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!
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.
If you are in DEFAULT of the contract, the collateral can be repoed.
i am late on payment for auto insurance what can i do.
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.
Only if you have failed to make the agreed payments on time.
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
Nothing I believe they only repossess your car if your a month or more off on your payments
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.
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.
Yes, they will repossess if you have only one payment left.
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.