0
Can a finance company repossess my car if I am only one week behind in car payments?
Wiki User
∙ 15y ago
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.
Wiki User
∙ 15y ago
Add your answer:
Earn +20 pts
Can a finance company repossess your car when you lose your job?
Only if you stopped making payments and are behind on your on your payments.
Can anyone reposes cars?
Yes, your car can be repossessed by a company if you are behind on payments. However, it has to be a licensed repossess to be able to do this.
Can you get a dirt bike repossessed?
Yes. A dirt bike is the same as a street bike or any other type of vehicle. if you miss the payments, and the financier wants to exercise his rights to seizure, he can do so. If you are behind on payments the best thing to do is contact your finance company and explain your circumstances to him. There are probably options available to avoid repossession. The last thing any finance company wants to do is repossess their property.
In Georgia How many payments do you have to be behind before they can repossess your car?
oiuo
Can a finance company repo YOUR car if YOU are not behind on YOur payments in Washington state?
If you are up-to-date then no, if you are a cosigner there may be complications...
Can Ford deactivate the on board computer if you are behind on your payments?
No. They can, however, repossess your vehicle
How far behind in car payments must you be for gmac to repossess yhour car?
I think with any auto finance company you must be 90 days to 120 days delinquent on your loan before they start considering repossessing the vehicle. Beware, within that same time period, your car, truck, or etc.. will be repossessed.
What will happen to you if your car is 6 months behind in payments and you still have possession of the car?
The lender will eventually repossess the car.
How far behind on payments can you be before santander US can repossess your car?
Typically when it comes to car repossession, a customer has to worry about their car being taken when they have missed three payments. Sometimes repossession can be held off by just contacting the company and reassuring them they will get their money.
In California does a finance company have the right to repo a car from a police impound when payments are not behind?
No, They would have to be behind on the car payment The above is not always the case. It can depend on what the car was impounded for. If it was impounded for something like drugs where asset forfeiture comes into play then yes the finance company can take the car regardless of payment status. The reason for this is because there are times when the authorities will tell the finance company that if the vehicle is returned to the registered owner the finance company will lose their rights to it as well. The finance company does not have to hand their collateral back to you if it means loss of collateral, it is their car after all.
Is it normal for a finance company to turn down an immediate 2 month payment offer on a loan that is 5 payments behind on a 6 year old vehicle?
YES, it is.
Can a finance company repossess your car because you lose your job?
Yes. Normally if you are 3 months behind the finance company can take back the collateral. This is a default. Remember, you signed a contract with the bank stating that you would make your payments. It's not their fault you can't pay. However, any decent bank should be able to work with you in the event you lost your job. The key here is to communicate with them and don't dodge their phone calls. If you are honest with them, you can normally buy yourself a couple of months.
