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How soon can my car be repossessed in california if I miss one payment?
18th September 2009
I am current on my car note; but I’m wonder what would constitue as a "default." I’ve read that before my car can be repossessed, I have to have to be atleast 90 days late, is this true? I’m wondering if the loan company has legal rights to take my car if I miss my next payment.
Posted in: Auction FAQ | | Comments (3)
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If your payment is due on X date, unless your contract specifies a grace period, you are in default the day after the payment is due, and could have the car repossessed.
Normally, finance companies do not start repossession procedures until you are at least 30 days behind. A lot of this is going to depend on your payment history with them, and the age of the loan. If you default on the second or third payment, they may take action more quickly than if it was payment 41, after 40 on time payments.
If you are having problems, contact the lender before you are late. Most likely, they can work something out for you..
Comment by fire4511 — September 18, 2009 @ 4:14 am
take a peek out the window they might be eyeballing it as we speak
Comment by ken k — September 18, 2009 @ 4:14 am
The 90 days thing is 100% BS.
Ive heard of cars being snagged at 4 days late. It can be done 1 day late.
In the current economy, lenders are TRYING to work with customers more.
But if you don’t pay or communicate for 60 days, you will likely be sent for repo. Maybe sooner.
Communication is key. If you are ignoring them or repeatedly lying to them, they are more likely to snag it sooner rather than later.
Comment by N — September 18, 2009 @ 4:14 am