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Is it legal for your auto to be repossessied if the payment is less than 30 days late?

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2005-09-16 22:58:50
2005-09-16 22:58:50

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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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.

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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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It means that you have to have settled the bill within 30 days or interest charges will be applied and legal action taken.

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

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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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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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Payment is due in 30 days with no discount

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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.

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When payment is received. But, most lenders offer a grace period for receipt of payments, partially for this reason. Your best bet is to give no less than three days mail time for a payment to be received.

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Yes, it's legal. You need to allow time for processing of payment and whatever paperwork and record keeping needs to be done. Be patient. Yes,It takes them that long to get the paper work in process.

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In my area they mean payment is due 30 or 60 days from invoice date, respectively. -- days net or -- days DOI meaning the same thing.

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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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yes there is.. it is 10 days from the due date.. but be prepared for them to call you everyday for those 10 days or until the payment is made. I was late by 2 days one time and not even 12 hours past my due date they were calling me about it.

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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).

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The phrase 30 days EOM stands for 30 days End of Month. A payment term that is granted as a 30 day EOM typically has a total of 45 days for the length of the credit.

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These days, they all do--which makes having your plane STC'd for auto gas slightly worse than useless. If you can't get legal gas, why do it?

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The Medicare Part A Deductible for 2012 is $1,156 for the first 60 days. $289 per day co-payment from days 61-90 days. $578 per day co-payment from 91-150 days.

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

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Accounts receivable is the payment of goods purchased today due in 30 days. It can also be called loans or allowances.

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3n10 net30 This is usually the way it's stated (or something similar) 2n10 net 30 means a 2 percent discount if paid within in ten days of the invoice date with full payment due in 30 days. So 3n10 would describe a 3 percent discount.

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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.

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My best suggestion is to contact your auto lender, and ask them the procedure for repossesions. Keep in mind that the bank can reposses your vehicle if you are 60 days late on your payments even if you attempt to only make half of your payments. Call them as soon as possible and work out a payment plan with them.

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A first payment default , is when a bank calls the loan on your car because you are late on the first payment, 30 days or not, actually acording to your service agreement you are late like 4 days after the due day. they take it as a personal insult when you miss the first payment, also as a sign of things to come. usually if the repossess your car for a first payment default they will not give it back if you catch the payment. they will call for the full balence on the note and send the car to auction. Check out www.stoptheRepoman.com for other answers like this.


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