NOT TRUE, the leinholder can repo when you are ONE day in default. Naturally, they want the money and will give you every possible chance to catch up, but DONT wait till the ninteth day. You could be the lucky one that only gets 46 days. Sometimes yes...sometimes no...it depends on what your contract states. Some contracts allow for repossession after 90 days...others after only one day. Generally in practice its about 45-60 days after the payment was not made. Its rarely if ever under 30 days unless you have one of those "bad credit/no credit" outfits. Legally though most contracts allow for reposssession with only a 36 hours after the payment comes due. The one problem with this in practice is an account does not get reported as a past due until you hit 30 days past due. Usually most finance institutions do not begin repossession proceedings until 2 payments become due. Then they come full force. Usually they repossess a vehicle at a place of work during the day or one's home late night or overnight. These are two places where there is less likely to be a confrontation or the owner (soon to be former owner)would be able to chase such person off their property.
Once you have enough money to pay back the loan (with interest), go back to the loan officer at Golden Harbor Bank. You should check the amount on your balance sheet (lower left ship symbol), because it must be paid in full. As soon as it is paid (even immediately afterward), you can take out a larger loan.Loans are good for 20 "days" (a "day" being leaving one island and arriving at another) and charge 5% interest each day. If a loan is not repaid by 20 days, it becomes overdue and you cannot buy a larger ship until the overdue loan is repaid. It will not accrue interest once overdue.
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