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Yes, this is the common reason for repossession. It is in fact the primary reason for the existence of repossession agencies and repossession forwarding companies. It is also the reason the vehicle was used to secure the loan in the first place.
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Car repo in ny?
A car can be repossessed in the state of New York if payments are late or defaulted. The only way to not get a repossessed is to make your payments on time.
What has to happen before a creditor can have your care repossessed?
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.
If a car was repossessed and you called and said you would pay all late payments why wouldn't they let you have the car back?
Perhaps the car is worth more than the remaining payments!
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.
Can your car be repossessed if you lose your job?
No, but your car can be repossessed if you don't make the payments.
Can your vehicle be repossessed for late payments?
Obvious answer, Yes.
When is you car repossessed?
When you can't meet the payments.
Ways to cause your car to be repossessed?
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.
Can a car be repossessed because someone is borrowing it?
I wanted to add to my original question...Our car was repossessed by the finance company because they said they found out someone else was using the car because of car payments being sent from a different address. AND, they stated that they wanted to see the condition of the car. I thought a car would only be repossessed if you were late on payments? I have never heard of this, so I don't know what is going on.
What are reasons for a car to get repossessed?
If you don't make your car payments.
What is the most repossessed vehicle?
Ones on which the owners are late on the payments. :-)
How far behind do your car payments have to be before it can be repossessed in the state of Virginia?
In Virginia, the law states a lender must submit notice in writing at least 10 days before a car is to be repossessed. Therefore, car payments that are late can be subject to repossession at anytime, provided notice has been given.
