Can my finance company take my car away?

Question

Ive never missed a payment since I bought it and now through no fault of my own I can.t afford to keep up the payments. I offered to pay them 150 a month which they declined, now they ring me and tell me that they are sending someone to pick the car up. Can they do that ? Help!

Answer 1

Yeah they can take it. You signed a contract saying you would pay a certain amount per month. The finance company doesn't have to work anything out with you. If you are delinquent even one payment they can take your car. Finance companies don't care about peoples' situations they just want your money.

Answer 2

if you have not met your obligation then yes they can repo your vehicle, go in person and speak to the manager.  Explain the situation and ask him to refinance or defer a payment for you .

Answer 3

Yes they can. I would keep the car in a garage or trade it with a friend until you can make the payments again  or refinance.

Definetly hide it until then.

Answer 4

Yes they can repossess your car.  Try to get the car refinanced through another company at a payment that you can afford.  If you cannot do that then it would be  better for your credit if you sold the car and paid off the loan.

Julie is wrong, they can repo the car if you owe any amount of money.

Answer 5

yes they can

if the full payments are not being made they have every right to repossess

sorry.............................

Answer 6

yes! i woke up one morning at 6am and mine was already taken by mine

Answer 7

Yes they can. Sorry.

Answer 8

only when you fall behind on payments. find a way to refinance.

Answer 9

they can take it away if u tell them u cant pay it anymore u cant drive the car and not pay it

Answer 10

If you are no longer paying for it, it isn't really yours.  Yes they can come and take their car.

Answer 11

Yep!  If you don't make the payments that you agreed to they have every right to do it.  I would try though to see if you can refinance it.  They might make you pay for a longer amount of time, but if you refinance it you can pay less each month...OR...get a loan from someone else where the payment is $150 a month and pay off the loan with that money.

Patty

http://jstroup.fan-sites.org

Answer 12

Of course, They own the title of your car.

Answer 13

Until you pay it off, it's still their car and under their rules that you signed, you agreed to let them come get it if you don't pay for it.

What you need is to secure a new loan for the outstanding amount that you owe on the car.  You can arrange to pay off the balance over a longer period of time and have lower payments.  This will allow for you to keep your car.

Go to your bank or credit union and talk to a loan officer.  Unless you have really bad credit, you should be able to find someone who will help you.  You must have good credit or you probably would not be paying your current car note.

Don't panic about it, just do what you need to do, and that's talk to someone.

Answer 14

Yes they can.

Answer 15

y cant you afford to make payments? yes they can do that.

Answer 16

How much is still outstanding?  If you have paid 2/3 of the HP amount then they can't.  We need more info.

Answer 17

if you cant pay what you said you would pay then your not holding your end of the bargin so why  should they give you the car.

obviously its not you fault but it isnt the car dealer more so. worlds not fair

Answer 18

well it depends on how much you owe they cant pick up the car if you owe just 1 month if you owe 2 going on 3 well yes they can . but one  or two no 3 payments owed  yes they can

Answer 19

Unfortunately, yes...you signed a contract over a period of time stating that you would pay so much a month until it was paid off, with repossession the cost of not paying on that loan, and they have a right to enforce that contract and repossess your car if you don't pay them.

Your best course right now is to see if you can borrow money from someone to buy yourself another month, and then sell the car as quickly as possible over that period...you might consider a trade-in for a cheaper model.  You probably won't get as much for your car as remains on your loan, but you will need to use the proceeds to pay as much of it off as possible, and then get a car that you can more easily afford the payments on.

Answer 20

They can only do it if you have paid less than half of what you owe them....  If you have paid over half of what you owe, then no they carn't Hun...

Answer 21

wrong wording...it's their car. most likely that 150$ you offered them wasn't even enough to pay the interest you owe...let alone cut down the principal at all...I would suggest calling them back and seeing if you can't arrange some other payment plan with them...longer term...or something. also if your credit isn't ruined already see if maybe there isn't a credit card or something maybe you could get a convenience check to hold you over till you can aquire more income. Unfortunately you signed the papers stating the payment amount, whether it's your fault or not you're required to improvise and pay...good luck!

Answer 22

Well the simple answer is, if you still owe money on it and you can not afford the correct payments, then yes.

They still own the car untill you have finnished paying for it.