2006-11-14 16:23:43 · 6 answers · asked by ryan s 5 in Business & Finance ➔ Personal Finance
That is up to the finance company. Some will repo it if you're late two or three payments. I would try to get them caught up ASAP or call them and see if they will work a new payment plan up with you or else you might be walking really soon.
2006-11-14 16:28:59 · answer #1 · answered by kelly h 3 · 2⤊ 0⤋
All good answers so far. Yes - ONE payment puts a creditor in the right to repo. Generally that does not happen, but legally you are late at one day.
COMMUNICATION. COMMUNICATION. COMMUNICATION. That's the key to walking or riding. Talk to the lender. Lenders understand financial problems more than they are given credit for! You would think for the American public that lenders have never experienced financial set backs themselves. Many even don't think that of them as humans! (Just kidding.)
But talking to the lender makes all the difference in the world. There is a huge difference in "can't pay" and "won't pay". When someone avoids calls - or better yet - they aren't the one that makes the call to the lender - avoiding etc - takes a customer to a "won't pay" category quicker than anything.
Talk is the best thing. Be honest. If you have simply overspent - tell them. Perhaps budget counseling is needed. Many lenders provide this at no cost.
We only want to help you succeed. We do not like to repo any more than you like to walk.
Go. Now. Run - don't walk - to the nearest phone and call your lender. NOW. :-)
Good luck.
2006-11-18 04:50:47 · answer #2 · answered by chey_one 3 · 0⤊ 0⤋
It does depend on the company. My sister at one time was consecutively late on her payments sometimes by four of five months. Her car was never repoed
If you are finding hard to make your payments you might try to refinance the car with a lower rate through your bank (if they dont already have the loan). Also if you are just behind one payment ask the lender if they can roll it back into the loan. Sometimes they are willing to do that.
2006-11-14 23:38:10 · answer #3 · answered by lady_christian99 3 · 0⤊ 0⤋
it does depend on the company... i used to work for 2 different collection companies... one was a major us car manufacturer, the other was for a bank. Both actually gave you more time depending upon previous payment history & how MUCH you communicated with them. A lot of folks avoid collection calls, but talking to them actually works better.
For the major car company, it was usually after 3 payments had been missed, for the bank, it was after 2 payments.
Also, laws vary from state to state. So be careful & good luck!
2006-11-14 16:34:17 · answer #4 · answered by jae 2 · 3⤊ 0⤋
it could be ultimate to enable them to be attentive to what your intentions are as quickly as possible or you could awaken and discover your motor vehicle long previous. You singed papers promising to pay a undeniable quantity on a undeniable day so technically, the day your first value replaced into overdue, that they had the ultimate suited to take the motor vehicle decrease back. maximum banks provide you with slightly slack and how lots relies upon on the financial corporation. What often hastens the repo technique is while they are able to't arise with you to make certain what is going on.
2016-12-14 07:29:33 · answer #5 · answered by ? 4 · 0⤊ 0⤋
One- YES ONE! That is all it takes. Why don't you be an adult and make your payments on time?
2006-11-14 16:33:30 · answer #6 · answered by fasb123r 4 · 0⤊ 3⤋