what else are you in 'default" of in the contract?? Did the car get impounded?? Is it in possession of a 3rd party? Is it being used in criminal activity? I dont know..
There aare statements on the back of your contract called "acceleration clauses". Insurance is probably one of those items.
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.
Read your CONTRACT. You have to be in DEFAULT of the contract for the lender to repo. If you are current on payments, what else can you be in default of?? INSURANCE coverage?
IF you are the REGISTERED OWNWER, NO. You cant steal your own car. They can REPO it.
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.
Usually there is a grace period for late payments; however it is not a requirement.
no, but it is recommended. the repo co has insurance and is bonded for this type of situation. you will have to provide proof of repo to your insurance co.
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.
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.
You need to have a lien on the vehicle and reasonable cause to repo it, whether it be late payments, risk of losing the vehicle in impound, etc.
I'm not sure what your question/situation is but... The Finance company can do what's called "forced insurance" meaning if you do not have insurance they will put insurance on the vehicle at a hefty cost to you. They can also repossess the vehicle even if you are up to date in payments but do not pay them their insurance rate.... and that money is still owed after the repo.
Read your contract. One day. As long as you are in default of the contract, the lender can repo the collateral. That could include no ins. coverage.
The repo man will not care if your car has insurance or not. If you haven't been paying for your car, the finance company or bank will take their car back.
A repo is a repo is a repo.
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.
It depends on which state you are in. In Kansas and a few others that I have some familiarity with, you have to have been 45 days late at some time. If you cured the default at that time and miss a later payment, even by a day, they CAN repo (probably none will, but they can). Your car can also be repo'd when your payments are current if you violate any other provisions of the security agreement, like letting the insurance lapse, using the vehicle for hire, or other things that put the lender at risk.
When you dont pay your payments on something
Wayne, Personally as a Repoman, I see 4-5 orders a month to pick up a vehicle that the bank has no proof of insurance on. I believe there is something in a car buying agreement that requires you to carry the insurance.
it depends on the stipulations in your contract. in most cases any breach of cantract can be grounds for repo
They can only LEGALLY repo your car IF you are in DEFAULT of the contract. That could be no payments, no insurance, using the car for an illegal purpose, ect. Is there any requirements in your contract that you may have not met? If you are NOT in default of the contract, call an attorney NOW. Good Luck
Theoretically, a car can be repossessed after 1 day of being late with payments. In practice, most banks don't take action until 60 or 90 days.
I need to know how long does it take the bank to repo your car if you are 2 payments behind. Can I make arrangements to make a payment next week
If the car has not been sold you pay the back payments and any fees.BUTThe finance company does not have to allow this.
No as long as you are making payments every month. Most lenders won't reposess a car until you are at least 90 days late. The truth is lenders do not want the car back. Make sure and contact the lender and explaine your situation and they may even work with you to help you get cought up.
Little late for that don't you think. If the car has already been repossessed then you now owe the repossession fees. Go to the lender sit down and work something out which is what you should have done in the first place.