Its NOT a matter of HOW late, just that you ARE late. Read your contract. That should explain when you are in DEFAULT.
A car cannot be repossessed until the owner has missed several car payments and the owner has been notified of late payments. In most states a car can be repossessed after three months of non-payment.
Read the fine print of your contract carefully. I have never heard of a vehicle leasing/purchasing contract NOT having a first payment default clause.
It depends on how many times you've been late on vehicle payments. Most of the time though as long as you are making a payment of some kind on the loan your vehicle will not be repossessed.
It depends. What was the result of that error being made? Was your vehicle repossessed because the payment went to the wrong account? As far as "legally filing a lawsuit" you can do that to anyone for anything. Most banks will rectify the mistake by correcting the routing of that deposit and clearing the late fee if they see that the payment was received on or before the due date. However, they can tell if it was an honest error or if you are trying to slip one by on them.
Legally? One day. Some loan agreements will have a late payment period that might be ten days. Read your contract for specifics.
The length of time that a car payment can be late without being repossessed will depend on the bank or car dealers agreements. Payments made after a month may be in jeopardy of being repossessed.
Absolutely.
A car cannot be repossessed until the owner has missed several car payments and the owner has been notified of late payments. In most states a car can be repossessed after three months of non-payment.
READ your CONTRACT. IF the contract is in DEFAULT, the collateral CAN be repossessed.
It can be. but generally wont be unless its your first payment.
READ your contract. If you are in DEFAULT of the terms, you can get repoed.
Under Texas law, a vehicle may be repossessed even if payment was only late for 10 days. This means that is payment was due on the first day of the month, and payment has not been settled on the tenth, then, vehicle will be repossessed on the eleventh.
YES, making the down payment is part of the contract and you are in default on it.
Yes
It depends on your juristiction. Most juristictions around the United States of America can legally repossess your vehicle if you're late on your payment by just 1 month.
Well??? DO you owe a late charge from the month before? IF NOT, call a local attorney ASAP for state/case specific advice. Very Simple. Tote-a-note car dealers make GOOD money by repoing cars ASAP when late.
Read the fine print of your contract carefully. I have never heard of a vehicle leasing/purchasing contract NOT having a first payment default clause.