I am 2 months behind on car payments on a loan in North Carolina. The 3rd payment is due 4/28. I have already set up my payment for the 1 car, which should arrive at the bank 4/26, 2 days before the 3rd payment is due. I can't send the money for the 2nd payment until Friday afternoon, meaning that I will not be able to get the payment made to them until 4/27 or 4/28 because of the 3-business days it takes to get there. Can they repo our cars if the payment does not get there by the 28th? I have tried contacting the bank and they are not helping answer any of my questions. I have had them notate my account with what is going on and when to expect the one payment and the other to shortly follow. I have not received any notices from them stating they were in danger of being repossessed. Not sure if it makes a difference or not, but I actually live in Florida. Loan is from a NC bank.
I suggest you repost this with your location in Florida so that Florida Attorneys can weigh in. Generally, states have debt collections statutes and requirements that a lender has to follow. You may technically be in default already under your loan documents, but an attorney would need to review the loan documents to determine that.
This information is given for legal education only. It may not work for your specific situation. It is not legal advice, and I am not your lawyer. You have to find your own local lawyer to get legal advice and help with your problem.
Your loan documents should specifically state what grace periods if any that you have (most people have 10-15, but DEPENDS on the bank), and specifically when the account will be considered in default and subject to repossession. I do think that is very odd that you have actually tried to call them directly and just ask (even if it is stated in your contract) and you are saying they won't answer your questions. Are you specifically asking them, "at what point in time or how many days late/payments behind will the company come out to repossess". Not sure why they can't answer that. Ask to speak to someone higher up than a mere CSR
The responses contained herein do not form an attorney-client relationship, nor are they intended to be anything other than the educated opinions of the author. The responses may or may not apply to you and should not be relied upon as ACTUAL legal advice. Rather, what is being provided here is legal information that would be best followed through on with a consult with an attorney after learning more about your specific facts, needs, legal issues, and goals.
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