Finance Questions

Archive for October, 2007

Question: Is there a law concerning repossesing vehicles.......?

I have 4 months until my vehicle is paid off. I was a month late (Just made a payment-currently curent) (Capitol One Auto Finance)They just sent me a letter stating they could repossess my vehicle. Just for the sake of asking is there a process Finance Companies must follow to repossess a vehicle?

Answer: There are laws concerning repossesing vehicle, but the laws generally deal with who can do the repo-ing and when they do they have to report it to the police. (This varies by state, check your local laws to be sure.)

As far as when the company can reposses, you will have to refer to your contract. Most Auto Finance contracts state specifically when collection and/or recovery efforts can take place.

Most contracts state that when you are late (even 1 day), you are in default (you didn't hold up your end of the bargain). Most of the time, any time you are in default, the company reserves the right to recover the vehicle. This is a very good reason to READ THE CONTRACT BEFORE YOU SIGN IT.

The good news is that the Finance Company really doesn't want your vehicle, so they will work with you, most of the time, to resolve defaults. Most Finance Companies offer "skip a payment" plans, or something to that effect so that if you know you are going to have a problem with one payment, you can call them up and ask to put that payment at the end of the contract (this will cost you more in interest).

I would guess that if you are current on your payments, they will not come and take your car. But, you could always call and ask them to be sure.

Auto Repair Eating the Cost of Installer Errors

Question: Online personal Finance Manager?

Where can I find an online personal Finance Manager similar to that which Yahoo Finance used to have; one into which I can set up accounts and it manages everything online. Kind of like Quicken but completely online

Answer: I really like Mvelopes because I can budget $ into different categories(envelopes) is ways that I can't with Quicken. It has a better system for helping track what I'm actually taking in and sending out. Not just what I wish I was taking in and sending out.

Desktop Budget - Personal Finance Manager