Cars & Vehicles
Repossession

Can a car only get repossessed after a payment is 90 days late?

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2015-07-15 21:45:53
2015-07-15 21:45:53

A car can be repossessed after one late payment, that is considered default on the aggreement. If a person is still driving after 90 days late, they need to thank God.

As a teen, I once had a car that I was paying about 220 a month for. 7 payments before it was paid off, I quit my job and went back to college. I had one period of 120 days late before I found a way to pay back to being current. The day after I made the payment, my car was repo'ed. The bank said that they weren't able to contact the repo company in time to stop the repo. I got my car back but was charged by the bank for the tow. I am thanking God that it didnt happen sooner. After reading this faq I know that I had a NICE BANK!

I have read that some states require a person to have more than one late payment before the bank can repossess.

No. The bank can repo a car if your payments are a day late, if there is no grace period. (But this wouldn't normally happen.)

Most states don't have specific laws regarding when a repo occurs.You signed a private contract with the bank which spells out the specifics.That is why if you are driving a car that is up for repo and get stopped by the police the police don't care.Its not a crimminal matter it is a civil matter between you and the lender. As for the 120 days with only $1400.00 due it is not in their interest to repo the car.

I was exactly 3months late on my car payments and yes my car was repoed...this morning actually @ 7:00am...I called the bank & I told her I was on my way to pick up my car (of course i was upset) the bank manager told me "oh no, its not that easy hun...theres a loooong process you have to go through" um yes it was that easy I had my car back @9:30 am the same day- and wow it amazes me how the tow company tries to get involved and TRIES to do everything to avoid you getting your car back!! I learned a big lesson today- KEEP UP WITH MY CAR PAYMENTS and no matter how busy i feel my life is..i have an obligation to PAY WHAT I OWE!! oh and by the way i was charged 1100 + 375 for the tow company...what a price to pay for the 2hrs they had my car....good thing i had money on hand!

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Related Questions


Under Texas law, a vehicle may be repossessed even if payment was only late for 10 days. This means that is payment was due on the first day of the month, and payment has not been settled on the tenth, then, vehicle will be repossessed on the eleventh.

payment late?? then its NOT on time and in DEFAULT. WHAT is not stated in the contract??? No lender is going to repo a car when only one payment is 3 days late. If you have made all the payments on time and you are only 3 days late, and they repossed your car, you need to contact the lender and see what is going on. Something is not right here.

you only have to be 5 mins late on your payment .. lol no joke any time the lender has reason to believe that you are void of your bill of sale ... it is too their descression, as long as they follow the law as they do it .. Repo Joe - Cincinnati Ohio

Only if you have failed to make the agreed payments on time.

Nothing I believe they only repossess your car if your a month or more off on your payments

Only late payments that are (at least) 30-59 days may be reported in the 30 day counter and only payments made that late change your rating from an R1 or I1 to an R2-I2. However, should a payment be even ONE DAY past due, that information can be reported on your credit report without changing the RI-I1 status. There are different fields of information on your credit report. So, it is uncommon, but possible, for a past due payment to be reported that is not actually 30 days late.

A car can be repossessed in the state of New York if payments are late or defaulted. The only way to not get a repossessed is to make your payments on time.

No, only when you are required to have full coverage insurance and you dont, and the obvious that you do not make a payment.

Even the most financially organized person may find that they have inadvertently missed a credit card payment. It is inevitable that you will remember just a couple days past the due date, but there are a couple measures for removing the late payment before it does any damage to your credit report.Call the Creditor ImmediatelyIt is important to call the creditor as soon as you notice that you have passed your payment due date. Don’t depend on email or mail, because this results in more time passing and the payment becoming even later. Call the creditor and let them know of your error (or if it’s their error, if it is) and apologize.Ask the Credit Card Company to Remove the Late FeeOften creditors will remove the late fee associated with the late payment if you ask. This is of course only if you are not habitually late and if you explain why the payment is late, it is usually waived.Ask that the Payment is Not Reported as LateMost companies don’t report a late payment until it is past 30 days so if you are just a couple days past due, you may be okay. Make sure to make it a point when you speak with the creditor. If the payment is still reported as 30 days late, it won’t harm your credit much. 60 days late probably will, but I doubt a payment is accidentally missed when you get to 60 days. As I noted in the beginning, if your payments are consistently late, it will damage your credit report, but one payment a year may not.Set Up Automatic PaymentThis method of payment helps a lot of credit cardholders to stay on top of their payments without worrying that they may accidentally miss one. It is best to schedule the automatic payment a few days before the actual due date to insure that it is always on time. If you want to make an extra payment or pay more, you still have the option of doing so.Things come up and late payments are a fairly common mistake that consumers make.

A mortgage will first reflect as a late payment on your report once it is 30 days late -- at the Lender's discretion. Call the Lender to see that the mortgage was posted in time. Even if it was only a day or so late, and you have a good history with them, they may choose to not report this payment as late. If it was a day late, and you don't ask, they will report it.

This would only be true if you have it specified in your loan agreement. Otherwise, as a general rule, anything paid after 10 days past the due date is considered late and incurs a late fee as well as being reported to the credit bureau(s) as less than 30 days late

Most lending contracts are worded to state that even 1 day late on a payment can constitute as a default. Once you have defaulted on the loan, the lending provider can have the car repossessed. This is true for residents of the state of Georgia, however, most loan providers will work with you if you're only a month or two behind.

Read your contract. Basically, you have the right to pay the default amount, the repo fees, storage,ect and get your car back. UNLESS there are other defaults you forgot to mention.

In many states it only has to be 30 days late. 7 mos. is more than time req'd in any.

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 your payment was 42 days late, then your next payment was 11 days late, you are still late. Companies used to be forgiving about occasional late payments, but in todays climate are becoming more aggressive. I would not assume they are bluffing unless you are willing to wake up one morning to your car being gone. If you truly do not have the money to pay, you can contact them and explain your situation and ask if you can send a lesser amount per month until your situation improves, especially if you can show them your situation is temporary. They might not agree to do so, but what have you got to lose? I'm thinking that as long as they are continuing to get money from you, they will not want the extra expense of having to repossess and resell.

No, it will not affect your credit. You will probably have to pay the late fee and your interest rate could go up. But legally, creditors can only report you LATE if you are at least 30 days past due.

Once you are late by a single day you are in violation of your loan agreement which means you can be repoed.Until you bring your loan completely current....late fees and all you are in danger of being repoed.Read your loan agreement.

Most loan contracts state that if you are late, they can call the entire amount due. If that has happened and you have not paid off the vehicle, they can take back ownership of the vehicle. Your only option is to pay it off, sell it or turn it back.

Vehicles cannot legally be "repossessed" due to a lack of insurance. Re-possession can occur only when there is a default in the payment contract and the original owner (the lender) recovers their property from the defaulter.

They wount report b/c you weren't 30 days late. Most times they dont even report the 30 days late. you usually have to go 60 days late.

It means your period is five days late. Only you know your chances of being pregnant.


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