As long as you are in DEFAULT of the contract, the lender can repo the collateral.
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.
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.
Yes, you made a financial pbligation by signing the documents for the sale of this car. So, they can legally repossess that vehicle.
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.
I am 3 months behind on my mortgage? How long until they repo my home?
The limit is in the contract you signed. It likely says that when you are in default the lender can repossess. That means anytime you are behind at all... even one day, although most places wouldn't do that. They would rather get the payment rather than go to the trouble to repossess.
as long as you keep making payments the lender will probably not repossess the property. however, if you miss one payment the lender can repossess the property at any time.
it is legal, until it is paid for 100% and you have a title it belongs to them.
Yes. Once the lending agreement is in default the lender may take whatever action they choose in recovering the monies owed. It is a misconception that by making a partial or token payment the creditor will not be able to assert their legal rights. The lender can accept the payment, still repossess the vehicle or pursue litigation.
The most frequent cause of repossession is lack of payment on a note owed to a financing company or bank. The lender can repossess anytime after a payment is missed, but most won't start such proceeding until you've missed two or three payments. Always try to work with the lender before you get too far behind.
i am two months behind on my mortgage. can the lender refuse to take one payment?