My car was just reposesed on monday for 1 late payment. I have the money to pay but they want the whole amount

Question

I was late 6 monthes before like a year ago... I made an arangment with them because I had lost my job and told them that I have a new job I also stared making 2 to 3 payments a month to catch up... but now last month I payed the electical bill in our apt. building of $1,000. so there whent my money last month... so friday the 27th I got my check from work... but i did not think they where going to take my car....for 1 month... I need help>>>>>>>>>. can someone Help.....any ideas ?????

I have money for two payments of my car....

Answer 1

They are just making it difficult.  Off them the money.  How much is the car worth and how much do you owe.  Unless they think they can sell it an get something out of it, they will work with you.  The other problem, they can sue you for the difference in what they sell it for and what you owe.  So if the car is worth $5000 and you owe $10,000, they may sue you for the other $5000 if they think they can get it.

Answer 2

that's usually how those arrangements work unfortunately.  if you were already late before and had to have an agreement to keep paying it will almost always state you can not be late on any future payments even once.  if you do they will want the full balance or the car back.  all you can do at this point is try to work with them as best as you can, or try taking a loan out from a different lender to pay off the balance from the original lender and get your car back.  personally i was forced to chose, i would have paid the car payment over the electric.  the electric they might shut off, but you can always get it back in the end.  i wish you luck.

Answer 3

If you can't pay the amount they want then just forgettaboutit. Next time don't go so far into debt that you can't keep up. What you have lost financially is worth it's weight in gold in experience.

Answer 4

You had gotten 6 months behind before and they do not want to take the chance you will again. They had the legal right to repo your car even if it was only 1 month behind. To be honest with you finance companies do not care about your financial woes nor do they care about any sob stories you might tell them. They want their money and that is it.

If you pay your bills on time you never would have been behind and your electic bill would not have been $1,000.