A car cannot be repossessed until the owner has missed several car payments and the owner has been notified of late payments. In most states a car can be repossessed after three months of non-payment.
In MOST cases, if you pay the repo fees and catch up on your payments, you can get the car back. Sometimes, however, the bank will want you to pay the entire balance.
No, but your car can be repossessed if you don't make the payments.
The person who bought the car didn't make payments so the bank takes it back.
Contact the lender who repossessed the car. You will have to make up all back payments and pay all fees associated with the actual repossession.
When you can't meet the payments.
Yes. And that will help out their credit history too:)
If your car has been repossessed by the bank for missing payments, the quickest and most efficient way to retrieve your vehicle is to contact the bank and make your back payments. When contacting the bank about back payments see if there is a new payment plan system that you can set up with them that is more beneficial to you, to avoid having the car repossessed again.
When you cosign for anyone you are taking 100% responsibility for the payments on that car. If the person that gets the car doesn't keep their payments up it will be repossessed by the bank with an option for the cosigner to take over payments or sell the car and pay back the loan. Marcy
If you don't make your car payments.
Perhaps the car is worth more than the remaining payments!
The only way you can have your car repossessed would be to not make any payments. If you have taken out a loan and have not made payments, they will take your car away.