Yes. The terms of the loan were defined when you signed the paper. Most loans state that they can repo the vehicle if the loan is in default and they can declare the loan to be in default at any time after you have failed to meet one or more conditions of the loan. When you didn't pay on time, you were in default. Once you were in default they can repo the vehicle and sell it to dispose of the loan.
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.
I am 3 months behind on my mortgage? How long until they repo my home?
IF the lender accepts it you can.
The lender has to get the STAY lifted before they can repo.
The lender will eventually repossess the car.
The limit is in the contract you signed. It likely says that when you are in default the lender can repossess. That means anytime you are behind at all... even one day, although most places wouldn't do that. They would rather get the payment rather than go to the trouble to repossess.
In most instances when you get behind on your payments. The exact details of when the lender will repossess the vehicle is listed in the contract you signed when you took out the loan on the vehicle. Read your contract with the lender.
The company repossessing the car has no authority to negotiate terms with you. They are simply there to repossess the car. You must negotiate with your lender. Hopefully, you will do this before the the repossession order is submitted by the lender.
Depending on the state of residence, it is possible for a lender to still repossess your car if you get caught up on the payments. Certain states allow a lender to request full payment of an auto loan when borrowers fall behind, even if they have caught up on past due payments.
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.
Well to put it simply..... YES
No one can answer this question. It depends on many factors. Here is a thought. Call the lender and ask them.
They should since they are just as responsible for making payments as the primary.
The lender CAN repo when you are 1 (one) day late.
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.
They will not repossess a vehicle unless you have defaulted on the loan. Defaulting on the loan is being late with the payments. Call the lender and talk 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.
as long as you keep making payments the lender will probably not repossess the property. however, if you miss one payment the lender can repossess the property at any time.
I wouldn't leave the car alone very long. LOL It prolly wouldn't be hard for the lender to get the balance due if they sell the car at auction.
it is quite unlikely that you will be able to get a mortgage lender with that history.
IF you payed current B4 it was repoed, then the lender will bring it back, uaually. If it was simply put on hold and repoed, you pay to get it back. The LENDER is responsible for repos.
Yes, you made a financial pbligation by signing the documents for the sale of this car. So, they can legally repossess that vehicle.
You can contact them and sometimes you can work out a deal with them. If not, you can allow them to repossess the car. Contact the lender and they will tell you where to take the car.
You can go to the lender and work out a deal.