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tvanrik · Feb 13, 2008, 02:20 PM

My BF just purchased a new vehicle from a dealer recently and he called them to let them know that his payment this month was going to be 2 weeks late. The bank just called him and threatened to repo the car. I there any kind of time limitations on repossessions within the repo laws in Colorado?

Lowtax4eva · Feb 13, 2008, 02:32 PM

Wait why did he call the dealer and not the bank, the bank financed it. Call the bank and just talk to them.

Unless your state has a specific law regarding this matter they can repo the car whenever they choose once your payment is late. Try calling your local courthouse and ask if there are laws on this matter in your state/county.

What day is your payment due? It's the 13th, if it's the 1st then your already pretty much 2 weeks late, maybe they are giving you another day or 2...

Fr_Chuck · Feb 13, 2008, 04:00 PM

Yes, unless he borrowed money from the dealer why did he call the dealer, this is about the worst or last thing you ever do.

You call the bank if there is a problem you call the bank and talk to them.
But if your payment is late, you are in default and normally they will give you time but if you just bought it, and already late, and the bank got a call from the dealer, they are not going to work with you very much at this point.

kboyd1362 · Oct 8, 2009, 01:04 PM

I have a reposession that happened over 9 years ago. It is a complicated case and basically we had the vehicle in our possession for under a month. The people that sold it to us agreed to hold onto a check for our down payment as we were waiting for a stimulus check from the government. We did not get the check from the government in time and my ex husband spoke with the dealership owner and asked for an extra week. The owner was ridiculous and said he was not a bank and threatened to repo the vehicle. Since we did not have the down payment we bought another vehicle and took the other one back. We spoke to the bank we were to get financing from and they said we were not responsible for that vehicle if the dealership did not take the down payment when they were supposed to. A week later the dealership went and took the supposed down payment and bounced our account around and then repoed the vehicle. We do not feel that we should pay for a vehicle when the bank even said that we were not responsible for it. What do we do?

james_1 · Jan 25, 2010, 10:27 AM

I have repo question, when a car is given back. Then they sell the car at auction and I have to pay the difference and the contract is then satisfied what laws covers the people that are out the money. The finance company gets the car and the money. Why it's there a law that can help people that are going thrugh this.