I bought a Windstar van from a Ford delaership in Idaho and had it delivered to Alaska in 2001. I put 10K$ down and expected a low monthly payment, I received a high interest rate over 20% and payments of 597$ a month. I paid on the van for approximately 2 years with late payments. Ford accepted these payments. My van was repossed without any warning. I received no notices nor phone calls! I was told I could get it refinanced with another finance company when i called that afternoon to speak with someone aabout the repo. I went the next day to a bank and after they pulled my credit report told me it had been reported repo'ed 3 days BEFORE they actually came to get it. Therefore,I could not get refinanced! I have done researched on accepting late payments etc and found that if they accept late payments THEY have broken the contract therefore making the repo illegal. Is this true and what do I do now? They have started a class action suit after filing a judgement. This occured in Alaska and I now live in Washington State. They sold the van for less than owed and want another 5K. I don't feel i owe this since they broke the contract and reported it repoed before I could get financing. I also was under the impression that you have 30 days in which to get refinancing. Is this true? Thank you for your help. Ford Motor Credit seems to practice this type of shinagans therefore ruining people's lives!
When an account is late the creditor can at any time repossess the collateral. Accepting late fee's has nothing to do with them violating the contract, you need to read all of the fine print on your contract you signed with ford motor. The creditor can pick up that car on the 1st day delinquent if they want too. They don’t have to give you a warning, the only warning they need to do is let you know they will hit your credit if the account goes 30days delinquent ( usually your 1st letter when you are about 10-15 days delinquent). If you did not have insurance on the car that makes matters worse, and they will repo the car over that too. They hit your credit that your car was out for repo probably the day they sent it out for, that is normal procedure. This does not sound like an illegal repo at all.
Last edited by Theresagail; 07-14-2008 at 03:39 PM.
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