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It all depends read your contract. It's legal if the loan is in default. Now you need to find out what constitutes a default in your signed contract. Things like lack of insurance and other conditions usually apply that most people are unaware of. Read your contract...

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โˆ™ 2005-09-16 22:58:50
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Q: Is it legal for your auto to be repossessied if the payment is less than 30 days late?
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Related questions

Can an Auto Ins Company Charge a late fee without your knowledge and only find out when you are 4 days late on a payment?

i am late on payment for auto insurance what can i do.


I am 126 days late on my auto loan what can happen to me even if i can't make a payment right away?

If you have not a made a payment, then the company has the legal right to repo the car. Try to call the company to see if you can negotiate the terms or either ask for a deferment.


Is it legal for a car dealer to repossess a vehicle after 27 days late on payment?

Depends on your jurisdiction. If you're late on a payment for just 1 month, it's legal for the car dealer to repossess your vehicle, but 27 days seems a bit uncalled for.


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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.


What does 31 days nett payment mean?

It's a payment term meaning: payment due 30 days from the end of the month in which the invoice is raised.


What does 30 days nett monthly mean?

It's a payment term meaning: payment due 30 days from the end of the month in which the invoice is raised. It's a payment term meaning: payment due 30 days from the end of the month in which the invoice is raised.


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If payment terms are payment in 60 days is that legally when payment is sent or when it is received?

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Can a bank refuse a payment on a auto loan?

Absolutely. There are other reasons other than a late payment for a bank to repossess your car. Cancelled insurance or a big drop in your FICO score. If you seem like a credit risk to your bank all they have to do is wait for you to become delinquent once and they have the legal right to default the loan and get the asset back. At that point they can refuse payment and keep the vehicle in most states. The only way is to pay off the full amount of the loan within 10 days.


What does payment terms of 30 days DOI 60 days net mean?

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Is it true that if a consumer does not make the first payment in 30 days they are not obligated to the contract and can return the vehicle?

No, once the contract is signed by all the involved parties it becomes legal and binding.


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Is there a grace period with capital one auto loans?

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By how much will a credit score drop if a mortgage payment is 30 days late?

When most credit scores are computed, there is no difference in type of late payment at the 30 day point. Whether it be a mortgage payment, auto loan payment, personal loan payment or credit card payment, the impact is going to be generally the same (unless one has a record of late payments). The credit score will drop from 25 to 50 points for the missed payment and it will take about a year to get MOST of those points back (two years is generally the "missed payment" cutoff for most scoring systems).


What is meant by payment term OA 30 days?

open account 30 days..


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Legal definition of "Business Days" all days excluding Saturday, Sunday, and Federal Holidays.


What is payment of goods purchased today due in 30 days called?

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Payment terms include advance payment of goods and/or partial payment. In addition, a letter of credit can be submitted to the exporter of the good specifying a date which full payment will be received. This can be within 30, 60 or 90 days.