When a finance company stops receiving payments from a car owner, they will initially send out a default notice in order to state that the repayments have not been made. This will give you the opportunity to clear arrears and usually gives a time frame of 7 - 14 days to put things right.
If payments are still not made, the finance company will then apply for a repossession order from the courts so they can send bailiffs to repossess the car. The time frame for this process usually varies depending on the finance company, some will act quicker than others. You can expect the bailiffs to arrive at your door within a month from the expiry date of the default notice. The car will often be sold at auction at a knockdown price and the finance company will then pursue you in order to recover the difference.
It is always recommended to contact the finance company and not avoid them. They will often try to come to a resolution and repossessing the car is usually the last resort.
60 days
The length of time that a car payment can be late without being repossessed will depend on the bank or car dealers agreements. Payments made after a month may be in jeopardy of being repossessed.
The lender CAN repo when you are 1 (one) day late.
Apparently they can my car was repo'd yesturday after being late 1 month
Typically it takes up to 5 months of no Payments for Capital One Auto Finance to decide to repo. Whether its the same of home and other Finances I do not know however, when the 5 month mark hits, they will begin paperwork and by the 6th month you will have your possessions taken.
YES. Read your contract. Does it say the lender cant repo IF you have no other vehicle? I think not. Less than a month behind??? Some lenders will repo when you get 3 days late. Any time you are in DEFAULT of the loan, the lender CAN repo. They may not, but they can.
One day late. I live and own 2 repo companies in Washington. Sorry, but that is the law.
Read your contract. One day. As long as you are in default of the contract, the lender can repo the collateral. That could include no ins. coverage.
Yes, they can repo your vehicle if it is even one day late. Check your contract, though. It might tell you how long exactly you have. If it gives you a time period of, say, two months and they repo it after one month, then you may be able to get your car back because they breached the contract. However, if there is no guaranteed grace period, that probably means they can repo it anytime you default on your loan.
REPO LAWS DOT COM has a good over view of the rules in Texas.
In general, you have 0 days, unless your contract explicitly states a longer grace period. In practice, most places won't bother until you're at least a month late.
It is done in time not money i.e. days late.Generally 30-45 days late triggers a repo but they can repo after one day late.