So I've fallen 32 days behind on my car payment... (pay, credit, employment)
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And I have talked to the bank. My problem is my pay was cut short for a month and the next couple. The bank was unyielding. They want their money. They want it now. They have said they are going to write my employer demanding their money. Can they do this or is it just a lame threat? I have always paid my bills on time. The first time I fall 30 days behind on anything and I'm the worst person on earth. I just want to say screw my credit and tell them to come pick up the vehicle. All because of an attitude from someone who doesn't want to help. Oh, and she said her company is a Fortune 500 company and they want all of their money now when i asked if I can pay half now and the other half when my pay gets fixed. I don't get it...
Auto finance companies are not known for their flexibility. "Repo men" have a well earned reputation for taking cars from borrowers with brazen tactics and lightening efficiency.
If you need your car you better figure out a way to stay current on the payments.
If you have equity in the car (it is worth more than you owe) I would think about selling it. Fast.
This is why I have older cars that have no payment. If the worst happens (for example my pay was cut 40% last year) I could still get to work. If I lose the car I lose almost all means of transportation and earning a wage.
Location: Jonquil City (aka Smyrna) Georgia- by Atlanta
16,259 posts, read 24,752,651 times
Reputation: 3587
First of all relax. The bank will call you but they are not going to send the repo man if you are 32 days behind. They will usually not do that until you get 90 days behind. If you can you need to make your payments now even if they are a month behind. After a few months of payments, ask the bank for a defference- where they will either waive the payment or just add it to the back end of the loan.
Now, about the collection tactics- as long as it is the bank doing their own in house collections, there are no legal limits on what they can do short of physical threats to your body or life. They can call every hour of the day for 24 hours a day. They can call you, your mother, your sister and, yes, your employment. However if you are only 30 days behind and you don't refuse their calls, they will probably just call you. Should it ever be farmed out to a professional collection agency, things are different. You have rights and can tell them to not call you at all if you want.
You don't want a repo. First of all, it looks really bad on your credit, secondly you lose your car and I do not know if you have a bus you can ride to work and thirdly, what they will do with a repo is to auction it off and then come after you for the difference between what they get for it and what you owe on the loan. Not a pretty thing for you to have to deal with.
I hope this helps.
Location: Jonquil City (aka Smyrna) Georgia- by Atlanta
16,259 posts, read 24,752,651 times
Reputation: 3587
Quote:
Originally Posted by wheelsup
Hide the car!
This is why I have older cars that have no payment. If the worst happens (for example my pay was cut 40% last year) I could still get to work. If I lose the car I lose almost all means of transportation and earning a wage.
You cannot easily "hide" a car from the repo man. Most of them employ skip tracers who are very good at what they do. They know where you work and even if you lost your job and moved, the second you apply for credit (which is required for most apartment rentals) or register your car or license in the new place, they gotcha! You would literally have to "live under a rock" for them not to find you and the car.
The problem of being late is more common then we may realize in todays economy. Whenever I see a NEW cae driving by...I have NO sympathy whatsoever for the driver. They do not own the car...the bank or finance company does. Making a commitment of 4-6 yrs of car payments with no guarantee of a job or health problems maybe occuring is a big flag in my opinion.
The car is only yours until the next payment date or until repo man comes along.
Hiding a car is also pretty much the same thing as stealing it. Some people don't think so, but it's true.
Sounds like the finance company is trying to make you think they're going to garnish your wages. I don't believe they can do this until after the car is repo'd, then may may try to get the difference after the car is auctioned off. Even then they usually won't do it unless you owe them a large amount, it costs them money to do it because of attorneys fees.
My sister in law got 2 months behind payments and they called my parents house looking for ME. I have no sympathy for the repo guys. I know they are just doing their job but my parents (let alone MYSELF) aren't in any way connected to her problems.
Now, about the collection tactics- as long as it is the bank doing their own in house collections, there are no legal limits on what they can do short of physical threats to your body or life. They can call every hour of the day for 24 hours a day. They can call you, your mother, your sister and, yes, your employment.
Just because they are not governed by the FDCPA doesn't mean they can do whatever the hell they want. There are still privacy and harassment laws that they are subject to and prevent those measures.
Quote:
Originally Posted by KevK
You cannot easily "hide" a car from the repo man. Most of them employ skip tracers who are very good at what they do. They know where you work and even if you lost your job and moved, the second you apply for credit (which is required for most apartment rentals) or register your car or license in the new place, they gotcha! You would literally have to "live under a rock" for them not to find you and the car.
He could hide the car any number of places besides his home. Also, if he has a garage he could lock it in there and it would be safe from repo for quite some time.
Hiding a car is also pretty much the same thing as stealing it. Some people don't think so, but it's true.
Only if you're hiding it after the courts order you to turn over the vehicle.
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