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If you paid a six month balance to the lender in one payment, they would be giddy. The lender does not want your car. They want your money. They will take your car, but only so it can be sold so they can put that toward what you owe.
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∙ 13y ago
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In general how many months can a person fall behind in car payments before the car will be repossessed?
Typically a person is given three months or approximately 90 days to miss car payments before a car is subject to repossession. Usually the bank or credit union that issued the loan will call to try and arrange payments with the car owner.
Can your car be repossessed if there is not a lien on your car you were not behind on your payments?
If you have no lien on your vehicle then no one has a legal right to repossess it. If you're not behind on the payments there would be no reason for the lender to reprocess the car in the first place. It is hard to believe you have a loan on a car without a lien. The car stands behind the loan. If there's no lien on the vehicle then the car is not involved in the loan and cannot be repossessed.
Can I trade in my car if I am behind on payments?
You absolutely can trade in your vehicle even if you are behind on your payments. When you trade a vehicle in the dealership you are purchasing from pays off your previous loan in full, so being behind on your payments will not affect anything other than the total amount due on your car. Of course when the new dealership runs your credit report it will probably reflect that you are currently behind and will also show how many months you are behind.
Can a bank demand the entire loan balance in full if you are 2 months behind on your car loan they are demanding the entire 13 payments I have left or they will repossess this week is this legal?
Check your copy of the contract that you signed for the loan. If this action for failure to pay is in the contract then they can do it.
What will happen to you if your car is 6 months behind in payments and you still have possession of the car?
The lender will eventually repossess the car.
In Mississippi how long do you have to be on your car loan before they can repossess?
You have to be behind on payments for 3-4 months before the bank will do anything usually. 3-4 months is the industry standard, but every loan is different. A bank can put stipulations of any type on any loan, within the law. So the answer would be it depends on your loan.
Is it common to take out a 60 month car loan?
Yes it is common. The concept behind a 60 month auto loan is a very simple one: a person has sixty months or five years to pay off the auto loan. This means that a borrower has to make 60 payments before they get title to the car. Under a normal loan arrangement, the lender keeps the title to the car. This enables the lender to repossess or take back the car if the payments are not made.
Before a car can be repossessed doesn't it have to be behind in payments by at least two months?
Nope.
If you are 3 months behind on your car payments can you still buy another car and let the other car go into repossession?
no
What information does the car loan calculator Canada give?
Car loan calculator Canada can calculate ones car loan payments. One has to enter his/her price, down payment, trade-in value and rate into the Canada car loan calculator and the calculator will calculate ones car loan payments.
How do you calculate your car payment by hand?
Take the amount of loan and including interest charges. Then determine the length of the loan. Then divide it by the number of months it takes to complete term of loan. This will give you the monthly payments.
I was two months behind but still pay a payment every month. can the car still get repossessed?
If they are accepting your payments, they probably won't take your car.
