Usually Three. Could be less in some states. In reality, one should not be any payments past due - this will definitely harm ones credit ratings for the next 7 years!!
Depends on what the contract you signed says. In most instances if you miss one payment then legally they can repossess the car.
They usually repossess when you miss two or three payments. They seldom repossess if you've just missed one.
Three payments
As soon as you have defaulted on the loan, a creditor can repossess your car. So 24 hours after you have failed to pay, they can repossess your vehicle without notifying you.
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It is probably stated in your finance or lease agreement that if you don't make your payments on time that the finance company has the right to repossess the vehicle. Consider yourself informed. Long story short, if you don't want your vehicle repossessed you need to make your payments.
Legally if you miss 1 payment you are delinquent and they can start repossession proceedings on their vehicle. Remember it is not your car until you pay for it. It belongs to the lender.
It depends on the terms of the contract. Legally if you miss 1 payment you are delinquent and they can start repossession proceedings on their vehicle.
Are/were you listed on the TITLE as leinholder? Do you have a written contract listing the vehicle as collateral? If no to these two uestions, you should call a local attorney NOW.
Legally search for WHAT?
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, in Illinois, a lender can repossess your vehicle if you are three months behind on payments, even if you are making partial payments. The lender is not obligated to wait for you to catch up on payments before initiating repossession. However, they must follow the proper legal procedures to do so, including providing you with a notice, if required. It's advisable to communicate with your lender to discuss your situation and explore potential solutions.