A GUY I KNOW PERSONALLY AND VERY WELL, WHO OWNS A CAR DEALERSHIP ANSWERED THAT VERY QUESTION FOR ME WHEN I ASK. HE RESPONDED SAYING 96+% OF DEALERS WILL WAIT AFTER 3 MONTHS NO PAY BEFORE REPOSSESION OF A VECHILE However it is strictly up to the lender. If financing is through the autommbile company (Chrysler, etc) it is their call over the dealer's. If you are dealing with a "Buy-Here-Pay-Here" lot, it can be as short as 3 days! Caveat Emptor (Buyer Beware)
Legally if you miss 1 payment you are delinquent and they can start repossession proceedings on their vehicle. Remember it is not your car until you pay for it. It belongs to the lender.
To determine how long one will have to be delinquent on a loan before a car is repossessed depends entirely on where the loan was taken from. Different places allow different payback requirements.
Yes, and many people do object to their vehicles being repossessed, before and after the repossession. Unfortunately, your objection will have little effect. If you are delinquent or in default on your loan, and the vehicle was used to secure the loan, the vehicle will be repossessed. There are few legal options available to you to avoid this aside from paying the loan current.
It is probably stated in your finance or lease agreement that if you don't make your payments on time that the finance company has the right to repossess the vehicle. Consider yourself informed. Long story short, if you don't want your vehicle repossessed you need to make your payments.
I think with any auto finance company you must be 90 days to 120 days delinquent on your loan before they start considering repossessing the vehicle. Beware, within that same time period, your car, truck, or etc.. will be 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.
Sit back and wait for NOI letter (Notice of Intent). * The majority of states do not require notice before a vehicle is repossessed. Contact the lender and explain the situation. And hope for a positive outcome.
They usually repossess when you miss two or three payments. They seldom repossess if you've just missed one.
WE'RE ON OUR WAY!!!!!
Your car can be repossessed if you miss one payment. Not likely they would do that but it is possible.
Its usually 3 months when the bank starts the paperwork and harrassing you to make payments
Before doing that, you should go to your bank and explain your situation. They might be able to take over the loan at a lower interest rate. That way your payments may become smaller. If that doesn't work, maybe call whoever has your laon and explain your situation, see if there's anything they can do. * No. Bankruptcy should be the last resort for a debtor. Be that as it may, bankruptcy will not keep a vehicle from being repossessed or the borrower for being responsible for the loan. Secured property such as a vehicle are not dischargeable in bankruptcy.
Are/were you listed on the TITLE as leinholder? Do you have a written contract listing the vehicle as collateral? If no to these two uestions, you should call a local attorney NOW.
once you are 90 days down they can start with a foreclosure.
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.
The car can be repossessed. The estate is responsible to return the vehicle and resolve the lease or loan.
The short answer is no. As long as you are making the payments the car will not be repossessed. When the co-buyer goes before the bankruptcy judge they can have the car included or excluded from the bankruptcy. If it's included then the car will be "voluntary" repossessed. If it's excluded then everything is "business as usual" for you. The key is to keep your payment current and on time.
If you had the vehicle registered before it was repo'd, of course you do.
There are certain strict procedures that an automobile repossessor must follow when he is repossessing your car. The repossessor must notify the police that such vehicle is being repossessed, you did before or after the repossession has occurred. In either case, the police should know right away that the vehicle was repossessed. If this is not the case, then the vehicles like to have been stolen.
While I am not familiar with this "30 day hold," but the lien holder of a vehicle may take possession of the vehicle at any time after the loan has been defaulted. That is if you the borrower go delinquent on payments, and the vehicle is impounded (potentially for parking violations or excess unpaid tickets), the lien holder will receive notice. Actually they receive notice of impound even if you are not delinquent. If the lien holder pays the outstanding impound and storage fees, they may take possession of the vehicle.
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.