What would you like to do?
Read your contract. It should specify what results will happen when the contract is in DEFAULT. Legally, ONE (1) DAY in default. DONT GAMBLE. Face the facts and plan for a future based in REALITY.
TECHNICALLY AFTER ONLY ONE DAY YOU ARE IN DEFAULT OF YOUR CONTRACT, USUASALLY A FINANCE COMPANY WILL WAIT UNTIL YOU ARE 30 DAYS PAST DUE. UNLESS YOU ARE A HIGH RISK CUSTOMER, THEN REPOSSESSION USUALLY OCCURS WITHIN 15-20 DAYS. THIS IS IN MICHIGAN
32 people found this useful
Was this answer useful?
Thanks for the feedback!
6-7 months is the "longest" normal Im use too. I dont know of a legal "limit". Call a wrecker to move it as a TOW-A-WAY. They usually do that for FREE. Then you will have mor…e grass to mow.
Answer CHECK THE LOAN PAPERS. SOME 30 DAYS SOME ARE LONGER. IT ALL DEPENDS ON YOUR LOAN.
No one can answer this question. It depends on many factors. Here is a thought. Call the lender and ask them.
It depends.Once you are one day late they can repo.But they usually wait 30-45 days depending on your payment history.If they call you talk to them they will work with you. D…epends on a few different variables. A) The original finance contract, what it says is what goes. B) Your state's laws. C) Any court proceedings which may dictate how long you have.
As far as I know, they can sell it the same day they repossess, unless there is some provision in your loan contract. But the car actually is theirs. That is what repossession… means. They have the title, because when you signed the loan contract, the loan company actually bought and comletely paid in full for the car from the dealer, and then allowed you to drive it while you paid them back in installments. The loan company actually completely owned the car from day one, you never actually owned it. So, when they repossess, they are taking their car back away from you. They can sell it anytime they want. If they are nice, they may give you the opportunity to catch up the payments, and drive it again. All that is completely up to them, providing there wasn't some clause in the loan contract that prevents them from doing that, but I seriously doubt that.Here is an interesting side note. Most loans require you carry full coverage insurance on the vehicle at all times. If you let that insurance drop, they can repossess the car, even if your loan payments are up to date.
Answer WE'RE ON OUR WAY!!!!!
Answer Well, I just had a rude wake up call again at 2am. I glanced out the window and saw a tow truck waiting to haul away my 2003 Honda Accord. It is practica…lly paid for, yet still owe a few payments which I'm not able to meet now. I just can't believe they'd have two goons at the door at that hour. Why not repo in the light of day? It probably cost more than the value of the car than what it cost to have the goons knock on my door after midnight. Of course I didn't answer the doorbell. Was tired and needed sleep. The Accord was in the garage, which I don't believe can be accessed without a police search warrent. Tomorrow I'm moving the car to a relatives house until I can work out the remaining payments. So it goes. - Rich
anywhere and at anytime
This will usually be stated in the contract you sign when financing the vehicle. Some places, especially the "Bad Credit/No Credit" lots will attempt to repossess in as …little as one day after payment is due. I don't see any financier letting it go for longer than 4 months with no payment be for they file for repossession.
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 st…ipulations of any type on any loan, within the law. So the answer would be it depends on your loan.
The repossession industry employs a group of people known only as skip tracers. Most people have no idea what a skip tracer does. Most skip tracers will not tell you what it i…s they do other than the the effect they find things. Skip tracers are typically highly skilled people who do just that, find things. Having worked in the industry as a skip tracer, I can state that I have found vehicles that have been out for repossession for as little as 24 hours and as long as seven years. I literally found one vehicle that was being hidden in the barn of the debtor's wife's brother's wife's parent's barn, and had been there just shy of seven years. The repossession company picked it up seven years to the day of the notice of repossession. People can run. People can hide. But, nothing lasts forever. Everyone leaves a trail. Those who issue challenges to those who have nothing more to do in their jobs but to devote time to finding them or their property or assets have entered a fool's game.
If you don't pay for 30 days, they'll usually place their own lock on the unit so you can't access it until you get up to date. 3 to 6 months after that, they will eventually …auction off the contents of the unit.
The lender will pursue collections for any unpaid balance for seven years from the date the car was sold after being repossessed. If the balance is large, they may pursue lega…l judgment. Obtaining this, they will have ten years from the date of judgment or last payment.
Most companies will not stop until the past due amount is paid current, or loan balance is paid in full. Now, with that being said, you may have the car hidden, or swapped wit…h a relative or friend, and lie to the agent there to pick the car up. Not a wise choice. Banks are like people in the aspect of loaning. You loan it, you want it back. You don't want to beg for it back, banks don't want to beg for it back.. This is where the legal term Replevin comes in. This is the last resort for the bank to get the car or money...now listen up! When you signed the contract for the car, you agreed that if in default, you would hand the car over at the time a bank representative (recovery agent) knocks the door and asks for the unit. If you fail to do this and give the run around, you are now at risk of the sheriffs dept showing up to serve the Replevin. In short, at that time, you have 3 choices. 1: Hand over the vehicle 2: call the bank and pay the balance in full (they will not work with you if it gets to this point so have the money ready) 3: If you cannot produce the collateral or the money when the sheriff comes knocking, you could be arrested on the spot for theft of mortgaged collateral. My advice...hand the car over.
To determine how long one will have to be delinquent on a loan before a car is repossessed depends entirely on where the loan was taken from. Different places allow different …payback requirements.