Unless it's explicitly stated in the fine print that they can't do any such thing, they have a right to repossess the moment the payment is rendered late, if they so wish. However, if you have documentation from the bank showing them explicitly giving you a deadline date, and they come to repossess before then, you may have grounds for a lawsuit. However, you would need to find out if it was the bank which had your car repossessed on that particular day, or if it was the repossessors jumping the gun and going forth with it before the date which they were specified to take possession of the vehicle.
Yes they absolutely can and will! Don't be foolish. Pay up before you have added fees and charges or lose the vehicle completely.
The lienholder has an option to repossess when you become deficient on your payments for as long as you owe money on that vehicle. If you skip your last payment, that car can be repossessed.
I think it varies on how long and who the finance company is but the last time I made a payment on my truck was November of 2007 and its January of 2009 and im sill driving it
You should get a TITLE if the loan was for a vehicle. Prepare? Make sure its paid.
Of course. The whole idea of "security" in your pledge of the car in exchange for the loan is that it is easier to repossess it than to sue you for non-payment, and that applies up until the very last payment is made.
Yes they can re-possess at any time, terms and conditions state, the vehicle belongs to the HP company until full payment is received that you borrowed, however they must send you a NOD (notice of default) and give you 14 days in which to pay, and then a TERM ( TERMINATION OF YOUR RIGHTS) THEY CAN THEN REPOSSESS
Any cheque issued before the last 6 months can be encashed/honored by a bank.
Most banks can place a stop payment on accounts within 24 hours. They generally last a few months. You can check exact dates by contacting your bank.
Since the cosigners isn't paying, unless you start paying instead, and catch up on all late payments, the dealer or the bank will repossess the vehicle shortly anyway, so your question is moot.
Typically, yes. Unless you have it in writing that they will change your payment date, or accept a later payment, they can repossess your car for being only a day late on your payment. However, most companies will not repossess this early as it usually ends with them losing money. They make more money by you paying your monthly payments plus interest. In the long run, if they repossess they have to sell the car at wholesale or auction and typically the person whose car was repossessed does not pay the balance due. This whole process takes a lot of time and money. Usually your finance company will avoid repossession until it is a last resort. Buy here pay here places aren't so nice however. In the end, legally speaking, the answer is yes.
Chief Joseph Sanusi
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