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.
READ your CONTRACT. IF the contract is in DEFAULT, the collateral CAN be repossessed.
It can be. but generally wont be unless its your first payment.
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.
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.
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.
If you are in DEFAULT of the contract, the collateral can be repoed.
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.
Its NOT a matter of HOW late, just that you ARE late. Read your contract. That should explain when you are in DEFAULT.
Yes it can be done,read your loan agreement.
READ your contract. If you are in DEFAULT of the terms, you can get repoed.