Help! Vehicle probably going to be repo'd

[okiemom2008]

We are letting our only vehicle go. Have not filed yet. Only one creditor knows we are filing...our mortgage company.

We asked for an extension on our vehicle loan for November..they gave it to us...we paid December on time and now we are 7 days late.

They started calling from a local number...not the 1800 number. And we just moved not too long ago but they somehow got our new address..

I am just worried that we are fixing to be without a vehicle and not be able to get to work. What can I do? Should I get my childs carseat out everytime I drive it?

It is with Chrysler Financial. I had no idea 7 days is considered extremely late and can be repo'd

[Flamingo]

Once you pass the 30 day mark and your first payment is late, you are in breach of contract. Usually you don't have to worry about actual repossession until you are two payments late but they really can come at any time after your first missed payment. I would suggest to be on the safe side as you never know when they can come (many repo places have hired extra help in this economy) to get your personal possessions out of the vehicle. Since you know they will eventually take it, you need to start now investigating your options to get to work (friends, family, etc. - someone may have a car to lend you for a while). Best of luck!

[okiemom2008]

Once you pass the 30 day mark and your first payment is late, you are in breach of contract. Usually you don't have to worry about actual repossession until you are two payments late but they really can come at any time after your first missed payment. I would suggest to be on the safe side as you never know when they can come (many repo places have hired extra help in this economy) to get your personal possessions out of the vehicle. Since you know they will eventually take it, you need to start now investigating your options to get to work (friends, family, etc. - someone may have a car to lend you for a while). Best of luck!

30 Days late mark? The payment was due on Jan 9th. Does this mean I have till Feb 9th?

[catleg]

I'd seriously consider trashing it

Perhaps they're less likely to repo it if it's obviously damaged and worth less than the lien amount ????

[rockyroad]

Have to spoken to them when they called? Your payment with Chrysler (I have a loan with them) is not officially late until the 30th day after your grace period.
Your grace period should be 10 days from your actual due date. I don't think they are trying to repo your car at this time.
It could be the records are not reflecting properly that they gave you an extension for Nov.?

[okiemom2008]

Have to spoken to them when they called? Your payment with Chrysler (I have a loan with them) is not officially late until the 30th day after your grace period.
Your grace period should be 10 days from your actual due date. I don't think they are trying to repo your car at this time.
It could be the records are not reflecting properly that they gave you an extension for Nov.?

Well I called a couple of times to make sure and everytime they told me I was fine until Jan 9th when my next payment was due. We might could save up a little money if they would give us a month before repo. But I dont want to lie and tell them I am going to pay them because I know I am not going to. Once I file, can they take it then oe do they have to wait until the 341?

I remember asking my lawyer that and he said he has to put an intent on the paperwork-either we are intenting to reaffirm or 722 or to let it go.

[Flamingo]

30 Days late mark? The payment was due on Jan 9th. Does this mean I have till Feb 9th?

You are in breach of contract once you miss your payment and don't pay by any grace period that may be listed in there (i.e., send in this payment along with the additional late fee). Usually when you are 30 days late, that is when all the action starts really taking place. If you really want more details, pull out the loan information you signed when you purchased the vehicle as to what they can and cannot do when you miss your payments. It's an eye opener.