome government program!
New cars for people working 20 hrs a week at minimum wage.
There are plenty of cars in the paper for a few K, used to be listed under 'painters cars' or 'fishing cars' that would get you around and you could pay cash for.
No offense to the OP, but who sold you a car requiring payments you could not make on 20 hrs a week after paying for housing?
I am totally NOT blaming you, but someone approved this to move iron out of American Manfs (do I wrongly assume?)
I'm not picking on you, I've been there!
But this same scenario is what caused the 'housing crisis'.
With each passing day I trust government less.
Nice rant, except that the gov't did not make the auto loan.
You should be blaming the greedy car dealer, who probably falsified the loan application to get the buyer approved. A few years ago, a large car dealership in South Charlotte was busted by the FBI for falsifying loans:
Louis F. Harrelson case ends, but with court warning | CharlotteObserver.com & The Charlotte Observer Newspaper (http://www.charlotteobserver.com/2010/06/09/1487606/harrelson-case-ends-but-with-court.html - broken link)
(Sorry to continue the thread derailment.)
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Apply for unemployment.
