Cars & Vehicles
Repossession

How long can you be late on car payments before they can repo?

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2015-07-15 19:36:15
2015-07-15 19:36:15

Read your contract. One day. As long as you are in default of the contract, the lender can repo the collateral. That could include no ins. coverage.

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One day late. I live and own 2 repo companies in Washington. Sorry, but that is the law.

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Not as long as the payments are current and have remained so.

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Usually there is a grace period for late payments; however it is not a requirement.

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Theoretically, a car can be repossessed after 1 day of being late with payments. In practice, most banks don't take action until 60 or 90 days.

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Get caught up on their payments, pay all applicable late fees and the repossession fee, and do so before the car gets auctioned off.

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A car can be repossessed in the state of New York if payments are late or defaulted. The only way to not get a repossessed is to make your payments on time.

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As long as you are in default of the contract, they can repo.

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You need to have a lien on the vehicle and reasonable cause to repo it, whether it be late payments, risk of losing the vehicle in impound, etc.

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I need to know how long does it take the bank to repo your car if you are 2 payments behind. Can I make arrangements to make a payment next week

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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.

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They will not repossess a vehicle unless you have defaulted on the loan. Defaulting on the loan is being late with the payments. Call the lender and talk to them.

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In North Carolina, a lender can repossess a car when just 1 payment is missing. They can also repossess it if you let the insurance lapse and are current on your monthly payments.

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Late payment fees are agreed upon by you when you sign the finance contract, yes you owe the additional money as long as their addition of the fees is within the guidelines stated in the contract.

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One day late puts you in default and when in default, you are subject to repo. MOST lenders wait 30-60 days. They want the MONEY, not the car.

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Read your CONTRACT. You have to be in DEFAULT of the contract for the lender to repo. If you are current on payments, what else can you be in default of?? INSURANCE coverage?

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Legally, ONE day. As long as you are in DEFAULT of your contract, the lender CAN repo the collateral. Read the contract for more on DEFAULT.

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When you dont pay your payments on something

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Typically it takes up to 5 months of no Payments for Capital One Auto Finance to decide to repo. Whether its the same of home and other Finances I do not know however, when the 5 month mark hits, they will begin paperwork and by the 6th month you will have your possessions taken.

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IF you are the REGISTERED OWNWER, NO. You cant steal your own car. They can REPO it.

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if you are behind at least 2-3 months behind in payments then they can come get it whenever they please

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Depends,if you mainyin open channels w/loan dept.,you can make remedial payments for quite some time. i repo bikes & have seen them p/u in less than 6 weeks to as long as 6 mo. CONTACT,CONTACT,CONTACT! They do not want your car back!


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