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CFEPro789
CFEPro789, Finance Enthusiast
Category: Finance
Satisfied Customers: 539
Experience:  MS in Accounting. BBA in Finance and Economics. Member MENSA.
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If you RE 3 PAYMENTS BEHIND ON CAR PAYMENTS AND YOU WANT TO

Customer Question

if you RE 3 PAYMENTS BEHIND ON CAR PAYMENTS AND YOU WANT TO CATCH THEM UP AND NOT GET VEHICLE REPOSSESSED EVEN THO THE BANK SAYS NO? CAN THEY STILL REPOSESSED?
Submitted: 9 months ago.
Category: Finance
Expert:  CFEPro789 replied 9 months ago.
Hello my name is ***** ***** I will be helping you today. If you go to the bank and make the payment, and you have proof of payment when they come to repossess the car, then they will not take it. You can't say that you are going to make the payment though, you have to make it. Once you make the payment and are current, with any late fees, the bank cannot repossess the car.
Customer: replied 9 months ago.
Thank you!
Expert:  CFEPro789 replied 9 months ago.
You are welcome, is there anything else that I can do for you today?
Customer: replied 9 months ago.
but, can they refuse payment?
Expert:  CFEPro789 replied 9 months ago.
They would have had to give you a ten day notice, and you would have had to miss the payment within the ten days. If you do that then they can "accelerate" your loan and require the full payment, and refuse a partial payment. But if they didn't give you that ten day notice, or if they gave you the ten day notice and within that period you caught up on the late payments, then they can't accelerate the loan.
Expert:  CFEPro789 replied 9 months ago.
Please let me know if I have answered your question. And thank you for using Just Answer!