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What can you do if you are only behind 1 payment and only owe 1000 but the lender says they want their money by Wednesday or they will repossess?

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2011-09-13 22:09:47
2011-09-13 22:09:47

I wouldn't leave the car alone very long. LOL It prolly wouldn't be hard for the lender to get the balance due if they sell the car at auction.

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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.

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In North Carolina, a lender can repossess a car when just 1 payment is missing. They can also repossess it if you let the insurance lapse and are current on your monthly payments.

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Depending on the state of residence, it is possible for a lender to still repossess your car if you get caught up on the payments. Certain states allow a lender to request full payment of an auto loan when borrowers fall behind, even if they have caught up on past due payments.

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As long as you are in DEFAULT of the contract, the lender can repo the collateral.

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Yes, you made a financial pbligation by signing the documents for the sale of this car. So, they can legally repossess that vehicle.


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