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Can a vehicle get repossessed if your first payment is 15 days late?


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Wiki User
2011-06-16 23:55:44
2011-06-16 23:55:44

Read the fine print of your contract carefully. I have never heard of a vehicle leasing/purchasing contract NOT having a first payment default clause.

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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.

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READ your CONTRACT. IF the contract is in DEFAULT, the collateral CAN be repossessed.

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It can be. but generally wont be unless its your first payment.

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a lender can do as he/she pleases with the vehicle after 31 days...in the state of Alabama


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