How soon can my car be reposessed?
Alana T asked:
My payment was due on the 13th, but I haven’t been able to make the payment due to a family emergency. I am planning on making the payment on October 1st, when I get my annuity money, but until then I have no way to pay it. I have not ever been this late on my payment, but am worried that they will come take my car. How quickly after a missed payment can they repo my car legally? I live in Ohio.
http://www.stpaulhouseforsale.com/
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My payment was due on the 13th, but I haven’t been able to make the payment due to a family emergency. I am planning on making the payment on October 1st, when I get my annuity money, but until then I have no way to pay it. I have not ever been this late on my payment, but am worried that they will come take my car. How quickly after a missed payment can they repo my car legally? I live in Ohio.
http://www.stpaulhouseforsale.com/
April 3rd, 2009 at 5:36 pm
unless you receive a final notice of delinquency on the car, then you don’t have to worry much. but you need to pay the late payment.
April 6th, 2009 at 11:19 am
it’ll take over 3 months before they reposess your car. no need to worry. i couldn’t pay mine for 3 months…thats how i know
April 9th, 2009 at 10:33 pm
Call your finance Company and explain exactly what you stated above.
They will probably work with you.
April 9th, 2009 at 11:23 pm
Most of the time you have to be 3 months late before it will get repossessed. they may call and bug you if you go to long without making a payment. Just make it as soon as possible. It may even be a good idea to call and tell them you know your late but you had an emergency but you will pay the hole amount due on such and such date.
April 10th, 2009 at 12:57 am
each lender is different, but usually, you have to be about 90 days late on your payment for repo.
if you make your payment within 30 days of the due date, it probably won’t even make it in your credit report.
i would still call the lender and let them know that your payment is gonna be late.
April 13th, 2009 at 9:03 am
You do not say in your question if you have made a effect to contact your company to tell them about your situation. If you have not called them you should and tell them what is going on. Then i would think that they will work with you.
April 15th, 2009 at 11:31 am
No one wants to reposses your car, typically 90 days late is repo time it will still all vary on the company. If you can’t make your payment make arrangements with them. They loose money on repos….they’d rather you pay the note even if it’s late or partial.
Also some finance companies will let you push a payment to the back (i.e. skip a month) if you’re under financial stress.
Call and ask. Especially if you’ve never been late before. They’ll work with you.
April 18th, 2009 at 5:12 am
It usually takes being late 3 months.
April 20th, 2009 at 1:27 am
If it your first missed payment they will not repo the car. You have to miss three payments in a row for them to legally repossess it, but by missing payments it will hurt your credit score.
April 21st, 2009 at 5:51 am
You usually have to miss 3 payments before they come and repo it.