if your behind a payment and a half on your car loan can they repo it?
2007-10-27 03:17:33 · 6 answers · asked by igotyou888888 3 in Business & Finance ➔ Credit
Each payment has to be paid in full, or is considered delinquet. So while you might owe the equivalent of 1.5 payments to catch up, techinically they will consider you 2 payments behind.
The bank can repo the car after 3 months of delinquency, which is considered defualting on the loan agreement. Which leaves you 1 payment from losing your vehicle.
You might want to consider borrowing money from family or friends, or looking for a temp. part time job until you get caught up.
2007-10-27 03:45:20 · answer #1 · answered by Anonymous · 1⤊ 0⤋
1
2016-09-26 16:40:13 · answer #2 · answered by Valerie 3 · 0⤊ 0⤋
Technically yes. Anytime you are behind on payments then you are defaulting on the contractual agreement between you and the lender. If the lender feels it neccesary to collect the collateral with which the loan is secured, I would assume they could at anytime.
Most instances of repossesion that I have had the privavledge to know the facts about typically it's been 90 days late on the first payment that can trigger a repossession. Although, I would assume that if they wanted it, they could come get it.
2007-10-28 03:21:59 · answer #3 · answered by sfuller94 3 · 0⤊ 0⤋
Most all auto lenders will not repo a vehicle unless you are 3 payments behind.
Weather they can or not depends on their terms and conditions listed on your contract, weather they will or not is another matter.
Believe me they do not want your vehicle back they just want their money. Call them and make arrangements to get caught up on your payments and you will be fine.
2007-10-27 03:24:12 · answer #4 · answered by ? 7 · 4⤊ 0⤋
They would give a period of time before you pay off but is better you request fro a Long term Loan, Like a Private lender who offer Loan without processing fees. if you are interest contact us
2007-10-27 04:24:14 · answer #5 · answered by Anonymous · 0⤊ 0⤋
They CAN, but they probably will not until you are further in default. Legally, they can repossess a car as soon as you have defaulted beyond the terms stated in your loan contract.
2007-10-27 04:11:53 · answer #6 · answered by acermill 7 · 0⤊ 0⤋