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It depends almost entirely on who owns the lien and what state you're in.
Credit lots tend to try to move quickly on them vs. local banks might not want to hassle with it.
In general the only thing required is a letter of intent to repossess, whether you respond or not is irrelevant.
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∙ 13y ago
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How long does a loan company have to repossess your car in Maryland?
Legally, your car could be reposessed after one missed payment. The terms of your contract cover default. Most will not repo your car after just one missed payment, but they could. I would certainly suggest attempting to work something out with the bank.
Can your car be repossed before your car payment is due?
No, until you have missed a scheduled payment (at the very least), the lender has no right to the property.
Can repo men your other car to get to the other car?
I missed my payment on my jeep and they repoed my other car. Can they do that
Can a person report a car stolen if you missed one payment on it but you have a contract?
no
If I pay bi weekly and have missed one payment. Can they repo my car?
You will have to speak with your finance company to determine when they will repossess your car. Each company has different rules and requirements and in most cases if you contact them about the missed payment they may be able to make payment arrangements with you.
Lapse in car insurance?
A lapse in your auto insurance is a time period for which you had or have no coverage. Either your policy expired and was not renewed on schedule meaning you missed your renewal payment or you missed a monthly payment and the policy was cancelled.
Does it hurt your credit if you turn a car back in to the dealer you have not missed and amnot late on your payment?
Yes.
What is it called when you skip a car payment and add to end of note?
When you asked for a missed payment to be added to the end of the loan, it's called a Forbearance.
If your father cosigned a car loan with you and you missed a payment does he have authority to take your car?
Well, if you are under 18, he can certainly take away your keys.
What if a car is repossessed in error?
Take your papers down to the dealership and discuss it. Unless they picked up the wrong car, it is likely you missed a payment or so.
Can a car dealership at a 'buy here pay here' lot put a warrant out on you for a stolen vehicle if you missed a payment?
They will try to follow you. They can get the car without you there. They are not allowed into your home. They can't physically hurt you to get the car, and they can't make you get out of a car, if the car is stolen, they will put a report in with the police and when they run the tags it will come back as stolen. If you just missed one payment, chances are if you called and talked to them, they won't come after you.
What right do you have in North Carolina if your automobile was reposessed because your check bounced?
It's almost unheard of for a car to be Repo'd because of one missed payment or bounced check, there has to be a history of non or late payment in order for them to take the car.
