Best Answer

legally, you only have to be behind one day. Usually a lender will try to work wityh you for 30-60 days to let you catch up. They dont want the car, they want the money.


User Avatar

Wiki User

โˆ™ 2015-07-16 19:18:38
This answer is:
User Avatar

Add your answer:

Earn +5 pts
Q: How many payments or amount behind do you have to be to get your car repossessed by Ford Motor Credit in Colorado?
Write your answer...
Sign up for more answers

Registered users can ask questions, leave comments, and earn points for submitting new answers.

Already have an account? Log in

Related Questions

Does bankruptcy cover the amount you are upside down on a vehicle after it has been repossessed in Colorado?

It can.

What happens if you stop paying on a laptop you were renting?

The laptop will be repossessed and the amount you owe will be increased by late fees, costs and penalties. The default will be reported to your credit record where it will do considerable damage.The laptop will be repossessed and the amount you owe will be increased by late fees, costs and penalties. The default will be reported to your credit record where it will do considerable damage.The laptop will be repossessed and the amount you owe will be increased by late fees, costs and penalties. The default will be reported to your credit record where it will do considerable damage.The laptop will be repossessed and the amount you owe will be increased by late fees, costs and penalties. The default will be reported to your credit record where it will do considerable damage.

As a cosigner can you sue the signer for the amount you had to pay off to the credit company if he made no effort to make payments towards the car for the last 4 months until it was repossessed?

That would be something you would have to settle in a small claims court.

What is the amount of ashley's additional child tax credit in the payments section form 1040?


How is your FICO credit score calculated?

Credit score depends of following factors # On Time Payments # Quantity and Amount of Loans # Length of Credit history # Types of Credit Lines # Previous Credit Card Applications

What are the booking entries for operating lease payments?

increase rent expense by payment amount (debit) reduce cash by payment amount (credit)

Why is it unwise to pay minimum payments on your credit card?

It is unwise to pay minimum payments due on credit cards because the payment will cover only a small portion of the principal amount and more on interest and financial charges.

What happens if you are paying less on a car loan because you lost your job but you are on time every month can the car company take your car?

With any debt, even if you are making a monthly payment, you are not paying the full amount due. The car may be repossessed, your credit report can reflect these late payments thus making future credit applications more challenging.

Why don't the credit card company put my payments towards the past due amount?

coz ur an idiot ;)

Is it legal for a credit card company to double the amount borrowed if you fall back on payments?

Credit card companies can charge what they like in fees. It's up to the user to make sure they use the card responsibly - and not default n payments. However - doubling the amount owed on the card is rare !

If you let your mobile home be repossessed what effects will it have on your credit and can you be sued?

Repossession of any chattel (boats, cars, anything) will adversely affect your credit, so you may not be able to establish new credit for a few years. If you promised to pay for something, and you didn't, the general answer is that the agrieved party (lender in your case) can sue to recover the amount you owe, less the amount they recover by selling the repossessed property, plus interest, fees, attorneys fees and court costs.

What is the accounting entries for purchasing a car on installment basis?

Credit to Liabilities for the amount of the loan. Credit to liabilitites for the amount of interest on the amount of the loan.(this can be entered monthly to keep better track of) Debit to cash for the amount of the payment made. (this amount should be equal after the payments are completed to the addition of the loan amount and interest.)

Can you get your repossessed car back once you have paid back the amount that was owed for past payments in Florida?

IF the lender agrees to that amount, yes. Sometimes they want you to pay the loan off completly. And you have to pay the repo fees. Call the lender and find out.

List three things that impact your credit score?

1. Credit Card Balance vs. Credit Limit 2. Late payments 3. The amount of inquiries Bonus: any bills sent to collection

If you payoff your credit cards how long will it take for your credit score to go up?

Your credits score is not dependent on you paying off your credit cards but rather on your credit worthiness. For instance you can have a large amount owing on your credit card and provided you are meeting the minimum payments on this you will be seen as a good risk and have a good credit score. If however you default on these payments or indeed payments on any other debts that you may have, your credit rating will be damaged and you will find it harder to get credit in future. This disjoint between credit worthiness and the amount of debt people are able to build up is partially the cause of our present global financial difficulty, it would be more responsible if credit worthiness linked not only to your debt repayment history but also to your total outstanding debt (and income).

Is it legal for the car to be repossessed and still require payments to be made?

Generally, if the car was sold for less than the amount owed on the loan the lender may demand that you pay the remaining balance owed.

Do you have to pay the whole vehicle off if it is repossessed?

Once a car has been repossessed, you as the owner of the vehicle have the obligation to repay any amount still owed on the loan. Once a car is repossessed, it is often sold in a repossessed cars auction by the finance company. The amount which the car was sold for will be deducted from the total loan amount and then the difference will be owed by yourself. So yes you would have to pay the whole vehicle off if it was repossessed.

Making Credit Line Payments?

To understand payments made on a credit line, you must first understand what a credit line is. Basically, a credit line is the amount of money that a will be loaned to you by a bank or financial institution. Many businesses have revolving credit lines with their bank. For a consumer, a credit line may be a charge account at a store or a consumer credit card spending limit. All of these things are considered a credit line. When a payment is calculated for a credit line, generally interest is added to the outstanding balance and then a percentage of the amount is set for the minimum payment amount. The outstanding balance can consist of purchases and fees for using the credit line. When the minimum payment is received, the credit line once again increases by that amount of the payment. For example, if the payment is $100, then the credit line will be increased by that $100 that had been previously unavailable. For a business, a credit line is used when there are temporary cash shortages, known as liquidity problems. The credit line provides the business with necessary cash to continue doing business. As the business improves and cash flow is restored, the business pays back the amount that was used during that time, usually with interest. Credit lines are vital to businesses even during prosperous times. They can be used as a guarantee of payment or can be used as collateral when attempting to secure financing for a large purchase. Credit line payments are made to restore the maximum amount available or to comply with the agreement between the corporation or individual and the financial institution. Credit lines are set based on the ability to repay the amount as well as the current financial situation in general. Banks are less willing to provide an open line of credit during financial hardships. By maintaining a low balance and making minimum payments on a personal credit line, gradually one will see the amount available be increased. As the bank or financial institution develops more faith in the individual and the individual makes minimum payments and does not go over the amount, credit lines are increased allowing the consumer more freedom for purchases.

If you had a car loan that included a 4000 credit card debt and the car was repossessed and there is a 13000 deficiency do you have to pay the full amount or do you have any recourse?

Yes, you still own the debt.

What are the three basic types of credit?

Answer{| |- | The first one is Revolving credit: this type of credit situation is when a consumer borrows money from a lender and pays it back in one lump sum or makes monthly payments (eg.Visa or Master card), second is Charge credit: this type of credit varies from revolving in that you aren't able to make partial payments. With Charge Credit, you are required to pay back the full amount at the end of the month. And the third one is Installment credit: unlike revolving credit where you have the option to prolong your payback payments, with Installment Credit, you payback your debt in accordance within a predetermined period of time (e.g. mortgage).|}

In Virginia can a credit company repossess your car and still demand the money owed above the value of the car?

When your car is repossessed, they sell it for what they can get. Value has nothing to do with what price it brings. They simply get what they can. You are then responsible for the difference in the amount they sell the car for and the balance on the note. Your credit is then ruined for 7 years. This is why having a car repossessed is a horrible idea, and should be a last resort.

What is triggered when it is noticed that an unusual amount of money is being spent on your credit card?

The bank or credit card company may stop further payments and ask whether you are spending the money or a criminal?

Does lowering your credit limit on a card hurt your credit score?

Lowering a credit card's limit may cause a credit score to go up, down, or remain the same. Factors that impact a credit score can include: the amount a credit limit is reduced, on-time payments, new accounts being opened and if balances are paid down or increased.

What is the term option in a reverse mortgage?

Reverse mortgage proceeds may be taken as a single lump sum, a credit line, monthly payments for life (tenure) or payments for a set amount of time (term payout). You can also receive payments from the reverse mortgage as a combination of all. i.e 25% lump sum, 25% credit line, 50% monthly payout. The lower the term requested the higher the monthly amount. After the term is over no further payments from the reverse mortgage will be received. Source:

Does putting your sudent loans into deferment hurt your credit?

Creditors can make their own determination in how to evaluate deferred student loans on your credit report. Generally, deferred payments are much better then delinquent payments. Debts that must be repaid in the future are still debts though, and the amount of debt you have may effect whether or not you are granted additional credit.