This morning, I received a call at work from a collection agency attempting to collect money on behalf of Fifth Third Bank.
I have remained current with my car payments in the last four years, except on one or two emergency situations in the past few years. I never went over being one month past due.
I only have one year of payments left thank God!
My payments are due on the third of every month but I have a 15 day grace period. My childrens father past away last year in 07, so I have been making my car payments out of their social security money that is received on the second wednesday of each month, which of course always falls after the third of each month, but not after the 15 day grace period.
Due to Christmas and my money crunch last month in December, I missed my car payment. I planned to double up my payment in January, which would be on January 14th. There of course would be a 50.00 fee added to December's payment due because it is late; which I already knew in advance.
So today I received a call from this collection agency advising me that they had an order to repossess my car today. They said they would do it unless I made Decembers payment, along with January's payment, and also a payment for February. They said that I am now required to make my February payment 7 days earlier and I do not get a grace period either. They also said that I am late for two months, but I technically would not be late until after my grace period ending on January 18th; which my payment would already have been posted by then.
The lady demanded almost 1400.00 now on the phone. She agreed to take a post dated payment for wednesday of next week, but I am in a real crunch now financially. I had only planned to make a double payment, and not a triple payment.
I asked her why I would not get a grace period and how could they demand I make February's payment a whole week early before it is due, and she said that is the proceedure of the collection agency. What if I only had paid for December and January? How could they legally reposess my car for not making an early payment for February? This did not make any sense to me.
I called Fifth Third, and the guy told me he could not give me any information on my account. He said they gave it to a collection agency and he has no clue what I owe and will not have the data back in his system till my payment to the collection agency posts.
I know the economy is in a crunch right now, and so are the banks. But would it be legal to repossess a vehicle that is only one month past due? Can they take away my grace period and demand an earlier payment before the due date?
I have never been in this situation before, any suggestions or assistance anyone can offer would be appreciated.
Thanks!
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