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by Beezer on February 12th, 2006

Beezer

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I have not made a payment in 90 days but I now have the money to catch up. Can the bank refuse the payments since they have already sent someone to repossess but I still have the vehicle?

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Answers. 3 helpful answers below.

  • by tomsims on May 26th, 2007

    tomsims

    Casll them and tell them you want to make this right. Be humble. Ask them if there is any way to resolve this issue. They have rights, but they can also be reasonable when it is in their self interest and you are cooperative.

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  • by RedJohn on March 9th, 2006

    RedJohn

    Yes.

    If you have not met the terms of the contract, the lender is fully entitled to enforce any provisions in the contract that apply if the borrower defaults. You must speak to the lender concerning this matter. If you are a defaulter, you are in violation of the contract and can loose the vehicle and be held liable for any and all expenses related to the repossession.

    The time to discuss problems with loan payments is at the time they first occur, not after the lender begins to take action to recover their assets.

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  • by Old School on May 26th, 2007

    Old School

    They can refuse the payment, but they are unlikely to do so.

    Banks don't want to be in the business of collecting and selling cars. They'd rather just have you send them money on a regular basis.

    Call your lender and explain the situation. I'm reasonably sure that they will accept your catchup payments. You'll probably owe a little more than you expect because your delinquent balance gathered additional interest.

    Good luck.

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