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Alex J. Esq.
Alex J. Esq., Attorney at Law
Category: Legal
Satisfied Customers: 16396
Experience:  Experienced Licensed Attorney
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I have have a auto loan with a financial institution, which

Customer Question

I have have a auto loan with a financial institution, which i have paid and during some struggles has been late. I have never go to a 60 day mark; today i find out the finance company picked up my car and when i call them, they claim i have not paid my payment since August 2015. I showed them the cancelled checks since hen showing my payments were made and they cashed them. My question is, are they in any violation for doing that?
Submitted: 1 year ago.
Category: Legal
Expert:  Alex J. Esq. replied 1 year ago.

Hello. My name is***** am a Florida licensed attorney and I will be happy to answer your question.
I am sorry to hear about this unfortunate situation.

Unfortunately, an auto finance company can repossess a vehicle, even if the borrower is only few days late with the payment and such repossession can be ordered anytime that auto loan account is past due at the finance company discretion.

I am very sorry to provide you with this bad news, but please understand that I do have professional obligation to provide JustAnswer.com customers with correct answers, even when answer is not favorable to the customer.

I wish you the best of luck and God bless you!

Customer: replied 1 year ago.
But the have to notify me with a 10 day notice, and they took my payment and Misappropriated the funds?
Expert:  Alex J. Esq. replied 1 year ago.

Thank you for your follow up.

Why do you think the finance company has to provide you a 10 day notice?

How did finance company misappropriated your payment?

Customer: replied 1 year ago.
Because I am in the industry and in Florida I've always understood a notice has to be given with a 10 day right to cure. Also they claim they do not have the payment, yet the check is stamped by them with the date cashed. Where did they place the funds?
Expert:  Alex J. Esq. replied 1 year ago.

Thank you for your follow up.

I think you might be considering the 10 day notice with the 10 day notice to cure, however, there is no legal requirement for the auto loan company to provide 10 day notice before repossessing the vehicle and in fact most auto loan companies do not provide such notice, since it would give the borrower a chance to hide the vehicle or take vehicle out of state in an attempt to avoid ordered repossession.

As far as the payment, this is something that would have to be inquired about with the loan company accounting / billing department and it is likely that they will be able to locate the payment and will apply it to the borrowers account, however, if the borrower was past due on any amount at the time of the repossession, the auto loan company does have the legal right to repossess the vehicle.

I am very sorry to provide you with this bad news, but please understand that I do have professional obligation to provide JustAnswer.com customers with correct answers, even when answer is not favorable to the customer.

I wish you the best of luck and God bless you!

Expert:  Alex J. Esq. replied 1 year ago.

Please let me know if you have any related follow up questions?
If not, please positively rate and accept my answer, so I can be compensated for my work.
Thank you.