When do banks do the repo when your late on your car payment?
Usually if you are around 2-3 months behind. They will start to hound you after the first month. Here is what happened to us. Because of job loss we called the bank and let them know our situation and thought we had things worked out. We started to get some nasty calls after that and called the bank every time this nasty person called. We tried to call her back but the call went to voice mail and we left a messages with her. We even went into the bank to talk face to face. We had filed our tax return and according to the IRS we were to receive the return by the end of the week and with that we would bring the payments up to date. This was Tuesday and the arrangement was we would pay the money due by Friday 3 pm or return the vehicle to them. OK all is well, we thought. Well, that Thursday early evening they came to repo the car. The bank was already closed so there was no way in which to find out what happened. The next day we called to find out what happened to the arrangement we made. That nasty person said, "Well if you had returned my calls and not been late on your payments this never would have happened. Since you ignored the situation they decided to repo." Now they wanted full balance. The person we made the arrangements with and the nasty person who called us were different people. Husband went to the bank and talked to the person that we had made the arrangements with and she had no idea as to what happened. We did get our tax return so we could have brought the payments up to date. Unfortunately we did not get enough to pay the balance they now wanted. So even if you are talking to the bank and make arrangements things can still go wrong. Our mistake was not getting the arrangement in writing. But even then I am not sure if that would have helped.
How does your credit score affect employment?
Look at it this way, credit reports are a lot like report cards were back when we were in school only instead of showing how well we are doing in our classes they show how responsible we are in handling our credit. When potential employees see things like charge offs, late pays, collections, law suits, bankruptcy's, foreclosures, tax liens, judgments, repossessions or back child support they know they are looking at someone that is not very responsible. As much as I really don't agree with this practice when you consider the huge amount of money that employers invest in training employees I can understand why if they had 2 to choose from and 1 had good credit and the other had bad they would tend to go with the 1 that had the good credit. Especially if the position involved handling money or inventory.
How long does Ford Motor Credit wait until repossession?
I bought used Rodeo through Ford Motor Credit in December. the payment was a bit of stretch ($435/mo for 3 years) but I figured my job was stable and I could refinance after a few months for a lower payment. I ended up loosing my job back in February. I qualified for unemployment; that knocked me down to about half of my income. I put off paying the Rodeo sacrificing my credit score to allocate precious funds to daily needs including rent, electric, pre-paid cell for job leads and groceries ect. They are now of course starting to call and question my references as to why I'm not paying. It's humiliating to say the least but I have no choice. I'm scared to wake up and find my car missing one morning due to repossession. So that's my question (however sad and pathetic it is) I'm only 2 payments behind so how soon can I expect repo and is there anything or any kind of arrangement you think Ford will make with me if I'm quite sure that a full payment is out of the question until I find full time work again?
Lost My Job,Can I return New Car To The Dealer?
No you cannot return the car. If you do the fiance company is where it would go , not the dealer as the have been paid for it...... If you return it that is still a repo. And they will sell it cheap at auction. Apply that money to the loan. Add repo and disposal fees. And send you a demand letter for the balance of the loan Then you have 30 or 60 days to pay amount in full. If you dont pay they will sue and win. Then they will garnish future wages or attach assets until paid . Giving the car back doesnt relieve you of the debt...... So either get some kind of job or sell it for what you can and make up the difference as a repo is on your credit for 7 years............md
How long before Santander Consumer USA will repo my car- 60 days or 90 days?
How long before Santander Consumer USA will repo my car? I bought a 2013 Chevy Cruze LS from CarMax. I bought MaxCare and the car has been nothing but trouble. I believe it is a lemon and I've invested significant sums of money into it via repairs and other maintenance and I work from home so I don't use the car very often. Right now between the monthly payment and car insurance I'm paying nearly $600 a month between the 2. Factoring in maintenance its not worth it. My credit already sucks because of a divorce and I intend to file bankruptcy for other reasons. I believe as of my 10/01/17 statement I was 40 days delinquent. I'm sure now at the 60 day+ mark they will be trying to come and get the car so I've cleaned all of my stuff out of it. I've already been searching for another used vehicle to replace it with. I'm certain Santander will sell it and come after me legally for the balance plus repo costs. Can someone just tell me is it likely they will come after the car at the 60 day mark or more toward the 90 day mark? I was told typically creditors send a letter of default informing you that you are in default which will result in repossession but I logged into my account and there is no notices there about that. Additionally they've been calling me but at all bad times. The car's terrible I have no desire to keep it or pay for it. I'd call them and tell them to just come and get it but someone told me thats a bad idea. I guess it really doesn't matter. Anyone's thoughts?
Can they evict and repossess my car when I'm disabled?
I'm 60 years old and been on workers comp. For several years because of an on the job injury. Now they've suddenly cut me off because of a false report even though I am still unable to return to work. I can appeal it but it will take 6 months to a year. And in the meantime, my car payment and power bill are overdue, I have a 72 hour notice on my rent, I'm disabled, I have a handi-capped daughter, a daughter in high school. I've tried every kind of aid from SSI to Salvation Army but SSI takes a couple months and the Salvation Army won't pay my back rent. I live in Oregon and Ig just want to know is there a law that says you can't evict the physically handi-capped or repossess a disabled persons car? Please help if you can?