The Florida Office of the Attorney General states that Florida law applicable to repossession of a motor vehicle by a secured creditor neither requires a court hearing nor written notice warning the consumer of imminent repossession. However, there are ways for consumers to avoid this situation and retain a motor vehicle when financial problems arise that necessitate any inability to make timely car payments each and every month.
First and foremost, if a difficulty arises and a monthly payment may be delayed beyond its scheduled due date, a consumer must determine the likelihood of the payment being made in the near future. If a consumer can ascertain exactly when a missed payment will be made in the future, it is worth the effort to contact the creditor and ask them to accept payment at this later known date.
Many motor vehicle lenders typically will agree to a delayed payment if informed of all of the underlying facts, and such facts are reasonable under the circumstances, thus supporting the likelihood of actual payment in the immediate future. Some even allow a missed payment to be applied at the end of the loan term. Contacting a creditor as soon as possible when some financial difficulty arises or the possibility of some problem becomes apparent or known is crucial to avoiding repossession.
If making late payments becomes habitual for a consumer and a creditor waives the time of payment as stated in the loan contract, thus agreeing to accept a number of late payments, consumers must not become too complacent and must be careful to ensure that any agreement to modify the original contract is in writing and signed by both parties. Otherwise, any payment missed on the day the contract specifies that payment is due may result in repossession.
Our Fort Lauderdale car repossession attorneys are here to help you explore your options to resolve problems with the repossession of a motor vehicle. To schedule a free consultation at any of our three conveniently located offices, contact Loan Lawyers today 954-523-HELP (4357).