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Have you ever had your car repossed?

You can answer anon.

We have missed the past 2 months on our car payment and we are going to miss this month too. Are they going to take our car? How many payments do you have to miss for them to take them? Also, do they warn you before taking it or just take it? If you have had your's repossed, could you please share your experience with it with me?

Answer Question
 
Anonymous

Asked by Anonymous at 1:59 PM on Sep. 28, 2009 in Money & Work

Answers (10)
  • Depends on the company...A good chance though..Message me and if you want we can talk more...Mlia
    Korysmom96

    Answer by Korysmom96 at 2:01 PM on Sep. 28, 2009

  • This happened to us once. We had missed atleast 2-3 payments. I was home the day them came and got it but didn't know they were there picking it up until they came to the door asking if I wanted to get the stuff out of our truck before they took off with it and I think they asked for a key, I don't recall it was a number or years ago. We had to then go pay up our balance with the bank to be able to get the truck back as well as pay the repo company. It was not a fun time. Good luck to you.
    Anonymous

    Answer by Anonymous at 2:17 PM on Sep. 28, 2009

  • You may have to pay towing and or repossion fees, not sure maybe one in the same if you wanna get it back. Sorry this is happening to you, it sucks but have you talked to the finance company and tried too see if they will help you maybe make some kinda arrangements or something?? Good Luck
    Korysmom96

    Answer by Korysmom96 at 2:20 PM on Sep. 28, 2009

  • Best ask the bank directly how it's done so that you not charged with fees to boot. Especially if you don't have the money.

    Best start cleaning out the car before hand and don't make plans that you might need your car like making doctor appointment for kids and such.
    Anonymous

    Answer by Anonymous at 2:24 PM on Sep. 28, 2009

  • I have reposessed a few vehicles with my father and most places are only if you are over 30 days late, with a payment. So I would be looking for them. 3 months behind is a long time. They could possibly be a little more lenient if they are a small company.
    Anonymous

    Answer by Anonymous at 2:34 PM on Sep. 28, 2009

  • We had ours repossessed due to bankruptcy, and with DH's car they took it in the middle of the night, we had to call the loan company and make sure they issued the repo. We did not know if the car was stolen or not! I t was repoed and they left no information, we talked to the loan company so we could go and clean out the car...sorry and good luck!
    Rebecca727

    Answer by Rebecca727 at 3:08 PM on Sep. 28, 2009

  • I had a car repossessed a few years ago. They sent me several letters threatening repossession before they came and got it. I was about 90 days behind in payments when they started sending repo letters, and about 6 months behind when they came and took it.
    riotgrrl

    Answer by riotgrrl at 3:19 PM on Sep. 28, 2009

  • Try to call and work something out. Odds are the bank doesn't want the car (just like houses). They may be able to help you out, put one or two payments on the end of the loan or something like that.
    kc932

    Answer by kc932 at 3:47 PM on Sep. 28, 2009

  • I agree with kc. we were a few months behind on a 00 blazer. National City worked with us and we were able to settle the loan for a less amount than we owed. 5/3 on the other hand have been a nightmare to work with. We have learned the hard way and will NEVER finance a vehicle again. Good used vehicles that are paid with CASH!
    Anonymous

    Answer by Anonymous at 4:07 PM on Sep. 28, 2009

  • Also, do they warn you before taking it or just take it?

    It depends on what state you're in. Some states require notice (usually about 2-3 weeks, the actual number of days varies) before they can repo. Other states don't have to. Technically, they are free to repo as soon as you are 1 day late under the law, but they'll want to put it off. Try to make arrangements with them, but make sure you keep them. They want money, not your car - trust me, they have signs hanging all over the room saying just that - collect cash not keys. But, if you don't give them anything, you are costing your "acct rep" money. Every day you don't pay, they are being penalized, and when it goes on long enough they will happily make you someone else's problem in the legal dept. At 2 months - you are nearing charge off status - where management will insist they dump you on legal, which means repo and lawsuit.
    Anonymous

    Answer by Anonymous at 9:12 PM on Sep. 28, 2009

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