Can my car be repossessed?

Question

Bought a car dealer asked for down payment of 1500.00 I wrote a check to the dealer for 500.00 as a down payment to be deposited on July 4th already gave them 1000.00, I don't know if I can come up with the other 500.00, if the check bounces will I be in any trouble can they take my car back?

Answer 1

generally that is what they do yes.even if you are short 50 dollars theyd still try to take it back

Answer 2

why you dont know if you could make the other payment ?are you in prison, or someone kidnapp you, why you could not end the deal??

Answer 3

yes   not to mention the bad check

which is a ciminal theft charge

man  500 dollars will be chump change  with everything that will manifest

heres  all you do

call the dealer  explain whats up    they will work with you

its the only way

other way  credit record criminal record   your screwed for a long time

Answer 4

YEP SO YOU BETTER TRY TO FIGURE HOW TO COME UP WITH THAT MONEY

Answer 5

I sometimes wonder if people try to help people here.  Criminal record???  lol

Look.  Communication is the key here.  Talk to the dealer and explain that you had some unforseen money situations and that you won't be able to come up with the $500 hold check that you wrote them to be deposited on July 4th.  They will work with you.  The last thing they want to do is take back the car.  But, you have some serious issues if you're already having money problems and aren't even to the monthly payments yet.  Can you really afford this car???  What would you do if the engine failed on you tomorrow and you needed $1500 to fix it?

Considering the pinch you're already in, I sincerely hope you bought a car with a proven reliability record.

Answer 6

The dealer is not goint to repo your car because the bank who bought your loan owns it.  The only company who can repo it is the bank who owns the loan.

Second, the dealer most likely made more money on the car (profit) than the $500 you are bad on.  If they undid or unwind the deal they make nothing, it would be cheaper to write off the $500 and move on with life.

Most likely the dealer will work out a payment plan.  I would suggets calling them, telling them what has happened and offering some money to be good by the July 4th deadline.  Get a payment plan in writing and make sure it is something you can live with.  If you do nothing they will take you to small claims court and then you will get a judgement on your credit and still have to pay back the loan.

Bottom line - call the dealer, work it out and don't stress.  We get these problems all the time selling cars, your not alone.