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How long does a creditor have to repossess your car after last payment was made.?
Wiki User
∙ 16y ago
Depends on the language on the note you signed. Some have a grace period and some do not. Read the note you signed. My advice is to not let this happen. The creditor does not want to repossess your vehicle any more than you want it repossessed. It will cost him money to sell your car and then try to recoup the balance on the loan between what the car sells for and what you owe, which you will, in the end, pay. Go sit down with the creditor and work something out if at all possible. You know your credit will be ruined for 7 years if you do not fix this problem. I agree about dealing with the creditor; if you are just waiting for them to pick up the car, why not return it now? At least you won't be using something you do not own and/or it can be returned in decent condition. As with most things, the sooner you take care of a problem, the better off you are.
Wiki User
∙ 16y ago
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How long does a creditor have until they repossess a vehicle?
A creditor can repossess a vehicle at any time after a default(late payment, lack of insurance, etc.) occurs on the contract.
Can they repossessed the car if you just owe the last payment?
The lienholder has an option to repossess when you become deficient on your payments for as long as you owe money on that vehicle. If you skip your last payment, that car can be repossessed.
Can they repossess your car the day after they receive a partial payment?
As long as you are in DEFAULT of the contract, the lender can repo the collateral.
How long does it take for the bank to write off a vehicle if they are unable to repossess it?
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
How long after non payment is lender able to repossess auto in the state of fl?
One day past the grace period is permissible.
How long before they can repossess you car in Virginia?
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.
How long can a creditor come after the money?
By the Federal Fair Debt Collections Practices Act, lenders have seven years from the date of last payment to recover delinquent or defaulted receivables. In the event the lender obtains a judgment against the debtor, he then has ten years from the date of last payment, and numerous ways to recover the debt.
Can a lienholder repossess a car if it is not in default but in the impound?
As long as you continue to make the payments, they would have no reason the instigate a repossession. When a vehicle is financed or leased, the creditor has an interest in the vehicle and rights under the contract you signed. If you are in default of the contract either by default in payment or otherwise (failure to insure or other terms) the vehicle can be repossessed.
If loan is not reaffirmed on a mortgage is the property still mine payments are made on time?
as long as you keep making payments the lender will probably not repossess the property. however, if you miss one payment the lender can repossess the property at any time.
How long does a company have to wait to repossess a vehicle?
This would be determined by the terms of the loan agreement and the applicable local laws. Within the loan agreement there should be reference to the action that can be taken to repossess the car should non-payment arise.
When filing for bankruptcy and including the car how long is it before the creditor collects the car and how does that work?
The loan company can repossess any car that the payments are delinquent on. Your BK does not prevent repossession of your car.
How long does a creditor have to file for a judgment?
The time limit for a creditor to file for a judgment depends on the statute of limitations in the specific jurisdiction or on the type of debt. It typically ranges from 3 to 10 years from the date the debt became due. It's advisable to consult with a legal professional to determine the exact time limit in a particular case.
