If my auto lender refused to take a car payment from me, does that mean the loan is paid in full?

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If my auto lender refused to take a car payment from me, does that mean the loan is paid in full?

My auto finanace company  refused to take a car payment from me. I have proof in writing they refused payment in November and December. I was only a few day behind when this happened. Now they want to repossess Can they? Should I take them to court and sue them? And is the loan considered paid in full?

Asked on January 14, 2011 under Bankruptcy Law, Mississippi

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

No, it does not mean that theloan is paid in full.  And the fact that they are looking to reposes the car should tell you the answer without me having to.  What you need to do is to read your finance agreement or have someone read it on your behalf.  They may have the right to refuse to accept the money past a certain date and to reposes the vehicle instead. Maybe they do not want to take the risk that you will continually be late with the payment.  Your options here are best told to you by someone who can read the agreement.  And maybe they can help you negotiate a eal rather than to have the car taken away. Get help.  Good luck.


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