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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.

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โˆ™ 2015-07-16 18:10:49
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Q: Is it considered a repossession if you take the car back before the first payment is due because the dealer lied about what he would do to the car and how many miles were on it?
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Related questions

How late can a vehicle payment be in Virginia before repossession?

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.


How many payment do you have to be behind before they can repossess in the state of MN?

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.


How long before they can repossess you car in Virginia?

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.


What are the repossession laws concerning a title loan company and are they able torepossess a vehicle 2 weeks BEFORE the first payment is due?

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.


How many times can you be late for a car payment before it is reposessed?

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.


Repossession law in California?

Under California law, a creditor can repossess the vehicle if it is in default without notice, even if the car payment is one day late. However, if there is a co-borrower on the loan, the creditor is required to give notice before repossession.


Can you take out a stereo before repossession?

no


How far behind in my car payments can I be, before I have to worry about 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.


Is it legal to reposes a car 8 days before the payment is due and five days after purchasing the vehicle?

That sounds odd, repossession is usually done when you've missed payments.


How many payments can you miss before your car will be repossessed?

Legally if you miss 1 payment you are delinquent and they can start repossession proceedings on their vehicle. Remember it is not your car until you pay for it. It belongs to the lender.


Do you receive notification before auto repossession?

You will receive notices that your payments have not been received, making your auto subject to repossession, but you will not receive a date and time of the repossession.


Do you have a right to have a repossession letter before my vehicle is repossessed?

no

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