Chase Auto Finance They repo my vehicle for been 30 days on payment Fort Worthfort Worth Texas

To clear up any confusion, nowhere is it written in any law in the United States that you have to be 30 days + for a lending institution to repossess a vehicle. It's 100% based on the discretion of the lending institution because until you pay it off it's their car. Chase finances sub-prime car loans which are loans that are very high risk mainly because our customers have bad credit and no other lender wants to finance them. For this reason we don't have to wait for your loan to get very past due before we want to repossess our collateral. Chase loans offer no grace period meaning the day after the due date it's considered in default if payment is not received. At 20 days late the loan is in collections and we start preparing the loan for repossession. If there's no contact with the customer and/or no payment then at anytime we can repossess our vehicle. I don't understand why this is such a hard concept for customers to understand. It's simple, if you don't pay for services you loose the goods. If you don't pay your utilites the company turns them off, if you don't pay your rent you get evicted. Nothing is free in life no matter what your situation is you can't expect any business to be sympathetic, it's your problem not theirs. As the saying goes it's not personal it's business.

First, DJ needs to climb back into his cubicle and stay there.

Second, in each state, there are laws regarding repossessions. Contact an attorney in your state for assistance. One of the main threads, I have noticed, is that Chase employees are demanding sums of money larger than what is immediately owed. In California, this is illegal. So, check the laws for your state, and then seek legal advice.

Third, don't let employee collectors intimidate you. They are loudmouths with no authority, and they are low-paid individuals in a cubicle with a headset.

In response to your "NEWSFLASH" ... New York happens to be a CURE state. If you're an employee of Chase Auto Finace you should probably be aware of this. Basically it means that the finance company must send you a Right to Cure Letter ... you have a certain amount of time from when the letter is dated to respond with payment, after that the finance company may repo your vehicle. Some people are not aware of this, luckily for me I worked for a subprime auto finance company, and became educated on the guidelines for New York State... I suggest you do the same, being that you work for this bank. And just a heads up... Chase Auto Finance is not a subprime lender ... maybe they do subprime work, but I have my vehicle financed through them at 8.2%, and that doesn't sound "subprime" to me. You should know what you're talking about before responding to these posts on behalf of your company. There is a 10 day grace period in NY as far as auto loans, Chase has this grace period as well, but they have no problem harassing you regarding your payment the DAY AFTER you're late ... they try to scare you into thinking they're going to pick up your vehicle everytime they get you on the phone, emphasizing that they need to know the location of the vehicle, I tell them gladly everytime exactly where it's located. If they want to repo a vehicle with a $20,000 balance that's just fine, people should know that these companies are not looking to take your car, they're LOSING money...if you call and talk to them they're usually able to help...if you lose your job call the company they can usually put up to 2 months of payments on the end of your loan (loan extension) to get your caught up...but as far as repo - contact an attorney if you haven't received a Right to Cure Letter - seriously.

the OP lives in Illinois. Not new york.

"Does a lender have to notify me ahead of time that they intend to repossess my property?

This depends on the terms of the original contract and what state you live in. Unless specifically stated otherwise in the contract, lenders must notify you that the full payment is due before they can repossess your property.

What does “right to cure” mean?

A “right to cure” is the privilege to correct any missed payments. Normally you get a few weeks to pay back what is owed plus any late fees. Fortunately for consumers, most but not all states have “right to cure” laws. "

So depending on the contract they have, they may not have to notify you before repossession.

The right to cure is still there, they just have to hold the car for a few weeks to let you catch up.

Besides, this report is a year and half old. That car is long gone by now.