They usually repossess when you miss two or three payments. They seldom repossess if you've just missed one.
Read the fine print of your contract carefully. I have never heard of a vehicle leasing/purchasing contract NOT having a first payment default clause.
It depends on how many times you've been late on vehicle payments. Most of the time though as long as you are making a payment of some kind on the loan your vehicle will not be repossessed.
Its NOT a matter of HOW late, just that you ARE late. Read your contract. That should explain when you are in DEFAULT.
Actually one, I have repossessed cars for BMW where there customer was three days late. it all depends on the states laws I have a website that may help you avoid having your car repossessed. www.stoptheREPOman DONT LET TTHE BANK TAKE YOUR CAR BACK!
A car cannot be repossessed until the owner has missed several car payments and the owner has been notified of late payments. In most states a car can be repossessed after three months of non-payment.
READ your CONTRACT. IF the contract is in DEFAULT, the collateral CAN be repossessed.
Yes
Obvious answer, Yes.
Under Texas law, a vehicle may be repossessed even if payment was only late for 10 days. This means that is payment was due on the first day of the month, and payment has not been settled on the tenth, then, vehicle will be repossessed on the eleventh.
Ones on which the owners are late on the payments. :-)
Ones on which the owners are late on the payments. :-)
If you are in DEFAULT of the contract, the collateral can be repoed.
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.
Read the fine print of your contract carefully. I have never heard of a vehicle leasing/purchasing contract NOT having a first payment default clause.
Absolutely.
Technically the car can be repossessed when your loan becomes 30 days late. The industry standard is to start looking for the car after 90 days. This is for large banks. If you purchase a car at a 'buy here pay here' lot, they WILL take the car on the 31'st day.
It depends on how many times you've been late on vehicle payments. Most of the time though as long as you are making a payment of some kind on the loan your vehicle will not be repossessed.