Charlie, if you signed a contract promising to pay X number of dollars for X number of months and dont pay, then the collateral will be taken back and considered "repossessed". Doesnt matter how the collateral gets back to the lender. Its a businness deal.
I am a repossession agent in Virginia it takes 2-3 months of not paying before the repossession status occurs.AnswerI am a repossession agent in Virginia it takes 1 missed payment then repossession status occurs.
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.
The lender can legally take the vehicle one day after the payment is due. That is, on the day the payment is late, the lender can begin repossession efforts. The day the payment is late, the contract is void.
The repossession laws will vary with each city/state. A title loan company can't repo a car if the payment is not yet due unless the car is behind on payments.
Your payment will be late, if it does not arrive on or before the due date.
Answering "How many times can you be late for a car payment before it is reposessed?" by law they can repossess your car when your 1 day late- there is no law against that! However, your best option, would be to contact CAR HELP USA. They stop repossession, get your payments up to date, lower interest rates, lower your monthly auto bill, help with repossession, and so on. They helped me get a car back from repossession in the past! Do something before the problem just gets worse.
The number of days a payment must be late before repossession can occur varies by state and contract. Typically, it ranges from 30 to 60 days past due. It is important to review the specific terms of your contract and familiarize yourself with the laws in your state regarding repossession.
You can start to worry about repossession of your vehicle as soon as you miss your payment. Depending on the loan amount and the type of vehicle you have you may have up to 30 days from your last missed payment to risk loosing your vehicle. If you keep in touch with the lender of your car, you have a better chance of not loosing your vehicle right away.
That sounds odd, repossession is usually done when you've missed payments.
no
Each lender will have different time periods they will allow before they send out an order for repossession, and their terms will usually be stated in the contract which you signed for your automobile loan. Technically, they could send out an order for repossession the moment you're declared delinquent on a payment, but most will usually wait at least a month before they take this course of action.
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.