It varies bank to bank and also depends on your credit history and history with that lending institution. If you keep the communication lines open they will wait but only if you don't break any promises you make to them. If I had to give a time range I would say that an aggresive bank would begin repo when you hit the 90 day delinquent mark and a lenient bank would wait another 30-60 days later.
You might be able to get a personal loan after a car repossession. However, you would get the loan at a very high interest rate one the repossession is on your credit report.
Yes, this is the common reason for repossession. It is in fact the primary reason for the existence of repossession agencies and repossession forwarding companies. It is also the reason the vehicle was used to secure the loan in the first place.
The repossession stays on your credit report for 7 years.
Yes. They can! The car is their equity basically!
yes you can
You should be able to get a car loan with a qualified cosigner. Even with a repossession on your credit you should be able to finance a car loan.
If you are late on your loan payment and are a cosigner on your daughters car can they repposses the car?
THEN THE LOAN IS NOT PAID OFF! All late charges, penalties are added to the principle amount and then the payments continue until all owed monies are paid. Penalties and repossession are still done at this point in the process
Yes. Additionally, you will be responsible for any late fees, repossession fees, storage fees, transportation fees, and legal fees and court cost incurred during the repossession process.
Pay it off, voluntary repossession, sell the car and pay it off.
If your car was repossessed, they will sue you for the difference in what the car sells for and the balance on the loan, plus repossession fees.
No. A car loan is a civil as opposed to a criminal matter. Being behind on a debt is not a criminal matter, therefore you cannot be arrested for it. Never the less, if you are behind on a car loan and if the loan is secured by a lien on the car, you may be arrested if you interfere with the loan company's attempts to repossess the car, provided that state you are in has laws that make it a crime to interfere with a repossession. But even in this instance, you are not subject to arrest for being behind on the loan, you are subject to arrest for interfering with the repossession.