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Can they legally repossess your car if all your monthly payments are up to date but you have made a few payments a day or a week late?

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Wiki User
2015-07-15 18:41:00
2015-07-15 18:41:00

Read your CONTRACT. You have to be in DEFAULT of the contract for the lender to repo. If you are current on payments, what else can you be in default of?? INSURANCE coverage?

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Not legally, but if you bought the car from Barney's backyard sales & mower repair, maybe.

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No, and why would they? If the payments are up to date and have been made on time, there would be no reason for the dealer to repossess the vehicle.

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Typically, yes. Unless you have it in writing that they will change your payment date, or accept a later payment, they can repossess your car for being only a day late on your payment. However, most companies will not repossess this early as it usually ends with them losing money. They make more money by you paying your monthly payments plus interest. In the long run, if they repossess they have to sell the car at wholesale or auction and typically the person whose car was repossessed does not pay the balance due. This whole process takes a lot of time and money. Usually your finance company will avoid repossession until it is a last resort. Buy here pay here places aren't so nice however. In the end, legally speaking, the answer is yes.

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If you are up to date with your repayments then the finance company are unable to repossess your vehicle. If you have defaulted on your payments then they are able to repossess the car, the number of missed repayments which qualifies for repossession will be stipulated on the agreement you signed when you first purchased the vehicle.

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The best way to lower one's monthly credit card payments is calling the card issuer and explaining why one wishes to lower the rate. Depending on the creditor they may extend the due date.

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YESIFyou are not up to date, if you are behind on your payments they can repossess at anytime. In most loans, there's a statement about late and/or partial payments that basically says the bank can take them but isn't obligated to do so and that taking one late or partial payment does not mean that they have to continue to do so.So, if you owe $200 a month, and pay $100, the bank can accept that and still repossess the car. They do have to credit the $100 towards the loan.Also, banks are usually allowed to repossess for habitually late payments. Most of the time a bank will consider this to be more hassle than it's worth as long as you're eventually catching up, but if you're chronically making payments several weeks late, they might at some point decide "this guy is a flake, we should get out of this deal while we still stand some chance of recovering our money."

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An arrangement that authorizes your monthly loan payments to be deducted automatically from your bank account (usually a checking account) on a given date each month.

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An auto loan calculator helps in figuring out the amount of the monthly auto loan payments and the paid-off date if all payment are made, based on the auto loan amount, term, interest rate, and start date. It can also help figure out how extra payments change the paid-off date.

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What date do you legally have to turn heat on in NJ?

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means your up to date with your monthly payments in the past 7 mths (past) 1111111 (present) if you have a 2s or 3s in the series of numbers ... ie) 111231121 it means you have been behind with your monthly payment that paticular month. 1s mean paid monthly payment on time 2s mean 30 days (missed one payment) 3s mean 60 days (missed two payments) 4s mean 90 days (missed three payments)

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A mortgage calculator is a good tool to use when shopping for mortgages. It is a way to compare mortgages rates so that you choose the best one for you. The other information you can get from a mortgage calculator is estimating monthly payments. You can also see how extra payments affect the payment date. Lastlly you can calculate a payoff date. This can help you plan your payments to pay off the mortgage loan early.

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you need to take care of this situation ASAP or you will be court ordered to give up the car! My advice would be to get proffessional help, they will be able to stop repo, help with car payments, lower monthly payments, lower interest rates, get you caught up to date on your payments, stop repossession, and avoid repossession!

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If the terms of the lease include the requirement that you must provide insurance on the vehicle, and I've never seen a lease agreement that doesn't, yes, they can hold you in violation of the lease and repossess the vehicle.

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Commission date is generally referred to the date payments or commission is sent out.

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The leasing agreement shows the payment terms, including the amount and due date. The lease should also have language pertaining to repossession. The owner of the car has to file a request to get permission to repossess the car and, once permission is granted, can engage the services of a repo agent. When the request to repossess is made to the court, the owner or leasing agent must show that payments are in arrears.

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As soon as 10 days after due date of payment. The laws vary from one State to another, and a finance company will not usually reposses on day 11, but they legally can. More often it's 30 days, or until you owe two payments. You may get your car back if you pay all late payments, late charges, and the remaining balance owed. If the finance company sells the car and gets more than what is owed, they must reimburse you the difference. They can also reposses if you let your insurance lapse. Protecting their interest.

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Morally or legally? Morally, maybe, legally yes.

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With hire purchase you pay a deposit followed by a set number of monthly payments. Once all the payments are made the goods are yours. Wth leasing you pay an intial fee followed by monthly payments but, unlike with hire purchase, you have to return the goods to the supplier once the leasing contract has expired. The advantage of leasing over HP is that, with leasing, you can keep up to date with new technolgy and the latest models. Also, with HP, capital goods will depreciate over time.

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yes they can date whoever they want legally it does not matter where it is yes they can date whoever they want legally it does not matter where it is

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Its not illegal to date any of your family members.

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Yes you can legally date him as long as you guys dont have sex then its statitory rape. But yes it is allowed.

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Dang right. They will love you. Get the payments up to date and sell your car. Then buy you something cheaper.

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Not Legally, but if you want to date you can date.

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Yes and No, if there had never been any payments on the account then yes it goes by the date the account was open. However, the statues are reset based on payments, so if there had been any payments, include those made to a debt collector, then the date used for determining if the debt is within statue is that last payment date.


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