Cars & Vehicles
Auto Loans and Financing
Repossession

How many days late can you be before a company can repossess a car in NJ?

303132

Top Answer
User Avatar
Anonymous
2020-07-29 15:33:48
2020-07-29 15:33:48

30 days

1
๐Ÿ™
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
๐Ÿ˜‚
0

User Avatar
Wiki User
2015-07-15 19:41:22
2015-07-15 19:41:22

The lender CAN repo when you are 1 (one) day late.

1
๐Ÿ™
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
๐Ÿ˜‚
0

Related Questions

User Avatar

They usually repossess when you miss two or three payments. They seldom repossess if you've just missed one.

User Avatar

Depends on your jurisdiction. If you're late on a payment for just 1 month, it's legal for the car dealer to repossess your vehicle, but 27 days seems a bit uncalled for.

User Avatar

YES, anytime you are in DEFAULT, the lender can repo. Tote-a -note lots are famous for 3 days late repos.

User Avatar

If a loan is one day late they can repossess the vehicle, but most lenders would never do that

User Avatar

Nothing I believe they only repossess your car if your a month or more off on your payments

User Avatar

Yes..that is true in any state. The late fee time is considered a grace period, which they do not have to do, and it has nothing to do with the actual "cures for delinquency".

User Avatar

by law they can repossess your car if you are 1 day late. However, your best option is to get professional help.

User Avatar

Your contract most likely states that the lender can demand payment in full at anytime. This means they can repossess the vehicle after demanding you pay it off. If you are 5 days late, they could repossess it. There is no legal requirement for the lender to wait any amount of time before taking your vehicle.

User Avatar

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

User Avatar

It all depends on the state. I work for a storage company and our policy is 41 days late, before we cut the lock. Then roughly 2.5 months before auction. We are in IL for reference.

User Avatar

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.

User Avatar

Depends entirely on what the contract you signed says. If you are 1 day late they may be able to repossess the vehicle if that is what the contract says and what your state laws are regarding repossessions. Read your contract.

User Avatar

The simple answer is yes. However you should read thru your contract to see if you are in default, that would trigger a repossession. For example, one way to be in default is if your insurance got cancled.

User Avatar

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).

User Avatar

Yes it's their car you signed a lease they don't need a title to repossess their car. Title or no title they look up that information and have it mark on that title that the car was repossessed

User Avatar

It depends on the terms of the loan. If you signed it and it's in there, you are bound to those terms. Some loans specify 5 days late. That's a good reason to get loans from a small bank or a credit union.

User Avatar

Yes, late fees indicate that payments were not made on time, which renders the original agreement invalid and allows the lender to repossess the vehicle if they so choose.

User Avatar

Read the contract you signed. They very well may be able to repossess the car if you are 30 days late. Depends on the contract and your state laws. Legally you have defaulted on the agreement if you are 1 day late.

User Avatar

You can be up to two weeks late and not be pregnant but to be safe you should take a pregnancy test after you are seven days late.

User Avatar

As soon as 10 days after due date of payment. The laws vary from one State to another, and a finance company will not usually reposses on day 11, but they legally can. More often it's 30 days, or until you owe two payments. You may get your car back if you pay all late payments, late charges, and the remaining balance owed. If the finance company sells the car and gets more than what is owed, they must reimburse you the difference. They can also reposses if you let your insurance lapse. Protecting their interest.

User Avatar

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


Copyright ยฉ 2020 Multiply Media, LLC. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Multiply.