Quick Answer: A lender can legally repossess a vehicle even after accepting a MoneyGram payment if the account remains delinquent or state laws permit repossession during the payment processing period. The timing between payment and repossession, along with state-specific regulations, determines whether the repossession was lawful.
“Dear Steve,
I have been known to be late on car payments, but I do always make them,
I made my payment this am, through an automatic moneygram deal, and they repossessed my car that day. Did they have legal right to take it, after accepting my payment? and what do the fees to “redeem” cover, is it a penalty, or a guarantee of payment, since I have not been timely?
Every weekday I read the enforcement actions, filings and fine print the outlets skip, and turn them into the one or two moves that actually improve your position — a rate worth moving for, a fee you can refuse, a deadline to beat before it costs you.
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Abby”
Dear Abby,
Did the payment you make bring your loan current and how many days were there between the time you made the MoneyGram payment and the time the car was repossessed?
I need more information to answer. Oh, and what state do you live in.
Please post your responses and follow-up messages to me on this in the comments section below.
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