What to do if my car is repossessed in the state of NC and they are not offering a reinstatement option?
Ok so here is the situation: I recently moved, started school and started a new job. I fell behind 2 car payments because of starting the new job and moving. I get paid bi-weekly and was planning on giving my entire paycheck I get this coming Friday to Honda Financial (the loan company) but they repoed my car this morning. I called and talked to the recovery dept & they said my ONLY option to get the car back was to pay the payoff amount of $23k, now no one has that kind of money just sitting around so I asked if I could just pay the repo fees, storage fees and the total past due amount in order to get my car back. They said that is not an option, that I pay the $23k or get the car financed with someone else. So my question is, what are my rights from here on out?
Should I talk to an attorney?
They said they aren't going to sell the car until the end of the month. And I don't want a repo on my credit because it would be really hard to get another car! Someone please help me out with the legal side. Is there ANYWAY I can get my car back, without paying $23k? And I'm sure no one is going to finance a car with me that is in repossession…
You have no rights. You signed a contract and broke it. They exercised their option when you did that. If you can't borrow the money from someone else why do you expect the dealer to loan it to you?
Once your car has been repossessed, your creditor has the right to ask you to pay the late payments plus the cost of repossession. The creditor may also demand that you pay off the balance of the loan in full. You may wish to consult with an attorney for advice on your legal rights.
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