2006-09-21 22:17:17 · 8 answers · asked by killerbee492001 3 in Cars & Transportation ➔ Other - Cars & Transportation
Lefang doesn't know what they're talking about.
The bank can usually repo a car as soon as you are in default of the loan terms. Your usually allowed a grace period, but after the first late month, your car can be repossesed.
What happens is a recovery company will come to your home or place of work to pick up your car. Then, if you cannot pay the balance of the loan in full or what the bank is requesting, it will go to auction. Your car will be auctioned off to the highest bidder and then you will be responsible for the balance and fees.
The best thing to do if you cannot make your payment is to go to your bank, explain to them your situation and ask to move the unpaid months to the back of the loan.
If you hide the car from the repossesers, you could be charged with grand theft. The car is partially owned by the bank, so basically, you are borrowing the car from them. The smartest thing to do is just to work with your bank instead of being white trash like half the people answering this question.
2006-09-21 22:45:25 · answer #1 · answered by Loud Fast Rules 2 · 0⤊ 0⤋
the bank sells the debt, the repo company reposses the vehicle
and can do so once the paperwork is complete ,its very slick, so the period is very short less than a week in most cases. regards LF
2006-09-22 05:27:43 · answer #2 · answered by lefang 5 · 0⤊ 0⤋
They can repossess as soon as you are 30 days late.
Many banks give you a little more time than that,
but some of them don't wait once they send you a repossession notice, to avoid you taking off with the car.
2006-09-22 08:13:07 · answer #3 · answered by msdagney 4 · 0⤊ 0⤋
I take it you can't read the fine print
legally I thinking 30days past due Most companies want your money not your car and going 60 90 tops past due
I park it in the garage and down the street from work!
2006-09-22 05:25:20 · answer #4 · answered by ? 3 · 0⤊ 0⤋
If you park the car on a trailer they cant take it because they cant take it off your trailer and they cant take your trailer. My friend has a 4wd chevy blazer hes had for about 20yrs the bank tried to repo and its still on that same trailer.
2006-09-22 05:41:25 · answer #5 · answered by master_shake_zoola 2 · 0⤊ 0⤋
It will depend on the wording in your contract of sale-usually they will repo it very quickly,especially if you already have a poor track record with the finance co.
2006-09-22 05:24:50 · answer #6 · answered by willoroy 3 · 0⤊ 0⤋
However long it takes for DOG Chapman to get back from Mexico
2006-09-22 05:19:32 · answer #7 · answered by oatie 6 · 0⤊ 0⤋
They are not required to wait at all they can take it as soon as they want to!!!!
2006-09-22 05:21:17 · answer #8 · answered by ru2tipsy2c 3 · 0⤊ 0⤋