Can my car still be repossessed for late fee’s after I made the last payment?
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Can my car still be repossessed for late fee’s after I made the last payment?
I paid off my car 4 months ago but the finance company is telling me that I still owe over 2k in late fees and interest. I never agreed to any contract extension or agreed to pay any interest on the so called late fee’s.
Asked on March 20, 2012 under Bankruptcy Law, Illinois
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Whether or not the ledner for your vehicle can repossess your vehicle that you have paid off due to unpaid late fees depends upon what the loan agreement that you have with it states. As such, I suggest that you carefully read it in that its terms and conditions control the obligations owed to you by the lender and vice versa.
If the agreement does not call for late fees and you have legal title to the car in your name, I do not see a legal or factual basis for any repossession of the car by the lender.
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