Auto Loans and Financing

Do most creditors repossess cars that are 1 week to less than 30 days late in getting their monthly payment?


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Wiki User
2015-07-15 18:38:55
2015-07-15 18:38:55

NO, usually tote-the-note lots will be the ones doing that.


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In North Carolina, a lender can repossess a car when just 1 payment is missing. They can also repossess it if you let the insurance lapse and are current on your monthly payments.

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You monthly payment on a loan is largely based on your monthly income. usually you are expected to pay 15% percent of you income to you debtors or creditors.

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It is the debt counselor's job to notify the creditors that if you choose to sign up for debt management plans and that you are very serious about getting out of debt. They are professionals. They know what compromises creditors will agree to and they know that creditors are likely to accept a partial payment rather than no payment or suing a debtor who has no money. Credit counselors also have contacts and know how to access the right people.

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Some companies are paid by creditors, such as banks, to repossess property in the event of a default on payment. Laws governing repossession tend to vary by state.

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If they accept the payment you're ok. The big question is "If." You should send enough to pay the interest. Most companies don't repossess the car for a couple of months.

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