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Home > Law > Small Claims   »   Can partial payment be refused by financial co.

 
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Old Jul 3, 2008, 06:55 AM
Myers3D
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Can partial payment be refused by financial co.

I am leasing a vehicle and I have been late on payments. I am 1 1/2 months behind. I offerd to catch up the 1/2 month with a $200 payment then in 2 weeks make a full $400 payment to catch up till payment is due this month. The creditor refused and said they needed the $600+ toaday.

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Old Jul 3, 2008, 06:56 AM   #2  
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Yes they can refuse. They are not required to accept anything but full payment.

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Myers3D agrees: Well, I guess that's life. I just dont understand how they can refuse a payment on a debt. If I were owed money I would accept whatever was offered knowing I would be getting something!
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Old Jul 3, 2008, 09:37 AM   #3  
JudyKayTee
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Quote:
Originally Posted by Myers3D
I am leasing a vehicle and I have been late on payments. I am 1 1/2 months behind. I offerd to catch up the 1/2 month with a $200 payment then in 2 weeks make a full $400 payment to catch up till payment is due this month. The creditor refused and said they needed the $600+ toaday.
[Comments on this post Myers3D agrees: Well, I guess that's life. I just dont understand how they can refuse a payment on a debt. If I were owed money I would accept whatever was offered knowing I would be getting something]

They don't want to extend the Statute or, in this case, void the terms of the contract which says X dollars on such and such a date; the bookkeeping would be a nightmare for them.
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