With the current state of the economy, more and more mortgage and car loan companies are willing to help wiht flexible terms and payment plans. The long term goal is for you to pay so I would call them, explain the situation and see what they can do.

Perhaps they can refinance the loan or defer payments.

Good luck!

They can't repo a vechile in less it in over 60 days past due. Chase has been sued in the past for repo'ing before that day and it caused a lot of bad publicity so they are no longer allowed to do it. The auto loans department is very helpfull as long as you call them and ask for help. Try getting a hold of a team lead or a supervisor for assistance.

KJ - that post is almost a year old!

Quote:

There is no law that actually states that. They may have made it their policy to avoid bad publicity, but they could repo after a day late if they really wanted to.

they have to send written intentions to repo. a vehicle

Guest, in some states they may have to, in others they don't. If you default (even by 1 day) they have the right to repo it. In many cases they don't start repo process until 60 + days past due.

I live In NC and Prestige Financial is based out of Utah who we have out auto loan with. They call us the day the payment is due, and will repo it if you are 5 minutes late. They have been the biggest the nightmare of my life.
So I believe that if you are late they can get the car, without warning because it should be stated in a contract what the consequences will be if you default!

Chase is a nightmare to deal with. I had a vehicle loan through them for $12,000. I paid them every month OVER the minimum for 2 years. Then I lost my job and everything went to hell. I called to see what help they could offer me and all I got was "tough luck". They said once I was a month or two behind they could enter me into a hardship program where the payments would be tacked onto the back of my loan. So, considering this to be true, thats what I did. 60 days came and I called in to enter into the hardship program. Then they said they needed a $350 deposit which I didn't have... 2 days later my car was gone. Within 45 days it was sold for $3,000. The kelly blue book of my vehicle was $6,000 if it was in POOR condition. Mine was in excellent condition. But they sold it for $3,000 so now I'm stuck with $8,000 worth of payment for a car I don't have, because a rep LIED to me.

Now they won't take payments on that, they sent a letter stating they want $8,000 in 10 days. If I had that then I wouldn't have fallen behind. You can't squeeze blood from a stone!

Good luck dealing with them.

What is the law in NC about repossessing a vehicle? and how to collect money owed?

how many days late can chase repo a car in the state of tn /how could i get the car back/how long