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question about car repossession

Does anyone know if a company has to send you a letter before they actually send someone to reposses a car?Like giving you a chance to catch up. I am not that far behind. I am due for 1/2 of the May 5th payment. Anyways i was wandering if anyone knew the procedures used by places life gmac, chrysler, or ford. I thought i was going to have the money today, but it just didn't happen.

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Anonymous

Asked by Anonymous at 10:59 AM on May. 29, 2009 in Money & Work

Answers (4)
  • We had one car repoed through gmac and the other through 5/3rd bank. One was right before bankruptcy, and the other was at the end of our bankruptcy. I think gmac sent a letter, but 5/3rd just came and got the car.
    Anonymous

    Answer by Anonymous at 11:02 AM on May. 29, 2009

  • it depends. if you have the contract or can call someone they can give you a better answer. some auto loan places actually will repo your car if you hit over 30 days past due with no notice. that was what happened to us after they messed up our payment, they told me that they would have taken it that day if i wouldn't have actually paid it (it was an error on the online pay) it said that it would post but it came out of the bank and didn't post to our account)
    katie_s1

    Answer by katie_s1 at 11:29 AM on May. 29, 2009

  • they do not have to warn you at all! me and my mom were playing cards in my kitchen with the front door (right by the drive-way) wide open at about 10pm, when all of a sudden the car cranks up! we thought it was being stolen and called the cops and they told us it was on a repo list!
    deanamfinley

    Answer by deanamfinley at 3:48 PM on May. 29, 2009

  • They can come and get it without notice and on top of that they will sell it at auction for very little and then come after you for the difference in what they got and what you owe. So you will be without a car and still owe thousands for it even after they sold it.
    slw123

    Answer by slw123 at 4:18 PM on May. 29, 2009

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