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I just brought my car late payments up to date. It was assigned to reposesed. Am i required to pay repo fee even though it won’t be repoed?
This is in Tenessee. Car is now current in payment status. What are fees in this situation? Do i still have to pay repo fees? If so why?
my finance bank says there WILL be fees to pay but they cant tell me how much yet.
10 Answers
- ?Lv 73 years ago
Ask the bank or finance company that holds your title. THEY are the only ones who can answer that.
- Anonymous3 years ago
We have no way to know. Read your financing contract. The answer to your question ("Do i still have to pay repo fees?") is there.
Repossession not "repo"
- Obi Wan KnievelLv 73 years ago
If your car ain't repossessed, there ain't no repo fees to pay.
Repo companies only get paid when they actually repossess a vehicle, not when they intend to do the job. If people got paid for intending to work, there would be a lot of rich bums and a lot of broke employers in the world.
- BortLv 73 years ago
If it hasn't been repo'd there's no repo fee to pay.
Since you brought payments up to date the financing company should notify all parties that were notified to look for it to repo that it's up to date now 'stop looking for it'.
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- The DevilLv 73 years ago
Call the dealer and see what action is pending. You want me to call them for you?
- ?Lv 73 years ago
Maybe. Maybe not. Only your lender can say one way or the other. Ask them, instead of a bunch of knuckleheads on Yahoo.
- fire4511Lv 73 years ago
Unless the car was actually repossessed, you do not owe any repossession fees. You may owe late fees, but the repossession fee is only charged when the vehicle is actually repossessed. Repossession companies are only paid when they get the vehicle
Source(s): 38 years in the auto business including repo - Anonymous3 years ago
Talk to your lender about that. If they initiated the paperwork, then they had to pay a fee to the repo company too, which means you're going to be charged at least that much, perasps a loan reinstatement penalty, and maybe even an administrative fee on top of that. It's also possible that it went so far that your loan went into default, they might be able to raise your interest rate too, which would really hurt. Like I said, TALK TO YOUR LENDER about it, not us or anyone else unless it's a lawyer.
- MikeLv 73 years ago
please READ YOUR LOAN CONTRACT for details. If that is too technical, an attorney can assist you.
- ?Lv 73 years ago
If you didn't pay in time it's just normal that you have to pay something extra. I don't know how high it will be, but look at your contract and you'll know.