Truck repoed - Honda being pissy?

Our 2006 Honda Element was just repossessed. We were willing to pay what we owe but Honda said our only option is to refinance so we can pay off the loan. ????? Is this legal? What are my options? It doesn't make sense. All they want is to be paid off. Unless you financed it through Billy Bob's.

Yes that's legal. When you defaulted on the loan they can call it in.You voided the terms of the deal by not making your payments so they can do whatever steps it takes to recover there loss. Read your finance contract if you don't believe this. Its in the fine print.The best thing you can do is to refinance and pay off that loan. If you don't they will auction it off and if it brings less that you own you will own the difference plus repo fees and storage fees and anything else they can tack on.Plus your credit if not already will be be ruined for a long time. And they can sue or take wages until the balance is paid off..........ujn

Once a vehicle is repossessed it is the banks or lenders option on what to do. They can call in the loan, auction the vehicle, have you pay the past due balance and or have you make several payments as a deposit. Once you are in default it is solely up to them.Depending on the state you are in you must be given notice on how long you have to reclaim your vehicle according to the terms they set. After that they will try to sell or auction the vehicle and if they don't get enough to pay the loan and past due amount plus repo fees and whatever else they may need to do to sell the vehicle, they will sue you for the balance.

Of course it's legal. Your options are either to let them keep the truck or accept whatever resolution they suggest. Of course, making your payment each month would have prevented this.

If it has already been repossessed they can demand payment in full. You should have tried to work out the situation before they came and got the car. It is perfectly legal and your only option is to come up with the money or face paying off the remainder of the loan on a car you don't have.

"honda is being pissy" wow, some attitude for someone who doesn't pay their bills. Of course it's legal, they can require whatever they want in order to give you the car back. You have already proven that you are a credit criminal and they want nothing to do with you. They want another bank to offer you a loan and get paid.

"We were willing to pay what we owe" hmmm that's funny how you are willing after they took it, not when you were required to. "willing" aside, you don't have to be willing because you are contractually obligated to pay.

You have no options other than to pay the car off, get another loan because honda won't waste their time on you.