My car was repossessed. What do I need to pay to get it back?

Question

I was told I need to make 3 payments but I'm only 2 payments behind. I received a letter today from the bank that says I need to pay 820 for redemption of my car. Which is payment for the 2 months not three. So do I pay what the letter says or do I need to pay the the third month which is not due until 8/07.

Answer 1

I'd pay the third month also.  That way it shows them that you really want to do right.

Answer 2

I would contact the lender and see.  I would pay 3 payments  because lots of times they call the whole note in when you default. So I wouldn't argue at all just pay what they tell you . Plus you may have to pay fees for the repo on top of your payments..................UJN

Answer 3

You should pay the balance of the debt and you probably will have a repo fee.

Answer 4

Go to the bank with the letter and $820

Answer 5

If you are really only 2 payments behind they may want the 3rd payment for collateral or just an early payment to insure you stay up to date.  I would do as the other person suggested go to the bank and find out what you really need to pay to get your car back.