Most people dont know you can ask to pay just the intrest on your car note you can do this three times at most any finance co. Just ask and as long as they dont find the car they cant pick it up but it will take them a little time to go to court and have you turn it over. Get your agreement in writing!!!!!They can tell you anything and still repo especially at 60 days out.
WHY not? Have you asked them? Were they demanding the balance in full?? Have you beeen repoed before? Have you beeen repeatedly in default? Are you STILL in default? Do you have ins. coverage as required by the contract? Contact the lender ASAP.
Even if you could you would still owe the bank the money they paid for the car.
Typically a person is given three months or approximately 90 days to miss car payments before a car is subject to repossession. Usually the bank or credit union that issued the loan will call to try and arrange payments with the car owner.
Anything that you might need a bank loan to get.
Depending on how many payments your behind. If you are behind a great margin I think they would to try to make back the money lost but if you're one or two payments behind they will give you a chance to catch up and if you fail to make any payments after they contact you they will sell.
Its usually 3 months when the bank starts the paperwork and harrassing you to make payments
You have to be behind on payments for 3-4 months before the bank will do anything usually. 3-4 months is the industry standard, but every loan is different. A bank can put stipulations of any type on any loan, within the law. So the answer would be it depends on your loan.
If a person's car gets repoed, the bank can report it on their CR in any state. When they redeem it doesnt matter, its the fact that it got repoed that gets reported.
Sell it! Otherwise the co-signer is going to have a repo on there credit file. I suggest putting a For Sale sign in it right now to keep from having a enemy if the car is repoed by the bank. I wish you the best!
Yes, Orchard Bank online payments are legal payments. Making online payments is faster, easier, and often more secure for both the person making the payment and the bank itself.
Once you are out of compliance with the loan, the bank is entitled to call in the note. If you do not pay the note once it is called in, the bank can repo the vehicle. It should all be described in the terms of the loan.
It depends on the bank but generally one missed payment is enough to call the cosigner