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.
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.
READ your CONTRACT. IF the contract is in DEFAULT, the collateral CAN be repossessed.
READ your contract. If you are in DEFAULT of the terms, you can get repoed.
It can be. but generally wont be unless its your first payment.
YES, making the down payment is part of the contract and you are in default on it.
That is determined by the LENDER.
Under Texas law, a vehicle may be repossessed even if payment was only late for 10 days. This means that is payment was due on the first day of the month, and payment has not been settled on the tenth, then, vehicle will be repossessed on the eleventh.
It depends on your juristiction. Most juristictions around the United States of America can legally repossess your vehicle if you're late on your payment by just 1 month.
Well??? DO you owe a late charge from the month before? IF NOT, call a local attorney ASAP for state/case specific advice. Very Simple. Tote-a-note car dealers make GOOD money by repoing cars ASAP when late.
Your payment will be late, if it does not arrive on or before the due date.
Read the fine print of your contract carefully. I have never heard of a vehicle leasing/purchasing contract NOT having a first payment default clause.
It looks borderline MEAN, but if you were late, you were in DEFAULT and the lender has the right to repo when you're in default. Some lenders (BHPH lots) are MORE aggressive in their repo policies that others.
If you are in DEFAULT of the contract, the collateral can be repoed.
It depends on how many times you've been late on vehicle payments. Most of the time though as long as you are making a payment of some kind on the loan your vehicle will not be repossessed.
If your payments are current, they're not coming to repossess your car. Trust me, the finance company would much rather have your money than your collateral (i.e., the car).
Yes it can be done,read your loan agreement.
It depends. What was the result of that error being made? Was your vehicle repossessed because the payment went to the wrong account? As far as "legally filing a lawsuit" you can do that to anyone for anything. Most banks will rectify the mistake by correcting the routing of that deposit and clearing the late fee if they see that the payment was received on or before the due date. However, they can tell if it was an honest error or if you are trying to slip one by on them.
Yes, if there is a breach of the lending contract, such as non payment of late fees or penalties, lapsed insurance coverage and so forth.
The lender can legally take the vehicle one day after the payment is due. That is, on the day the payment is late, the lender can begin repossession efforts. The day the payment is late, the contract is void.
Yes. Most lenders give customers 10 to 15 days grace to make a payment or for a payment made to post. However, by the language of most car notes, anything past a certain period of time (usually two weeks) is considered delinquent, and the balance of the loan is owed. The lender at this point is not required to accept anything less than payment of the remaining balance. And, the vehicle can be repossessed at any time to secure payment of the remaining balance.