Cars & Vehicles

Can a bank repossess a car before the last day of payment?


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2010-09-16 20:50:28
2010-09-16 20:50:28

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.

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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.

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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.

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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.

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.

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I can assure you the lender does not want to repossess your vehicle. He loses money by having to do this. Sit down with them and discuss how much you can afford to pay each month. Ask them to renegotiate the loan, to a lower interest rate and smaller monthly payment. Something you can live with. Tell them you want to meet your obligation and repossession is the very last thing you want to happen.

Call your lender; they will give you the exact amount of your last payment.

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You owe less than 700 I higly doubt they will repo your car for that amount. You are ATTEMPTING to make payment. I really think it would cost the bank more for repoing the vehicle rather than waiting for the last payment

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