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.
READ your CONTRACT. IF the contract is in DEFAULT, the collateral CAN be repossessed.
It can be. but generally wont be unless its your first payment.
If you are in DEFAULT of the contract, the collateral can be repoed.
a lender can do as he/she pleases with the vehicle after 31 days...in the state of Alabama
Yes. Most lenders give customers 10 to 15 days grace to make a payment or for a payment made to post. However, by the language of most car notes, anything past a certain period of time (usually two weeks) is considered delinquent, and the balance of the loan is owed. The lender at this point is not required to accept anything less than payment of the remaining balance. And, the vehicle can be repossessed at any time to secure payment of the remaining balance.
Legally, ONE.Actual practice?? 3-60
In Florida, they have to send you a demand letter, once that demand letter expired(30 days) and you didn't contact the the bank to make payment arrangements, they assigned your loan/car for repossession.
The length of time that a car payment can be late without being repossessed will depend on the bank or car dealers agreements. Payments made after a month may be in jeopardy of being repossessed.