I am 2 months behind and they are threatening to call the police if they can’t find where the car is.
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{ 5 comments… read them below or add one }
Well, technically they could depending on the situation. Normally what they will do is send out a repo-order on the vehicle. The repo man will show up at your house wanting the car, if you refuse or give him a hard time then he might call out the police. The repoman has every right to take the car if he can find it on the street or in a parking lot somewhere. If you dont hand over the keys they will simply drag it off one way or another.
Best thing for you to do-in fact you should have done this from the beginning. But the best thing for you to do is to get on the phone and try to work out a new payment plan with the loan company. These places dont want to repo your car. Even if they get the car back they are losing money. If you are having a hard time paying bills the best thing to do is to be honest and up front, generally if they see you are trying they will lower your payments somehow. They will stretch out the term of your loan to lower your payments.
Get on the phone with them and try to talk them into this. Tell them what you can pay. Otherwise they will take the car one way or another.
Typically, the police have nothing whatsoever to do with repoing cars.
Police don’t work for the repo companies. You are not going to be arrested if the lender cant find the car. Lenders & repo men use your ignorance against you.
That said, the MORAL thing to do is to give the car back or pay for it. You don’t deserve it otherwise.
A neat trick that other deadbeats do is to swap cars with an out of town family member or friend who is also a deadbeat.
It makes it even harder for them to find the cars. Although what happens nowdays is the repo guys will record the vin #s and often sell that info to the other repo man. In other words, if they suspect a car is being hidden, they write the vin # down and then check around to see if anyone is looking for it.
I agree with the 1st poster. Call your loan company and try to work something out to pay your car loan. Even if you can only pay $50 or $100 right now, see if they can work something out with you.
The bank does not want your car. They want the money that you promised them when you signed the loan.
no.. they just repo your car.. if you did damage to the vehicle the loan company sues you..
Most sale contracts now have what they call a license recall amendment what that means to everyone (nobody knows its ther) is that if you fall behind on your payment and you do not contact the bank and try to work it out and hide the car DMV will suspend your license.