Keep driving it. Keep it insured. Maybe someday they will figure it out; so make sure you have an alternate means of transportation. I have a car that was "repossessed " in 2004. Still have it. Just want to get rid of it now. That is a REAL question.
YES. Read your contract. Does it say the lender cant repo IF you have no other vehicle? I think not. Less than a month behind??? Some lenders will repo when you get 3 days late. Any time you are in DEFAULT of the loan, the lender CAN repo. They may not, but they can.
YES! A repo is a repo. If you turn the vehicle in to the lender and stop making payments this is called a voluntary repossession. The lender will sell the car and you will be responsible for the difference in what the car sells for and the balance on the loan. It will be reported to all 3 credit bureaus as a default on a loan, and your credit will be ruined for 7 years. You would however save to repo fees such as towing. Do not do this. Call the lender and work something out if possible.
Yes. The terms of the loan were defined when you signed the paper. Most loans state that they can repo the vehicle if the loan is in default and they can declare the loan to be in default at any time after you have failed to meet one or more conditions of the loan. When you didn't pay on time, you were in default. Once you were in default they can repo the vehicle and sell it to dispose of the loan.
Legally, ONE day. As long as you are in DEFAULT of your contract, the lender CAN repo the collateral. Read the contract for more on DEFAULT.
Call the repo guys OR the lender.
Simple answer: in the state of New Mexico, if you default on your vehicle loan, and are not able to bring the payments current, the lender has the right to take possession (to repossess) the vehicle. You can try to contact the lender and see if they will make some sort of arrangement. Unless you do this quickly, though, it is unlikely they will work with you, and you may be asked to surrender it voluntarily.
AS long as you are in DEFAULT on the contract, the lender can repo the collateral. Usually that also means have full coverage ins also. Read your contract again.
Check your contract for anything special, but I see no reason why they cant.IF you are in DEFAULT, YES, they can repo. no you were more late then your saying I bet. Legally, a lender may contract your vehicle for repo at midnight the day youre payment is due. Most wont, but legally they can reposess your vehicle the day after your missed payment
In a few states, you will get a "XX day right to cure" notice. But when it comes time to repo the car, NO. If you know you are in default, the lender has been begging you to pay something,ect., GET YOUR PP OUT. The lender and the repo company doesnt want your PP. They dont want to deal with it anyway. Then when its repo time, you can go on about life without the interruption of redeeming your PP and additional cost. It just doesnt have to be that way. NO you will not be notified
Pay your bills on time :)
IF the debtor is in DEFAULT of the contract (any one of the conditions) and the contract states the the lender will repo when in default, then go for it. Just a bit of CYA. Send them a reminder letter about the insurance default and give em 5 days to cure it.
To my knowledge, the lender can ONLY repo when the loan is in DEFAULT. Does your acct. being minus put you in default????