Auto Loans and Financing
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How long before a bank will repossess an automobile?

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2015-07-16 19:17:54
2015-07-16 19:17:54

It depends.Once you are one day late they can repo.But they usually wait 30-45 days depending on your payment history.If they call you talk to them they will work with you.

Depends on a few different variables. A) The original finance contract, what it says is what goes. B) Your state's laws. C) Any court proceedings which may dictate how long you have.

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As long as the bank is listed as the lienholder on the title and as long as you owe them money and haven't paid they can repossess the car.

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YES, as long as the car is collateral for a loan, they can repo it.

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Read your contract. Likely the answer is YES. As long as you are in DEFAULT, they can repo.

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Apparently, it is legal for the owner -- in this case, the title holder -- to repossess an automobile so long as the repossessing agent does not break the law in the repossession process.

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I think it varies on how long and who the finance company is but the last time I made a payment on my truck was November of 2007 and its January of 2009 and im sill driving it

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If you stop paying you mortage how long does it take before the bank will forclose

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I am 3 months behind on my mortgage? How long until they repo my home?

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YESIFyou are not up to date, if you are behind on your payments they can repossess at anytime. In most loans, there's a statement about late and/or partial payments that basically says the bank can take them but isn't obligated to do so and that taking one late or partial payment does not mean that they have to continue to do so.So, if you owe $200 a month, and pay $100, the bank can accept that and still repossess the car. They do have to credit the $100 towards the loan.Also, banks are usually allowed to repossess for habitually late payments. Most of the time a bank will consider this to be more hassle than it's worth as long as you're eventually catching up, but if you're chronically making payments several weeks late, they might at some point decide "this guy is a flake, we should get out of this deal while we still stand some chance of recovering our money."

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A creditor can repossess a vehicle at any time after a default(late payment, lack of insurance, etc.) occurs on the contract.

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Bankruptcy will prevent a foreclosure but you still have to reaffirm the loan and begin paying or the bank will repossess your house regardless of bankruptcy. Bankruptcy temporarily halts the process for up to a couple months.

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No, not if the contract is in default. The lender/lienholder may repossess the vehicle under UCC laws as long as it can be accomplished without a breach of peace committed

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As long as you continue to make the payments, you are OK. If you fail to make the payments, they will repossess the car, sell it, and you will then owe the difference in what it sells for and the balance on the loan. The previous answer overlooked one important point. INSURANCE WAS EXPIRED If they don't repossess it, it is only because it is worthless after the accident. What they would prefer to do in this case is "accelerate the payments", i.e. make you pay the remainder of the loan immediately. Then you can worry about disposing of the carcass.

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When you fall behind on your payments from any place, the lienholder has a legal right to repossess the collateral, mainly the car or truck. They can be nice and warn you, or not. The only papers they may serve is the order to repossess. Most recovery agents (repo people) prefer not to tangle with a debtor and take the collateral when the debter doesn't show up. As long as they call it into the police to protect themselves and they have an order to repossess the goods from the bank, that's it.

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The loan company can repossess any car that the payments are delinquent on. Your BK does not prevent repossession of your car.

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As long as they dont Breach the Peace, they gotcha.

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Yes. A lienholder is the lawful and sole owner of that vehicle, and it doesn't matter where they repossess it from, so long as they do it in accordance with state laws for repossession.

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You generally have 30 days, but the bank should give you an exact time. Some banks have been very slow to repossess houses and people have stayed in them for years and months.


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