I have fallen behind on car payments.if i have paid more than a third can they repossess?

Will it be taken to court where i can ask the judge to have more time to pay ?

The creditor would have to go to court to get a removal of goods order how ever you can apply to the court and request a time order which will allow you more time to pay the hp agreement of also at a lower instalment. I would also advice you to go to your local cab as they have experience on hp agreements and the consumer credit act.

They can repossess if you are not current with payments. Whether or not they will do so is up to the lender involved. If you end up in court, you can ASK the judge for more time to pay, but you probably won't get it.

typically if you are about 6 weeks behind they will repossess your car.

The best thing you can do is stay in contact with your lender. they will typically make payment arrangements with you.

Check the note you signed; the outstanding total balance owed has nothing to do with when the note holder can foreclose; and a court of law doesn't have the power to extend your credit terms.

Settle with them; before they reposses.

They can repo even if you have nearly paid it off, no amount is too small for them. No judge, just a truck in the middle of the night. But they will be calling you beforehand to see if they can reconcile the account first.

It is not as simple as some of the advice you are getting. There are many conditions that must be satisfied BEFORE the courts will reconise a Default and or Reposession case. I have listed below a number of things that should help you.

Default and Reposession

Default

The most likely reason that there has been a default under the contract is because a payment has not been made. Where a mortgage is held over goods (usually a car), other reasons may include:

1. The borrower fails to maintain insurance;

2. The borrower sells the goods;

3. The borrower otherwise disposes of the goods;

4. The borrower transfers the ownership to another person.

Legal proceedings

This term generally means an action that is initiated in court.
Although the credit provider has wide powers to begin legal action to recover a debt, in regulated contracts certain conditions must be first be satisfied:

1. The debtor (the person who owes the money under the contract) is in arrears of their payments;

2. An appropriate notice has been posted to the last known address of the debtor (or any guarantor);

3. The debtor has been given the appropriate period to pay the debt.

There are exceptions to these rules.

For instance, where the credit provider has made reasonable efforts to contact the debtor and has been unable to do so.

Remember, if this is a second or later default, the credit provider may have previously informed you that no further notice will be given.

Get legal advice if proceedings have been instituted.

Extensions

It is possible to seek an extension on the loan repayments if you are in default, but it is best to have a reasonable excuse.
Negotiation is often a good starting point.

For instance, if you were unemployed for a period of time but are now in a position to make the repayments, this might allow an extension to be provided.

Where larger sums are involved, it is important to get legal advice.

Refinancing

Do not agree to a proposal to refinance without getting professional advice from an accountant, lawyer or specialist legal centre/financial adviser.

Repossession

Repossession can take place under the Consumer Credit Code following the expiry of the appropriate notice period (or following an exception to these rules as above) where the credit provider has a mortgage under the contract (usually a car).

However, repossession cannot place if:

1. The amount still to be paid is less than 25% of the amount financed;

2. The goods are stored on private property, unless a court or tribunal has made an appropriate order or with the borrower's (or occupier of the premises) consent. Following repossession under contracts regulated by the Consumer Credit Code, the borrower must be given notice of:

3. The value of the goods;

4. The repossession expenses; and

5. The right to recover the goods by paying the debt or remedying the default.

It is still possible to negotiate a deferral of this procedure e.g. if the borrower can prove they are about to receive monies owed to them that will cover the costs.

Sale. The credit provider must get the best price possible for the goods.

On the other hand, it is possible for the original borrower to introduce a buyer to the credit provider.

If the best possible price has not been obtained (this may be difficult to prove if you did not have the goods valued prior to repossession), or the provider unreasonably refuses the person you introduced, you should seek professional advice.

Above all.... It is VERY IMPORTANT to make contact with your credit provider and attempt to negotiate a repayment structure that you can keep to. Most of the time, you will find that they are fairly sympathetic and willing to help where at all possible.

I hope this helps. Good luck

They will re-posses the vehicle, then the option is on you being sued for the balance of the monies owed, plus court costs, plus the cost of repossessing your car will be added to the bill. There is also the problem of getting re-financed later, as your name goes onto the bad debtors list for seven years! Pay up, it works out far cheaper!

They can repo your vehicle at any time until it is fully paid off. I worked with a woman who had hers taken when she only had two payments left.

Before letting it go that far, why don't you talk to your lender and see if you can work something out? Often, lenders will be willing to work with you by doing things like allowing you to skip several payments and then sticking them onto the back end of the loan. A lender is much less likely to work with you if they have already taken possession of the vehicle and you are in court. Handle it now before it goes any further.

Also, be aware that the judge doesn't have the power to give you more time to pay. Your contract is between you and the lender, and the court has nothing to do with it. You can ask him or her to intervene on your behalf, but that doesn't mean that it will happen. Also, if the judge should feel the need to intervene, the lender can appeal, which basically just draws things out and makes for more legal fees. That in itself should be of concern to you because in most contracts, there is a clause that states that the borrower will pay any and all costs associated with collections.

Call your lender and ask to speak to someone about making arrangements so that you don't get into deeper trouble. I know it's hard and embarrassing, but it's better than the alternative.

Good luck.

i wouldnt have thought they will try to claim the car back you are more likely to have to pay intrest on the payments you have fallen behind on and this is likely to be on a daily basis however it may no be so you need to do the following things asap.
1. speak to the finance company who arranged the credit
2.find the agreement and take it to the citezens advice and ask them for advice
3.try to make atleast one payment asap
if you ignore the payments or do not speak to the finance company imediatley you may incare a default and if this happens you will find it hard to get future credit
goodluck......

All these references to "courts" overlook one thing: do you have the title? Any car loan I've ever seen has the loan company holding the title with a lien on it until the car is totally paid off. Maybe you didn't understand what you signed when you got the loan. What a lien on a car title means is that, for all practical purposes, it's not your car until it's paid off and the loan company doesn't have to go to court to take it.

This is different than liens on real estate. States have special rules for real estate because the land isn't going anywhere.

They can re-possess it any time you are in default no matter how little you owe.

TC
it can be five yrs later and a five hundred dollar balance and they can still repo your car, as long as there is a balance owed to the bank it is still their car, so call and make arrangements for payments, some times the banks are willing to forgo one payment just to help people keep their cars, so call your bank.
Good luck brother and keep the faith
have a joyous holiday.
....cya....

most of it depends on which car company you make to the payments to, its best to get these answers by contacting them!

I think you should approach the company which given credit to you.

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