Until the LENDER cancels the repo order with the repo company, you are fair game.
Unless it's explicitly stated in the fine print that they can't do any such thing, they have a right to repossess the moment the payment is rendered late, if they so wish. However, if you have documentation from the bank showing them explicitly giving you a deadline date, and they come to repossess before then, you may have grounds for a lawsuit. However, you would need to find out if it was the bank which had your car repossessed on that particular day, or if it was the repossessors jumping the gun and going forth with it before the date which they were specified to take possession of the vehicle.
If you are more than 1 payment behind rest assure it will be repossessed. The way to prevent this is to catch up on your payments ASAP. Default on the loan agreement you signed, and they will repossess the vehicle. They will then sell the vehicle and you will pay the difference in what the vehicle sells for and the balance left on the loan. They will sue you for the balance, and you will pay. Your credit will then be ruined for 7 years. Avoid this if there is any way possible. Talk to the lender and see if something can be worked out. You do not want the car repossessed.
YES, IF YOU CLAIM NOT TO KNOW WHERE IT IS. If you call the bank and say I dont know where the car is its gone, they are going to tell you to report it stolen. If you stop making payments on it then they will repossess, if there is no car to repossess then you are still responsible to pay the monthly payment car or no car If you stop paying and there is no car to repossess then they at that point can take legal action against you. I dont know if its reported stolen but take my word for it you will pay somehow.
payment late?? then its NOT on time and in DEFAULT. WHAT is not stated in the contract??? No lender is going to repo a car when only one payment is 3 days late. If you have made all the payments on time and you are only 3 days late, and they repossed your car, you need to contact the lender and see what is going on. Something is not right here.
No, it is not correct. The following are all correct sentences:The payment will be made.The payment will be complete.The payment will be completed.Someone is going to make the payment.Part of the problem is the choice of verb: in English, we speak of "making a payment", not "doing a payment". Also, while "is going to" is not strictly incorrect when used in the passive voice, it can sound awkward, and "will" often sounds better.
If the gate is unlocked for any reason, the car can be repossessed. So, if we are talking about a gated apartment/community -- yes, as anyone can follow another car into the apartments or community. If we are talking about a locked garage, that is never opened...the car is not being driven at all...at any time... then no. But you are going to have to have proof that someone broke in. Your word against a lender will not get it back. Remember, the repossession is being done, as payment has not been made--the car technically belongs to the lender until it is paid off.
Technically no. They still can but they may not know your on active duty.Servicemembers Civil Relief Act Installment Contracts. The SCRA gives certain protections against repossessions for installment contracts (including automobile leases). If the contract was entered into before going on active duty and at least one payment was made before that time, the creditor cannot repossess the property, while the member is on active duty, nor can they terminate the contract for breach, without a court order.
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