Legally, your car could be reposessed after one missed payment. The terms of your contract cover default. Most will not repo your car after just one missed payment, but they could. I would certainly suggest attempting to work something out with the bank.
2-5 months
This would be determined by the terms of the loan agreement and the applicable local laws. Within the loan agreement there should be reference to the action that can be taken to repossess the car should non-payment arise.
If you inherit a car that is subject to an outstanding car loan you need to keep up the payments with the LENDER according to the terms of the original loan. If you default on the loan payments the loan company can repossess the car.
When the owner defaults on the loan payments
The loan company can repossess any car that the payments are delinquent on. Your BK does not prevent repossession of your car.
Yes. How many names are on the title and/or the loan means absolutely nothing... so long as there is a lien on that vehicle, that lienholder is the sole lawful owner of that vehicle, and can repossess it as recourse for delinquent payments.
CHECK THE LOAN PAPERS. SOME 30 DAYS SOME ARE LONGER. IT ALL DEPENDS ON YOUR LOAN.
If the finance company has been paid in full, then why would the dealership (or the finance company) want to repossess your car? If the loan hasn't been repaid and is long overdue, then the dealer and finance company will probably decide who actually repossesses the car. Either way, it's up to them, not you. Best thing to do is check the fine print in your loan agreement (which you signed when you bought the car) and see what it says about overdue payments, repossession, etc. If you've lost it, call your dealer and ask for a copy.
as long as you keep making payments the lender will probably not repossess the property. however, if you miss one payment the lender can repossess the property at any time.
how long does it claim for salary loan sss
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.
You start getting letters from a collection agency then guys like me buy out your contract & repossess you if and when seen.