answersLogoWhite

0


Top Answer
User Avatar
Wiki User
Answered 2006-08-28 15:35:35

Repossession can happen any time after a payment goes late; it all depends what the initial contract states.

001
๐Ÿ™
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
๐Ÿ˜‚
0
User Avatar

Your Answer

Loading...

Still have questions?

Related Questions

When will repossession happen?

If can happen the day after a non-payment. Most of the time it's 60 days or more. Curse the person on the other end of the phone and it will happen real quick.


When you keep the promise to bring the car loan to current and pay to do so can the lender still reposess the car?

It can happen. If the order for repossession is already out when the payment is made, it may take a couple days for that payment to be processed, and that order for repossession will not be called off until the payment is fully processed.


When would a house be in danger of repossession?

Typically, a house can be repossessed after 90 days of non payment by the mortgage holder. However, it is not illegal for repossession to begin after a missed payment, though this is extremely rare.


Is it legal to reposes a car 8 days before the payment is due and five days after purchasing the vehicle?

That sounds odd, repossession is usually done when you've missed payments.


Can a bill 30 days past due be sent to a collection agency?

Might be unusual to have happen just at 30 days - usually 120 days or more is the norm ... However ... if the payee has a history of consistently being 30 days late on making every single payment, then it could go to collections ... and quite possibly close and demand full payment.


How far behind in my car payments can I be, before I have to worry about repossession?

You can start to worry about repossession of your vehicle as soon as you miss your payment. Depending on the loan amount and the type of vehicle you have you may have up to 30 days from your last missed payment to risk loosing your vehicle. If you keep in touch with the lender of your car, you have a better chance of not loosing your vehicle right away.


Are there bombings - like 2005 - and riots in London - like 2011 - in every year that Christmas falls on a Sunday?

No. Bombings and riots can happen at any time and are not based on days being on different dates.No. Bombings and riots can happen at any time and are not based on days being on different dates.No. Bombings and riots can happen at any time and are not based on days being on different dates.No. Bombings and riots can happen at any time and are not based on days being on different dates.No. Bombings and riots can happen at any time and are not based on days being on different dates.No. Bombings and riots can happen at any time and are not based on days being on different dates.No. Bombings and riots can happen at any time and are not based on days being on different dates.No. Bombings and riots can happen at any time and are not based on days being on different dates.No. Bombings and riots can happen at any time and are not based on days being on different dates.No. Bombings and riots can happen at any time and are not based on days being on different dates.No. Bombings and riots can happen at any time and are not based on days being on different dates.


Is it against the law to repo someones car if there barely a day late?

This might help you to visualize this better.Let's say the car payment was due on the 10th of the month. At midnight, you still have not made that payment, and at 12:01 am on the 11th, the repossession agent hooks up to your car in your driveway and drives away. No, it is not against the law, PROVIDED:The lender has contracted the agent to recover the vehicle.The lender has provided a legal order of repossession.And, the repossession agent has followed the repossession and collection laws of the US and the state.It is not likely that this would occur though. The logistics of the situation take time. This is part of the reason most lenders have a five to ten day grace period.The more likely scenario is that the payment was due on the 10th, was not paid, the five day grace has come, and the payment has not been made. During the five days since the 10th, the lender has contacted the repossession agency, has sent them an order for repossession (electronically), the account has been entered into the repossession agencies system, the account has been assigned to an agent, and at 12:01 am on the 16th, the repossession agent secured the car in your driveway and affected recovery.Your car being repossessed is not the fault of the lender or the repossession agency in most cases. In the majority of cases it is the fault of the borrower, either from personal failure or unforeseen circumstance.


When can a vehicle legally be repossessed?

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.


Can a car go through repossession without sending a right to cure-default notice?

The majority of states allow for a repossession as long as there is no "breach of the peace." There are a few states that require a Right to Cure letter being sent out roughly 20 days prior to a repossession. You need to check your state law.


Do i need to make a car payment since car is being traded in 3 days after?

yes


Can your car be repossessed after being late a few days?

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


How many points does your credit score drop after an auto repossession?

http://www.NationalScoreIndex.com. Overall, the study found that: * The average Experian PLUS(SM) Score for consumers with no late auto payments is 689 versus 596 for consumers with at least one late auto payment. When a payment is late by 90 or more days, the average score dropped to 574. * 1.5 percent of consumers who have an auto have a repossession noted on their credit file. The average credit score for those with a repossession dropped even further to 566. The states with the highest repossession rate are Arizona, New Mexico, Texas, South Carolina and Nevada.


What will happen if you don't pay the money at the date of the judgment but do soon after?

The payment may be subject to interest. Often the judgement will include a time period, say 30 days for the payment to be made.


Is it legal for an automobile repossession company keep your personal belongings in Arizona?

Repossession companies must give you the opportunity to recover your personal belongings. That being said, they need not do so at the time of repossession. If they store your property for any length of time, the may charge a storage fee. They are not required to hold your property indefinitely either. If you make no attempt to recover you belongings, the repossession company will dispose of it after 30-45 days.


What does 31 days nett payment mean?

It's a payment term meaning: payment due 30 days from the end of the month in which the invoice is raised.


How many days overdue can you be before repossession?

Depends on the specific lender's grace period. It is generally 30-45 days but it depends on your payment history just be honest if you can't send it all tell them but don't start bouncing checks or telling them you have sent the money when you haven't etc.


What are the repossession laws in Texas?

How many days csn you be late befor repo


How can it be a repo if they only had the car 3 days?

What is a repo? Repossession occurs when a contract is in default and the lender takes possession of the secured collateral.IF your situation doesnt fit that description, call an attorney NOW. Roosta, yes I meant "repo" to mean repossession. The lender had my car for 3 days. I paid what I owed to get my car back and paid for 1 1/2 years. I still own the car. It has been paid in full for 2 years. But when I made the last payment in Dec of 2001, they list it as a repossession. But the so called repossession happened in Feb or 2000. Like I said they had my car for 3 days. I didn't realize they had it listed as a repossession until recently when I tried to get some credit for a new car. I have filed a dispute with each credit reporting agency, but I have to wonder if they will take if off.


What are the debtor's legal rights under a vehicle repossession?

You have 45 days to pick up your property from the vehicle. That's it. They can tow from your home, work or anywhere else they may happen to find the vehicle.


If your loan is not 30 days over due and you have the money to pay the payment can the bank refuse your payment?

Yes. When a contract becomes defaulted, the lender does not have to accept payments or futher negotiate with the borrower unless they choose to. Most lenders will try to work with the borrower rather than resort to the expensive process of repossession or legal actions.


What does 30 days nett monthly mean?

It's a payment term meaning: payment due 30 days from the end of the month in which the invoice is raised. It's a payment term meaning: payment due 30 days from the end of the month in which the invoice is raised.


How long do we have to pay backup payment for a reposse motorhome?

You may have as long as thirty days to redeem the vehicle after repossession. There is the possibility this time limit can be shorter in some instances. Your best course of action is to call the lender or the repossessing agency and ask.


How many days late on car payment before it can be repo?

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.


After a very recent repossession when you are applying to get another car should you tell them about the repossession if it hasn't shown up on your record yet?

Depends on whom you are applying to. Tote-a-note lots uaually don't care as long as you have a down payment. Banks will find out asap, anyway. You see, the lender who repoed will show that you have been in default for 30-??? days and when they check, bingo. Oh, Joe Blow, yeah, we had to repo his car 2 days ago. good Luck You'll need to answer the application honestly and, perhaps have a good explanation as to why the repossession occurred. For instance, if you are trying to buy a car with the same payment that you could not afford before, it doesn't make logical sense. You could say how you have changed the way you are going to be paying. Still, it might be better to buy a car for less money or a reduced payment from the previous car.