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.
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.
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.
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.
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.
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.