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If your car payment was 22 days late and when you made your payment the car was repossessed on the spot is there anything you can do?

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2015-07-16 19:18:11
2015-07-16 19:18:11

It looks borderline MEAN, but if you were late, you were in DEFAULT and the lender has the right to repo when you're in default. Some lenders (BHPH lots) are MORE aggressive in their repo policies that others.

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READ your CONTRACT. IF the contract is in DEFAULT, the collateral CAN be repossessed.

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It can be. but generally wont be unless its your first payment.

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The length of time that a car payment can be late without being repossessed will depend on the bank or car dealers agreements. Payments made after a month may be in jeopardy of being repossessed.

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Yes. Most lenders give customers 10 to 15 days grace to make a payment or for a payment made to post. However, by the language of most car notes, anything past a certain period of time (usually two weeks) is considered delinquent, and the balance of the loan is owed. The lender at this point is not required to accept anything less than payment of the remaining balance. And, the vehicle can be repossessed at any time to secure payment of the remaining balance.

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Under Texas law, a vehicle may be repossessed even if payment was only late for 10 days. This means that is payment was due on the first day of the month, and payment has not been settled on the tenth, then, vehicle will be repossessed on the eleventh.

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Its NOT a matter of HOW late, just that you ARE late. Read your contract. That should explain when you are in DEFAULT.

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Read the fine print of your contract carefully. I have never heard of a vehicle leasing/purchasing contract NOT having a first payment default clause.

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READ your contract. If you are in DEFAULT of the terms, you can get repoed.

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No this is a bogus fee.Don't pay it ask for a reciept for what they are trying to charge you for.

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In some states under some conditions, YES. It depends on how many times you have been late, repoed, in default, the terms of the contract you signed,ect.

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A car cannot be repossessed until the owner has missed several car payments and the owner has been notified of late payments. In most states a car can be repossessed after three months of non-payment.

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Technically you are late if you make your payment anytime after the due date. The vast majority of mortgages are due on the 1st of the month. Most mortgage companies will not assess a late fee unless you are 15 or more days late. At that point the normal late fee will be 5% of your regular mortgage payment. The lender will not report the late payment to a credit bureau until you are 30 days late.

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Repossession can happen any time after a payment goes late; it all depends what the initial contract states.

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This would only be true if you have it specified in your loan agreement. Otherwise, as a general rule, anything paid after 10 days past the due date is considered late and incurs a late fee as well as being reported to the credit bureau(s) as less than 30 days late

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It depends. What was the result of that error being made? Was your vehicle repossessed because the payment went to the wrong account? As far as "legally filing a lawsuit" you can do that to anyone for anything. Most banks will rectify the mistake by correcting the routing of that deposit and clearing the late fee if they see that the payment was received on or before the due date. However, they can tell if it was an honest error or if you are trying to slip one by on them.

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It depends on how many times you've been late on vehicle payments. Most of the time though as long as you are making a payment of some kind on the loan your vehicle will not be repossessed.

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Legally? One day. Some loan agreements will have a late payment period that might be ten days. Read your contract for specifics.

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Well??? DO you owe a late charge from the month before? IF NOT, call a local attorney ASAP for state/case specific advice. Very Simple. Tote-a-note car dealers make GOOD money by repoing cars ASAP when late.

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If your payments are current, they're not coming to repossess your car. Trust me, the finance company would much rather have your money than your collateral (i.e., the car).

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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.


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