Do car loan company repo your auto when your less than 30 days late on your monthly payment?

Question

who isnt late at some point and time. Next year is my last year paying on my Car and for the 2nd time in 3 years I am late on my payment. the last time I was late was 2005 and it was 30 days and this time Im late under 30 days.. im telling the people I will pay them this friday and there telling me that is not good enough and to give them a post dated check. Im like hell no you can wait till this friday I have told them every day this week. So I finally hung up in there face and Im like What ever if they cant wait till Friday That doesnt make no sense to me. So can they repo my car if im not 30 days late? and is that normal to repo if your late less than 30 days? aside from that I feel like if they are going to do that why charge late fees.. what the heck!! Who knows the rutine on Car Loans that are 30 days or less late.. ?

Remember this is my 2nd time being late in 3 years

Answer 1

Auto finance is what I do for a living and I must agree with the first two poster, technically yes they may be able to take the car, but will they? No.

In reality you must be 90-days late before a lender can legally repossess a vehicle, unless it states different in their terms and conditions.

What you are dealing with is a low paid collection person that is only doing what they have been told. Don't worry, just make your payment on Friday and you will be fine.

Answer 2

Anytime you do not meet the terms of your loan agreement they can take back the car. So techically if you are just a few days late they could repo the car. The reality of the situation is that they won't even think about doing a repo until you are 90 days late.

Answer 3

Technically, they might be able to - read your loan agreement and see what it says. It's pretty unlikely though that they'd repo a car for a payment that's under 30 days late, especially when you have a fairly good payment record to date.