AS long as you are in DEFAULT on the contract, the lender can repo the collateral. Usually that also means have full coverage ins also. Read your contract again.
In North Carolina, a lender can repossess a car when just 1 payment is missing. They can also repossess it if you let the insurance lapse and are current on your monthly payments.
Yes, you made a financial pbligation by signing the documents for the sale of this car. So, they can legally repossess that vehicle.
The DEALERSHIP won't repossess the car, but the lender might if you don't make the monthly payments as scheduled.
it is legal, until it is paid for 100% and you have a title it belongs to them.
The lender can legally take the vehicle one day after the payment is due. That is, on the day the payment is late, the lender can begin repossession efforts. The day the payment is late, the contract is void.
They won't call the police, but the vehicle will be repo'd
Your contract most likely states that the lender can demand payment in full at anytime. This means they can repossess the vehicle after demanding you pay it off. If you are 5 days late, they could repossess it. There is no legal requirement for the lender to wait any amount of time before taking your vehicle.
Yes. Once the lending agreement is in default the lender may take whatever action they choose in recovering the monies owed. It is a misconception that by making a partial or token payment the creditor will not be able to assert their legal rights. The lender can accept the payment, still repossess the vehicle or pursue litigation.
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.
No. Most (99.9%) of the lenders require you to maintain Comp.& collision Ins. on the vehicle the money was loaned for and secured by. If you fail to do this the lender can, and in most cases, will put this Ins. on the vehicle and you will be charged. The charge for Ins. placed on the vehicle by the lender will be quite high, and it is then added to your payment. If you get your own Ins., the lender will cancel the ins. they placed on the vehicle.
As long as you are in DEFAULT of the contract, the lender can repo the collateral.
No, not if the contract is in default. The lender/lienholder may repossess the vehicle under UCC laws as long as it can be accomplished without a breach of peace committed