NO, its not illegal. If you really want the car repoed, take it back to the lender and leave it in their parking lot. It is costing you HIGH interest and late charges to keep driving the car. Good Luck
i am two months behind on my mortgage. can the lender refuse to take one payment?
what if your 3-Month or more late in car payment will the lender still accepeted a payment
usually the lender does it every 3 to 6 months.
First off it is not your car. The car belongs to the lender until you pay for it. Legally if you miss 1 payment you are delinquent and they can start repossession proceedings on their vehicle.
If you paid a six month balance to the lender in one payment, they would be giddy. The lender does not want your car. They want your money. They will take your car, but only so it can be sold so they can put that toward what you owe.
Depending on the lender, but usually they wont Repo a car unless you are 3 months delinquent.
Lenders want to pay your taxes and homeowners insurance on your behalf when they are due. This helps protect their investment. Your lender will collect 1/12 of your yearly property taxes and 1/12 of your yearly homeowners premium with each months payment. When you originally buy the home they will collect a couple of additional months reserves for each of these categories. When it comes time to pay your property taxes, the lender will have the full amount escrowed ( saved ) for you. They will then forward the tax payment on your behalf. The same is true with your homeowners insurance.
It's best to contact your mortgage lender directly to inform them of your plan to make the payment this week. They may be able to work with you to avoid any negative consequences and help you get back on track with your payments.
Periods come and go, I wouldn't worry to much :)
You can be sued and your car repossessed.
Hopefully you did not sign the title over until it was to be paid for. If you did not sign over the title the car is legally yours. If you did, consult a lawyer.
There is no set time. You are gambling that things will fall into place before its too late. How long have you driven the vehicle now without paying? 4 months, 6 months, more???? Usually if a lender has to file a replevin, there is NO "catching up". The lender has lost faith in your ability and/or desire to perform the terms of the contract.