Can a car be repoed because the loan /contract has"run out"?

We owe $2880 for the car,payment has been made, late once, they came and took the car because the "deadline" for the car to be paid off passed.That date was supposedly in Dec. Can this happen? I do not see these terms in the purchase agreement, did I miss something?

Answer:
If you did not fully pay what was owed they can repo. There is not and end date to a car note. There is a number of payments of a specific amount that have to be made. So, if they did not get their money they are entitled to repo.

where you leasing this car?

did you recently make your payment late? They would send you a letter of intention first, they do have the right to ask for all payment up front if you are late. If you have ever deffered payments, that total is due (in whole) when your contract is up.
most places will work with you, if you communicate with them.
good luck-go through your paperwork, and call the bank-see what went wrong.

If you're $2,880 behind in making payments then of course they can repo the car! If the original schedule of payments was set to be paid off in December, you were a lot more than one late payment in the hole. For example, if your payments were $480 a month, you were 6 months in the hole. In that case, the finance company was very generous indeed in letting you slide.

This doesn't sound right. In order for the deadline to have passed, you must have been delinquent many times. Was it a finance company or a "we finance it " type deal at a local lot?

Any time someone is delinquent on payments for anything the real owner can repossess.
The original owner is still the owner until the item is paid in full, and they can reclaim it if someone is not paying.

Yes they can do that, It's called the balloon payment, you should have found it in your payment book, with a small reference to it in the lenders contract. They may let you get the car back if you pay all the charges incurred with the repo, most likely balloon payment plus 2000.00, they will fiancee all of this for 2 more years at a very high rate. Good luck

try this site, it'll show you different options for a car loan. just fill out the form and you'll see the results instantly.

LoansGood.com

Can a car be repoed because the loan /contract has"run out"?

Topic