what is the average time limit of nonpayment of a vehicle before it gets repossessed?

Answer 1

Depending on the finance company, you have the car put up for repossession in as little as 10 days after missing a payment, or they may go as long as 120 days.

A lot will depend on the age of the loan, the previous payment history, your credit rating, and the finance company's policy. If you have a good credit history, and have paid several years without a problem, the finance company is more than likely going to wait longer than if you are "credit challenged" or have a history with them of missing payments.

The usual rule of thumb (not a requirement and may not be what your finance company does) is they will not put a vehicle out for repossession until there are 2 payments in default. If your payment is due on the 12th of the month, it is in default on the 13th. If you miss a payment in July, and have not made a payment by the 12th of August, on the 13th of August, you would be in default 2 months, and most likely would be on the repossession list!

If it is a Buy Here Pay Here lot that is financing the vehicle, they may pick it up if you are a day late!!!

The best thing to do if you are behind in your payment is to call the finance company and see if some sort of arrangements can be made, they may allow you to skip a payment, or have other ways to work it out. They want to be paid, they do not want the vehicle back!

Answer 2

It depend on the circumstances.
If you have been good about payments it may take 2 to 3 months.
If you are continually late and have bad credit it could be as little as 1 month.

Answer 3

90 days is the limit all banks and re-po companies have to wait,before they can re-po it,,anything after that,,and it belongs to them,,sad but true,,most people manage to catch up on there payments before this time has gone by,,good luck.hope this help,s.