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About Jack Hall
Expertise
Will answer questions about consumer or small business bankruptcy, foreclosure, evictions, wage garnishment, bank account seizures by creditors, creditor harassment, repossession and/or surrender of vehicles and other personal property, and civil lawsuits seeking to collect credit card and other debts. Can also answer questions relating to debt management and the effect of bankruptcy on one’s credit history. Can discuss the various options an individual or business may have relating to pressing financial difficulties. In addition to sending me an email, You can also call me at this number if you want to discuss any question on the telephone: 915 261-3893
Experience
Over thirty years of experience assisting clients in all aspects of debtor/creditor relationships. This experience has primarily involved assisting individuals and small businesses that are having financial difficulties, and have also had some experience assisting creditors attempting to recover financial losses.
Education/Credentials
Law degree (Juris Doctorate, J.D.); Bachelor of Arts and Masters degrees in political science/government
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You are here: Experts > Business > Corporate Law > Collections Law > Vehicle Repossesion
Expert: Jack Hall - 11/11/2009
Question
My vehicle is financed in the state of Virginia. My last payment was 2 weeks late. The creditor threatened to recover the vehicle. I argued that the payment was less than 30 days late. The creditor told me that they have the right to recover the vehicle even if the payment is a day late. Is this true? The late payment is not even on my credit, could they really recover a vehicle when the payment is not even 30 days late?
Answer
If you miss a payment, even if it is not yet 30 days late, there is nothing to keep a creditor from repossessing immediately (if he can get to the car). However, as a business practice, this is would not be a wise policy. People are a few days late all the time, and the cost of repossession, etc., would usually not justify a premature decision to repossess if there was any chance that the payment was either just an oversight or if there was a good chance that the payment would be made.
My bet is that either you have an inexperienced and overzealous collector, or there is something happening here you are not aware of – like they have another buyer for the car they just sold you.
This kind of an oddball policy would be far more likely to occur from a used car dealer of one of those “we finance here” places. It is hard to see how a responsible bank or major credit financing place would waste their time and money doing this. They are most likely bluffing. In the meantime, keep your car locked up. They can’t repossess it if they can’t get to it, and they can’t get a court order without a lawsuit and a judgment, which also takes time and money.
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