I recently lost my job and have not yet found a new job. I owe approximately $6,000 on an $18,000 car loan. Does anyone know the law regarding repossessing. I was just wondering how many payments I could legally miss before losing my car?
2007-09-13 09:56:19 · 13 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
They have the right to start repossession even after you miss one payment, but usually they go after you after two missed payments.
If I were in your shoes, I'd call the financial company and try to make arrangements. If you were always on time with your payments in the past, they might be willing to work with you (let you "postpone" a couple of payments or something like this.) What do you have to loose, if you try?
2007-09-13 10:06:54 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Well That Deals Alot With Your Loaner(Lender), How Many Payments You Miss And How Long Your Account Is Delinquent Go Hand In Hand. Most Of The Time After 2 Or 3 Missed Payments And No Response From You As To Why Will Raise Red Flags. Most Loaners(Lenders) Are Willing To Work With You On Things Like This Some Offer The Option To Skip A Payment At No Cost To You Or No Penalties Ask About It. It Dependes On How Many Payments The Loaner(Lender) Will Allow You To Miss Before They Hand Your File Over To A Collection Agency. Everyone Falls On Hard Times So Just Talk To Them And See What They Say. If Not Hide Your Car And Just Make The Payments When You Can. Tried And True.
2007-09-13 10:13:17 · answer #2 · answered by DTwiz 1 · 0⤊ 3⤋
You guys are all idiots I tell you what I did and it worked you have to look at the big picture and think outside the box. I bought a 2008 truck new I made 2 payments on that vehicle then I lost my job. Then I ran with the truck the repo guys looked for that truck for three year lol. They could not find it then they sent out the skip tracers they tried to find me for thirty days no luck lol. Then they wrote the truck off why did they do that the bank had the loan as a bed debt, They need to get that off the books as quick as possible all loan are insured though the insurance company they have so the insurance company paid the loan off. Then by law they label the credit bureau as a paid collection then the vehicle is free a clear. If the vehicle has gps in it pull it out the law reads as follows it becomes sue or seize if they seize it they can not come ofter you for anything else. I know this because I did it so I know how it works lol
2016-10-20 11:57:23 · answer #3 · answered by Chris 1 · 0⤊ 1⤋
This is tricky -First off after you miss 1 payment -then can take it (legally) However, you really need to inform your LENDER of your situation and see what they can do to help -sometimes they can take 1 month and add it to the end of your loan to buy you some time. If its a Buy here Pay here -there the toughest and less likely to care and just take it. My Toyota Tercel back in 1996 was repoed after just 2 moths no payment -dispite the calls we made to them. And it was financed through a regular bank. Call your lender now -dont wait and get employed soon
Good luck
2007-09-13 10:09:59 · answer #4 · answered by Rain 2 · 0⤊ 0⤋
Legally, one.
However, most lenders try to settle the payment problem with you before resorting to repossessing the vehicle.
And they would much rather hear from you than have to hunt you down. Just call them and explain that you lost your job. They can make a lot of flexible extensions on your loan if you let them know what's going on. If they have to come find you, thay won't be so willing to help.
2007-09-13 10:04:02 · answer #5 · answered by Stuart 7 · 0⤊ 0⤋
This would be in the terms and conditions of the loan, and I don't believe it's a matter of law (as to how many payments you may miss). I would attempt to contact the company that financed the car and try to work something out. Getting a car repossessed isn't a nice thing to have on your credit if you don't have to.
2007-09-13 10:03:59 · answer #6 · answered by Bob Thompson 7 · 0⤊ 1⤋
If you wake up and look outside,or go to the garage and it's gone,it,'s to late.
it depends on who you bought the car from.A dealer will work with you,but don't expect any
favrites.If you lost your job,how will make payments and catch up.
I'm afraid your gonna looseit.Dealers make big money on repos and reselling.
JUST try to work a deal.
Some dealers have a Grase period,but the missed payments you missed will be added on the end.
2007-09-13 10:15:32 · answer #7 · answered by Anonymous · 0⤊ 0⤋
I believe it depends on the lender and the state you live in, but the repossession process usually starts at 60 days past due. It would be to your benefit to talk to the lender NOW, before you find yourself in this situation. They might be able to defer a payment or two until you're working again.
2007-09-13 10:05:01 · answer #8 · answered by Anonymous · 0⤊ 0⤋
It depends on the lender. Most banks will work with you if you let them know right away what the situation is. I would say 3 or 4 payments tops. But, hopefully, you will be back to work before that happens. Talk to your bank.
Good Luck.
2007-09-13 10:05:31 · answer #9 · answered by snowbirdbabe 3 · 0⤊ 0⤋
A few payments I missed 4 and my car got repoed talk with your bank ASAP
2007-09-13 10:02:52 · answer #10 · answered by Anonymous · 1⤊ 0⤋