60 days is usual for most lenders, however, it varies.
It depends on the terms of the contract. Legally if you miss 1 payment you are delinquent and they can start repossession proceedings on their vehicle.
Amanda, if you are behind on the payment, youare "in trouble' with the lender. you are in default and could be repoed by the lender at any time. they just havent pushed the issue YET. Co-signor can only 'repo" IF they are listed as co-owner on the TITLE.
but were behind one payment from the year before?":**** you answered your own question, didnt you? Pay them $5.00 per month on the way behind payment and maybe they will be quiet. LOL
In Oklahoma, a loan company can repossess a vehicle when it is just 1 payment behind. These companies can also repossess a vehicle at any time of the day or night as long as they do not breach the peace.
The limit is in the contract you signed. It likely says that when you are in default the lender can repossess. That means anytime you are behind at all... even one day, although most places wouldn't do that. They would rather get the payment rather than go to the trouble to repossess.
They don't repossess cars that are paid off. So your best bet is to call them and see if they want to deal with you. Usually, if they've gone to the trouble to repossess it, they won't deal with you.
A bank can repossess a car at any time the loan has defaulted. Many times a bank will wait until a payment is 2 to 3 months behind before repossession.
Depending on the state of residence, it is possible for a lender to still repossess your car if you get caught up on the payments. Certain states allow a lender to request full payment of an auto loan when borrowers fall behind, even if they have caught up on past due payments.
No. They can, however, repossess your vehicle
AnswerProbably, but if payments are kept current it would be unlikely that a creditor would take such action. When a scheduled payment is missed the account is in default even if the payment is "made up" and the creditor can exercisewhatever options might apply under the original agreement, including repossession of the item.
Typically, yes. Unless you have it in writing that they will change your payment date, or accept a later payment, they can repossess your car for being only a day late on your payment. However, most companies will not repossess this early as it usually ends with them losing money. They make more money by you paying your monthly payments plus interest. In the long run, if they repossess they have to sell the car at wholesale or auction and typically the person whose car was repossessed does not pay the balance due. This whole process takes a lot of time and money. Usually your finance company will avoid repossession until it is a last resort. Buy here pay here places aren't so nice however. In the end, legally speaking, the answer is yes.
That would depend entirely on the financing institution or an agreement between them and you at the time of financing. If you are fearing repossession, get in touch with your financier and let them knw you are in arrears and explain why. Work out some kind of extension or payback plan. The financial institution would rather have your money than your vehicle. But if you don't get in touch with them, their obvious thought is that you don't plan on paying and will send the repo man after the vehicle.
The most frequent cause of repossession is lack of payment on a note owed to a financing company or bank. The lender can repossess anytime after a payment is missed, but most won't start such proceeding until you've missed two or three payments. Always try to work with the lender before you get too far behind.
I am 3 months behind on my mortgage? How long until they repo my home?
You are allowed to move anywhere. You have to be behind on pymts.
Vehicles are put up for repossession in self-help states only after the loan has been defaulted upon. Provided you have made all of your payments, and these payments have been on time per the contract, then no. However, if you have ever been late on a payment, and you fall behind at anytime, the contract in most cases has been defaulted, and repossession may proceed. That a lender does not repossess every time a borrower falls behind is a testament to two things: one, it is an expensive and complicated process to repossess a vehicle; and two, they understand that people fall behind and are willing to allow people to pay current. Their interest afterall is the contract. They do not really want your vehicle; they want the payment.
Pre Shipment Finance is issued by a financial institution when the seller want the payment of the goods before shipment. The main objectives behind preshipment finance or pre export finance is to enable exporter to:Procure raw materials.Carry out manufacturing process.Provide a secure warehouse for goods and raw materials.Process and pack the goods.Ship the goods to the buyers.Meet other financial cost of the business.
Only if you stopped making payments and are behind on your on your payments.
I wouldn't leave the car alone very long. LOL It prolly wouldn't be hard for the lender to get the balance due if they sell the car at auction.
I dont see why not. The dealership gets their money from the company that financed the car. You arent paying tge dealership, you pay the financial institution. Problem is, if you're behind on payments, that will not help you to get another vehicle.