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Repossession

Can you sue the lender if they repo your vehicle for being 21 days late?

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Wiki User
2005-09-22 23:59:13
2005-09-22 23:59:13

No. Based upon your lending agreement, you agreed to pay the payments on time. There is NO required "Grace Period" for auto loans. They can also repo it if you don't maintain valid full coverage insurance.

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Your contract most likely states that the lender can demand payment in full at anytime. This means they can repossess the vehicle after demanding you pay it off. If you are 5 days late, they could repossess it. There is no legal requirement for the lender to wait any amount of time before taking your vehicle.

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YES. Read your contract. Does it say the lender cant repo IF you have no other vehicle? I think not. Less than a month behind??? Some lenders will repo when you get 3 days late. Any time you are in DEFAULT of the loan, the lender CAN repo. They may not, but they can.

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They will not repossess a vehicle unless you have defaulted on the loan. Defaulting on the loan is being late with the payments. Call the lender and talk to them.

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The lender can legally take the vehicle one day after the payment is due. That is, on the day the payment is late, the lender can begin repossession efforts. The day the payment is late, the contract is void.

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Check your contract for anything special, but I see no reason why they cant.IF you are in DEFAULT, YES, they can repo. no you were more late then your saying I bet. Legally, a lender may contract your vehicle for repo at midnight the day youre payment is due. Most wont, but legally they can reposess your vehicle the day after your missed payment

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YES, anytime you are in DEFAULT, the lender can repo. Tote-a -note lots are famous for 3 days late repos.

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You pay the LENDER what you are behind and the repo fee and go get it.

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payment late?? then its NOT on time and in DEFAULT. WHAT is not stated in the contract??? No lender is going to repo a car when only one payment is 3 days late. If you have made all the payments on time and you are only 3 days late, and they repossed your car, you need to contact the lender and see what is going on. Something is not right here.

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First of all, a lender does not report a vehicle as a repossession until they actually have possession of the vehicle. Then immediately via computer the code is entered and authorities notified. The credit reporting company may be a little slow getting the repo on your report however, but any new lender is going to check your report before giving you a new loan. After a vehicle is repo'd you usually have a few days prior to sale of that vehicle, to get the vehicle back if you pay the account current plus any repo expenses if it was a voluntary repo. If it was not voluntary, and the lender had to take the vehicle, they probably will not redeem the vehicle back to you, but it never hurts to ask.

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This would only be true if you have it specified in your loan agreement. Otherwise, as a general rule, anything paid after 10 days past the due date is considered late and incurs a late fee as well as being reported to the credit bureau(s) as less than 30 days late

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If you haven't paid it and are more than 30 days late without letting your lender know, then they are looking for it.

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Depends entirely on what the contract you signed says. If you are 1 day late they may be able to repossess the vehicle if that is what the contract says and what your state laws are regarding repossessions. Read your contract.

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The lender who you owe.

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Depends on your jurisdiction. If you're late on a payment for just 1 month, it's legal for the car dealer to repossess your vehicle, but 27 days seems a bit uncalled for.

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Yes, late fees indicate that payments were not made on time, which renders the original agreement invalid and allows the lender to repossess the vehicle if they so choose.

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Technically you are late if you make your payment anytime after the due date. The vast majority of mortgages are due on the 1st of the month. Most mortgage companies will not assess a late fee unless you are 15 or more days late. At that point the normal late fee will be 5% of your regular mortgage payment. The lender will not report the late payment to a credit bureau until you are 30 days late.

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It means your period is five days late. Only you know your chances of being pregnant.

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This will depend on the lender and your past payment history. Some will start a lot sooner than others. In my area they start moving typically after a 60 day late. Almost all of them are started by 90 days late.

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no u can not be repoed a week late must be a 20 days or more

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Possibly - especially if you start hiding your vehicle from the lender or the repo-man in order to keep the lawful owner (the lender) from taking it back due to non-payment. If you are willfully and knowingly depriving the lender of his lawful property and converting it to your own use, it is the same as if you had stolen it.

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Read your contract. It likely says the lender can repo anytime you are in DEFAULT. Two weeks late is unusual, but they could repo when you are 1 day late.


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