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i have 5 open repo orders where people are only 15 days late so make ur payments on time. nichole They usually wait until you miss two or three. That's because you might have mailed the first payment and they don't want to make a mistake of repossessing it too soon.
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Can a bank repossess my car if I am making some sort of payment?
If you aren't paying in full they can repossess the car. To a bank " some sort of a payment " doesn't count. Call them and make arrangements.
How long does a loan company have to repossess your car in Maryland?
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.
If I pay bi weekly and have missed one payment. Can they repo my car?
You will have to speak with your finance company to determine when they will repossess your car. Each company has different rules and requirements and in most cases if you contact them about the missed payment they may be able to make payment arrangements with you.
When can your car be repossed?
The most frequent cause of repossession is lack of payment on a note owed to a financing company or bank. The lender can repossess anytime after a payment is missed, but most won't start such proceeding until you've missed two or three payments. Always try to work with the lender before you get too far behind.
Can a bank report a car stolen if in default of payment?
YES, IF YOU CLAIM NOT TO KNOW WHERE IT IS. If you call the bank and say I dont know where the car is its gone, they are going to tell you to report it stolen. If you stop making payments on it then they will repossess, if there is no car to repossess then you are still responsible to pay the monthly payment car or no car If you stop paying and there is no car to repossess then they at that point can take legal action against you. I dont know if its reported stolen but take my word for it you will pay somehow.
When can a bank reposess a car?
A bank can repossess a car at any time the loan has defaulted. Many times a bank will wait until a payment is 2 to 3 months behind before repossession.
I failed to pay the pick up payment can the dealer repo my car even if its financed through a bank?
Your car can definitely be repossessed because of nonpayment. The bank can actually send a company to repossess your car.
If you are a cosigner for your son's car loan which is at the same bank where your account is is it legal for the bank to take his missed payment out of your account without any notice?
Yes. When a loan is held at the same bank where the borrower or cosigner have accounts the lending agreement will include a "set off" clause which allows them to legally remove the amount owed for the loan payment or in some cases of default the entire amount of the loan (or account). Actually, this is a favor. The missed payment will not affect your credit score. This puts the issue back in your court. If your son cannot pay for the car, then you may need to repossess the vehicle.
Can a used car dealer repossess a car that is not in delinquent of payment but had late payment history?
Yes
When a bank repossess someones car?
As long as the bank is listed as the lienholder on the title and as long as you owe them money and haven't paid they can repossess the car.
Can a car dealership repossess your car if they say you owe them more money for a down payment?
A dealership can only repossess your car if you do not pay in accordance with the sale agreement. If you did not pay the agreed down payment, the car may be repossessed.
If you have two car loans at one bank can the bank repossess both even?
Yes they can repossess everything that you got a loan for.
