Suzette, what are the details on your purchase? Such as what state? One reason for repo before ist payment due is a person didnt qualify for the financing deal offered. Maybe a small detail got left out. Or a large detail. Its obvious that dealers WANT to move cars. So they will do a LOT to make the deal go thru. For them to repo asap, theres about 2 reasons. the obvious, you didnt qualify OR they screwed up. If it's #1. oh well you tried. If #2. OH BOY, call your or any attorney. JACKPOT.
Yes. Well, maybe. Your are legally responsible for payment of the remaining balance of the loan for seven years from the last date of payment. In the event a judgment was obtained, you are responsible for ten years after the date of last payment. Quite likely, there is a judgment, as this would be the only security the lender has of receiving payment.
It depends on the lender. Prime lenders like Cap One may come after you vehicle after the first payment is missed. Chase might take two weeks from the missed payment. Other lenders may wait 30, 60, 90, or even 120 days before issuing a notice of repossession.
You can hide it but, they'll come back later for it.
they can call you as many times as they need to. depending on your state. most laws require 3 months of non payment before they can send a tow truck to come get your car for repossesion
YOU NEED TO CHECK YOUR STATE LAWS, BUT IF ITS WRITEN INTO THE CONTRACT OR RELEASED TO YOU ON A BAILMENT AGREEMENT THE ANSWER IS YES.
A first payment default , is when a bank calls the loan on your car because you are late on the first payment, 30 days or not, actually acording to your service agreement you are late like 4 days after the due day. they take it as a personal insult when you miss the first payment, also as a sign of things to come. usually if the repossess your car for a first payment default they will not give it back if you catch the payment. they will call for the full balence on the note and send the car to auction. Check out www.stoptheRepoman.com for other answers like this.
A recurring payment is a payment made over and over, such as a house payment, car payment or electric bill, etc. that come due monthly or bimonthly etc.
Does the bank have your current address and/or phone number? They will be calling on you.
As soon as the lender sells the car, they will know what the balance due is. Then they will come after the money. You will know when that happens.
As soon as they sell the car so they will know what the balance due is.
They will call you to pay the bill and after you ignore it for so long and do not turn your car in willingly they will come get it.
0.36 percent of cars purchased by owners acquiring loans are repossessed in a quarter in the New York. Repossession occurs as a result of failure of stressed borrowers to come to an agreement with their debtors.