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How many payments do you have to be behind for the bank to repo your car?


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2005-10-19 05:02:57
2005-10-19 05:02:57

It depends on which state you are in. In Kansas and a few others that I have some familiarity with, you have to have been 45 days late at some time. If you cured the default at that time and miss a later payment, even by a day, they CAN repo (probably none will, but they can). Your car can also be repo'd when your payments are current if you violate any other provisions of the security agreement, like letting the insurance lapse, using the vehicle for hire, or other things that put the lender at risk.


Related Questions

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

if you are behind on payments then yes they can

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

The repo man will tell you that, but no it is not true.

Legally if you miss 1 payment you are delinquent and they can start repossession proceedings on their vehicle.

If "you" are the lienholder then yes. If you're not the lienholder or their authorized agent (e.g. a repo man working for them), then no.

As long as you are in default, they can repo. Try to catch up the month behind. Send $5.00-10.00, whatever.

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.

Yes, if you are not making the payments the bank can repo your truck.

If you are up-to-date then no, if you are a cosigner there may be complications...

Read the contract again. What part of it are you in DEFAULT on? There is a clause in most contracts that says the lender can accelerate the balance due for a number of reasons.

If you are still making payments to the bank, then legally it is the property of that bank. If you fail to make the payments, the bank reserves the right to take back their property. Property can usually be returned to the purchaser if the the purchaser can make the payment in full, within a certain amount of time set by the bank.

READ your CONTRACT. Its that simple. If you are in DEFAULT of the contract, they can repo the collateral.

Yes, they can. Consistent communication is the car-key to your vehicular retention.

Yes. In most cases if you fail to pay after 52 days, the bank has the right to reposses your casa. But if you have been a good costumer with on time payments and call the financial institution they can work something out.

Repo is short for repurchase agreement. Those who deal in government securities use repos as a form of overnight borrowing.Short for "repossession". In the case of the show "Operation Repo" they receive notices that someone has fallen behind on car payments and come tow the car until the owner can arrange with the bank to pay them.

When you dont pay your payments on something

They can repo anytime you are in DEFAULT of the contract. 2010-09-21: Also, in addition to the answer: While the bank can reposses when the repo clause comes into play, I don't know of any instance that once a bank agreed upon partial payments, they reneged and repo'd the vehicle anyway. Remember: they'd rather have the money than the car. If it comes to haveing it repo'd through a repo company, the bank would still rather have their money than share it with a repo company. The person at the bank that you speak to is being watched by the bank manager, etc., blah blah, and he or she would rather keep good information on the books. He or she, as far as my experience, will help you in your situation.

"both" the bank and repo man?? NOT that I am aware of. retaking, REPO??? usually charged by lender storage, USUALLY charged by repo co. repair (NOT normally done), sales expenses WHAT did who "SELL"??? READ YOUR CONTRACT. It should govern what you pay to whom.

Assuming the State Bank of India, the spread between repo rate and reverse repo rate has trended towards 1.00%.

After 2 payments behind & they'll take it at 1AM with a big tow truck with big bright white lights and a big blue flashing light that wakes up all of your neighbors.

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