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How far behind do the payments have to be before the lender can start repossession?

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2015-07-15 18:49:18
2015-07-15 18:49:18

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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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.

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

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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.

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

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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.

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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.

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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.

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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.

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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.

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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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In the state of California, the lender of a repossession may only charge fees that it incurs and that are in the contract. If the lender pays for the storage or houses the repossession, then yes, the lender is allowed to charge both a repossession and a storage fee.

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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.

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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.

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The company repossessing the car has no authority to negotiate terms with you. They are simply there to repossess the car. You must negotiate with your lender. Hopefully, you will do this before the the repossession order is submitted by the lender.

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You can start to worry about repossession of your vehicle as soon as you miss your payment. Depending on the loan amount and the type of vehicle you have you may have up to 30 days from your last missed payment to risk loosing your vehicle. If you keep in touch with the lender of your car, you have a better chance of not loosing your vehicle right away.

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You can always make an offer, but its up to the lender whether its accepted.

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Check your loan contract, but in most cases (99.99%) if the payment does not represent the total past due amount, or if you do not have arrangements with the lender setting asside repossession actions in lieu of payment arrangements, no; one payment toward a past due balance will not stop or delay repossession of the vehicle.

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You can expect repossession. As for advice: don't keep anything in your car that you don't want to haul out in a garbage bag at 2 AM.

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Usually 3 payments does it - but that is up to the lender. - Don't just let it happen ! - Go to them, try to work out a solution. It often works,

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Repossession without judicial process is allowed if the lender has not breached peace. A lender repossessing an automobile must issue a notice to the borrower, and a lender can sell an item via public auction after repossession.

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Any lender has to get a judgment before they can garnishee anyones wages.Then the debtor has to have wages before any lender can garnishee them. It is up to the lender whether or not they go that route in the collection process.

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On the surface, no. As long as you have not defaulted on the loan contract, there is no reason for repossession. The lender wants your money, not your car.

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No, all that is necessary is a valid repossession order from the lender.


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