Finance Questions

Posts Tagged ‘car’

Question: My car repo'ed & auctioned within 2 wks, & now I am being charged $6000.00, how can they do that? Is it legal?

My car was repo'ed after discussing with a local Finance Company in the Denver Metro area (Fireside Bank). Tried to find a workable solution to my payments, until I got back on my feet. They said, if I paid them $200.00 in "good faith" they could work out a arrangement with me. (I was only 2 months behind) I paid the $200.00 and 3 days later they repo'd the truck without any written notice and 2 wks later they auctioned it, not allowing any time to reclaim the vechicle and now are trying to stick me with a bill of $6000.00, for a vechicle that they sold for less then the value of the loan, leaving me no more options.
I just want to find out if this is lawful. Any help would be appreciated.

Answer: It is my understanding that accepting any payment including partial payment resets the time for delinquency under the law. For this reason many companies will not accept partial payment.

You should consult an attorney about this matter because you have rights...some of which were violated.

Good luck

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Question: Can I save my car from repossession in NJ?

I had my car repossessed by American Honda Finance Corporation last Thursday. I had fell behind on my payments and I had to let my insurance cancel due to lack of work. At the time of the repossession my car did not have insurance. The recovery department is telling me that because I am violation of the lease contract due to the late payments and by not having insurance the only way to get my car back is to pay the car in full. I wrote a letter saying that when I received a collection call I was warned that I could face further collection calls and fees. Now I am being told that if I had asked what exactly the fees included, I would have been told that repo is also one of the fees. Could a supervisor help? What can I do now? My insurance company is willing to put me back on. My dead line is March 4, '08
Is this a Honda policy? or a NJ law? Is trying to talk to them about putting ins back on, paying all fees, past dues and paying the next months bill worth it?

Answer: Unfortunately they are right. You failed your lease/loan twice. First by failing to carry insurance, second by not making payments. You just lost your car, and only way to get it back is full payment of the balance of the loan, plus repo fees/tow fee's, impund fees. Good luck, next time make payments.

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