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READ your contract. When you are in DEFAULT, they can repo. Legally only one day, but most lenders will work with you if possible.

to whom it may concern, I co-signed for someone and they coundn't make the payments. I got laid off and i couldn't make the payments. I am now currently working and i don't want to lose the car i could pay the three months car payment. could the car dealer wait for two more weeks until i get paid. the car is helping me to get to work. Can they understand the situation?

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โˆ™ 2015-07-15 18:49:18
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Q: How far behind do the payments have to be before the lender can start repossession?
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How many payments can you be behind before your car go into repossession?

As little as 1. Depends on the lender and the agreement you signed. Read the loan agreement. My advice. Call the lender and talk about this. Work something out! You do not want your car repossed.


How do you findout if your car is in a repossession list?

Call the lender you make your car payments to and ask.


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.


Can a lender take legal action against the homeowner?

It's called repossession. The lender owns the property, the homeowner is making payments.


What is repossession notice?

The most common type of repossession notice when a person has not been making loan payments for a car or truck. If the lender does not receive payments, the vehicle may be towed away.


Will your car be taken off of repossession if you pay money on it?

Only if you pay up all the arrears payments that caused the repossession process to begin in the first place. Partial payments will have to be negotiated with the original lender.


Can a repossession agent take a vehicle without waiting for the borrower to show proof that payments have been made?

Yes. It is perfectly legal for a repossession agent to take possession of a vehicle when they are acting on behalf of the lender. The repossession agency does not have the option of allowing the borrower to retain the vehicle even though proof is presented that payments have been rendered. Such issues are strictly between the borrower and the lender. The lender and/or court being the only parties that can rescind the repossession action.


When can your car be repossed?

The most frequent cause of repossession is lack of payment on a note owed to a financing company or bank. The lender can repossess anytime after a payment is missed, but most won't start such proceeding until you've missed two or three payments. Always try to work with the lender before you get too far behind.


Can a car repossession be legally challenged after the fact if it can be shown that the overdue payments were received in the mail the day prior to the repossession?

Not unless the borrower can also prove the lender agreed to accept the late payments in lieu of repossession action. Once a contract is in default the lender may take whatever means allowed under the laws of the debtor's state to recover the property and/or debt.


If you are threatened with a repossession can you pay the balance before they repossess the car?

IF the lender accepts it you can.


Can you get your vehicle back after repossession?

The first step is to contact your lender. They will have those answers. It usually involves making up past payments, and paying the repossession fee, and perhaps storage.


Can you get your car back after repossession?

Yes, you can get your car back but you only have ten days to do so before the car goes to auction, in order to get your car back you must bring the full amount of payments you are behind to the repossessing company. The lender can deny you the car back also, depending on how many times you made late payments.

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