2006-08-30 01:29:12 · 3 answers · asked by marsie151 2 in Cars & Transportation ➔ Other - Cars & Transportation
I have repossessed vehicles that were under 15 days late on the payment!!!!! I ran a buy here pay here lot, and some of the customers were so "credit challenged" that they were on a payday payment plan. If they got paid weekly, they had a weekly payment on the car. If they got paid every other week, they had a car payment every payday.
Several of my weekly payment customers would miss a week, but if they owed two payments, I would go and get their car.
2006-08-30 01:55:35 · answer #1 · answered by fire4511 7 · 1⤊ 0⤋
I've not personally, but it happens. Read the security agreement portion of your contract. If the lender feels that their collateral (your car) is at risk, they can repossess it. Technically you are in default if you're 1 day past the due date.
2006-08-30 08:35:45 · answer #2 · answered by Adios 5 · 0⤊ 0⤋
They usually go at least 90 days before a repo - they actually lose money on repos, so they want to do everything they can to get you to pay.
2006-08-30 08:35:55 · answer #3 · answered by Caroline H 5 · 0⤊ 0⤋