answersLogoWhite

Top Answer
User Avatar
Wiki User
Answered 2005-02-14 21:21:40

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.

001
๐Ÿ™
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
๐Ÿ˜‚
0
User Avatar

Your Answer

Loading...

Still Have Questions?

Related Questions

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

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.


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

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...


What circumstances other than overdue payment permit a creditor to repossess collateral?

The answer to this question depends on your contract terms. Usually, a contract will spell out what constitutes a default. The contract should also say that if you default, they can repossess the collateral.


Is Quarantine scarier than 28 days later?

No. Not at all.


If the president doesn't sign the bill but holds it for more than ten days what happens to the bill?

It becomes law by default.


What does a late short and light period mean?

late-later (in days) than expected. Short-shorter (in days) than normal, Light-light flow.


Can your car be repossessed if your payment is less than 30 days delinquent?

Maybe. Once a contract is in default, meaning a payment is late regardless of whether it is a day or a month (unless there is a grace period) the lender may take whatever action deemed necessary. However, some US states require a "Right To Cure" notice be sent to the borrower before repossession action can be implemented.


What is a liquidation notice?

If this question has been asked in relation to the Indian laws than a liquidation notice means in orders issued under the Indian companies act 1956 seeking the liquidation of the company on account ofseveral reasons including Default in payment by the company. did notice is for a period of 21 days and if the company fails to show cause or make payment, then the issuer of the notice can seek liquidation of the company.


Individuals are to be notified no later than how many days after the breach is discovered and the individuals have been identified?

10 working days


Can a debt collector refuse a payment?

It depends on the terms of the loan contract. * Yes. Once a contract is in default a collector or creditor does not have to accept anything less than the full amount owed.


How many days you have to be behind before they can legally do a repossession in Arizona?

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.


What is your default printer?

The default printer is the one that the computer recognises first if you have more than one printer connected. You can nominate which printer is your default if you have more than one connected.


Would you get pregnant two days after period?

It is less likely than later in the cycle, but you sure can get pregnant two days after your period.


How long does a Valium pill stay in your system?

I have tested positive more than 10 days later i had been doing a lot of them but i was positive between 10 days and 2 weeks later


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.


If you live in Georgia can they repossess your car if you were less than 30 days late?

YES, anytime you are in DEFAULT, the lender can repo. Tote-a -note lots are famous for 3 days late repos.


Is there any concern if your period came 2 days later than expected?

It's normal for there to be around 7 days variation from your average menstrual cycle. Your period wasn't late so much as later than you had predicted, that's all.


What day of the week will it be in 9000 days?

9,000 days is 5 days more than 1285 weeks, so the day of the week in 9000 days will be five days earlier in the week, or two days later in the week, than it is today. As an example, if today is Wednesday it will be Friday in 9,000 days.


Did zendaya date jaden smith?

yes than 5 days later she went with princeton


Will credit card companies negotiate down a balance before you default?

They won't reduce your debt. However, If you're in difficulties, credit card companies would rather negotiate a lower payment rate over a longer period - than default your account. They would normally try to help a customer than go down the legal recovery route.


What does seven to ten days mean?

It is estimated to occur no sooner than 7 days from now, and no later than 10. You can reasonably expect it to happen some time during that period.


What are your cosigner rights when a payment is not made?

As the co-signer of a loan you have more obligations than rights. You have signed a contract with the lender promising that you will pay the loan. If the person you co-signed for doesn't share your address (so you can monitor the account) you should ask the lender to notify you immediately in the case of a default. You should make the payment that has been missed and then seek reimbursement. Any default on the loan will affect your own credit record and if the other co-signer doesn't pay you will be held responsible for full payment of the balance due.


Can the bank repossess a 30K dollar car when less than half is still owed and only 128 dollars is past due?

The bank can legally repossess a car at any time you default on the loan regardless of the vehicles value or the amount past due. If your car payment is due on April 1st and you don't pay than you are legally in default on your contract. If you make a partial payment (less than the amount you agreed to pay in your contract every month) and the bank didnt agree to this arrangement then you are still in default. The best bet would be to pay the $128 before the car is repossessed or to pay the back balance owed if it has already been repossessed.


Why did your period come three days late?

Your period wasn't three days 'late' it was just three days later than you had predicted - a few days variation in the menstrual cycle is completely normal.


How long can chopped onoions be safely kept in the refrigerator?

for about 4 days..later than that it will become dry..