Read your contract. It likely says that anytime you are in DEFAULT, the collateral may be repossessed. That means ONE (1) day. NOT months, weeks or payments. LENDERS AND BANKS ARE TAKING MANY CHANCES IN THIS ECONOMY.
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Legally if you miss 1 payment you are delinquent and they can start repossession proceedings on their vehicle.
Legally if you miss 1 payment you are delinquent and they can start repossession proceedings on their vehicle.
ONE day.
The repo man will tell you that, but no it is not true.
No. They can, however, repossess your vehicle
If you do not want your car repossessed, then you need to keep up with the payments on your car. If you are behind on payments, then your car could be taken away from you legally.
You absolutely can trade in your vehicle even if you are behind on your payments. When you trade a vehicle in the dealership you are purchasing from pays off your previous loan in full, so being behind on your payments will not affect anything other than the total amount due on your car. Of course when the new dealership runs your credit report it will probably reflect that you are currently behind and will also show how many months you are behind.
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.
Legally, ONE day. As long as you are in DEFAULT of your contract, the lender CAN repo the collateral. Read the contract for more on DEFAULT.
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3 payments
Depending on how many payments your behind. If you are behind a great margin I think they would to try to make back the money lost but if you're one or two payments behind they will give you a chance to catch up and if you fail to make any payments after they contact you they will sell.