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If you have not already read my comment on a previous post and wish to know the circumstances around why I lost my vehicle please feel free to search for Nichols financial in the search. Or click on my profile and the link will be there.
With that said I wish to give an update while it is still fresh in my mind.
I was never late for my payment. My payment was due on 12/28/10. In my contract I have a 10 day grace period. On 12/31/10 they picked up my vehicle. I had been trying to get them to redo my loan to get the payment lower. They had done this on a previous loan. But that was turned down. They wanted the van or payment that day. I did not have the full payment and they were not willing to give me until the end of my grace period either.
Well short story is they came to pick up my van. I gave them the keys and they left.
A week later my husband got a certified letter from them. I did not get one even though I am on the loan as well. The letter stated word for word the following:
"We will sell the vehicle at public auction at St. Petersburg Auto Auction at 14950 Roosevelt Blvd. Clearwater, Fl. 33762 on 1/17/11 at 4:00 PM local time."
There was an issue with this statement. The issue is that 1/17 is a holiday. Hmm what are the chances they were going to have an auction on a holiday. Well maybe. But in this case I got the phone number to the auction house and called them on Monday 1/17 and no one answered. So I went on their website and read even more and found that they did not have any auctions scheduled that day. I called them on Thursday as that is the day that was on the schedule for Nicholas Financial to have their sale. And found that for sure they were not even open on Monday because of the holiday. And they do not even do auctions for Nicholas on Monday's. But I did find out that my vehicle was in fact sold today 1/20/11. They could not give me the price and told me to call Nicholas for that info.
So I called Nicholas and was told that they have no record of my vehicle being sold yet. I explained that I was informed at the auction house that it was in fact sold today. The lady them told me that it was not updated in their system yet and asked that I call back on Monday. Ok I will no big deal. I than asked her why I was given a different date and time for the sale. She explained that all that letter is is to tell me that legally that is when they have the right to sell it and the sale can be anytime after that date and time.
Well ok but wait a minute I legally have the right to go to the auction and witness the sale.
I am sorry you do not understand there are many complaints that I can not sit here and list them one by one. I will however list the ones that bother me the most.
They gave me a wrong sale date making it not even possible even if I wanted to go to the sale. They took my vehicle when I was still within my grace period that is stated in my contract. lets see what else.
They did not notify me of the sale only my husband.
I have read up on as much info I can and all of those things are not according to what the law says.
they will tell you that as they told me the same thing. However if you read your contract it is in there. Besides that I have always made my payments within that 10 days and there was never any issues before.
It is not that my credit sucks, or that I had been late on anything in the past.
I have never done anything with my credit. I have NEVER had a credit card. I frankly do not believe in them. Everything that I have ever wanted I always paid for outright. So when I decided to get a car that I needed to finance they were the only ones that would give me the credit. Than when I traded in that car for a van I would not allow the sales person to "try to get me a better deal." I wanted to stay with them.
The complaint has been investigated and resolved to the customer’s satisfaction.
If you were still within the 10-day grace period, and all payments excluding the one that had just come due were current, I don't understand why Nicholas Financial repossessed your vehicle three days after the payment was due.
I live in the midwest, and there is a law in my state that gives a 10-day grace period on loans. However, when I purchased a vehicle in April 2010, and got it financed through Nicholas Financial, I was told that there is no 10-day grace period in their contracts. So, I don't understand how you got a 10-day grace period in your contract with them, and I didn't.
Also, I did was a bit late with a payment due to unexpected expenses, and I made a partial payment online. They would not apply the partial payment to the account, and it continued to remain delinquent. In the end, it was over 30 days past due, yet they did not come repossess my vehicle, nor did they even threaten it. But, you're three days late, and supposedly within this 10-day grace period that is part of your contract, and they repossess yours. Something does not seem right.
Why do you care what it sold for when you could not pay for it? There is no " grade period ". 10 days is before you get a late charge. I am guessing that if you get a loan from Nicholas your credit probably sucks. If you want to get away from companies like this pay it on time and then the better lendors will give you a shot. Until then you might want to stop blaming others for something you got yourself into in the first place.
I work in the legal part of this industry.
1 several holes in your story
2 there is no grace period in any state the 10 day listed on the contract is for mail time as long as the payment is post mark no later than the due dates
3 they do not have to tell you anything about the sale
Its your obligation to follow up
4 they only need to get one of you served not both
5. Reasons other than being late for repo
You can get repoed for any breach of contract
I totally agree Nicholas financial is a major scam they add there own insurance and when you supply all insurance documents they do nothing I bought my 2007 impala for 7000.00 in November of 2016 my payment is 215.00 a month it is now February 2022 and I still owe 4300.00 show is that even possible, I hate this company and I cant even trade it in to much negative equity just really pissed off.