Q:

How late can I be before my car is repossessed?

A:

The amount of time a person has to pay on a car loan depends on the laws governing the area they live in, as well as on contractual agreements with the car loan company. According to the Federal Trade Commission, some creditors are allowed to seize vehicles the moment the loan goes into default. Usually, default is legally defined as not making a payment on time.

Creditors have discretion on how much time they allow someone to make a car payment. According to Edmunds, grace periods vary according to factors determined by creditors. For example, a person that usually pays on time may be given more leeway than someone that always pays late.

Payment periods may also be discovered by reading the loan contract. Ultimately, the car owner is responsible to contact the lender in order to discuss delinquent payments before the lender takes action. Lenders might be agreeable to an extension of up to 30 days. If such an extension is granted, it is important to note that the car owner has 30 extra days from the regular payment due date.

If car payments extend beyond the due date and a repossession is imminent, car owners should remove all personal items from the car.


Is this answer helpful?

Similar Questions

  • Q:

    How many pay periods are in a year?

    A:

    There are 26 bi-weekly pay periods in a year, once every two weeks. The bi-weekly pay period is the most common. However not every company pays its employees every two weeks.

    Full Answer >
    Filed Under:
  • Q:

    How long does it take to get a GED certificate?

    A:

    The amount of time it takes a person to get a General Education Development certificate varies for each person. Because no two people have the same educational background and amount of free time, it may take longer for some to complete the program, while others may complete it quickly. The qualification tests take only a few hours, but students must usually spend many months studying before they are ready to take the tests.

    Full Answer >
    Filed Under:
  • Q:

    How do you play Sudoku?

    A:

    Playing Sudoku takes a varying amount of time depending on the skill level of the person playing. To play Sudoku, you need a Sudoku grid and a pencil.

    Full Answer >
    Filed Under:
  • Q:

    How can I make an FM radio jammer?

    A:

    Making an FM radio jammer is a complex process that takes a varying amount of time depending on the skill of the person creating it. In order to make your own FM radio jammer, you will need an oscillator, a 9-volt battery, an L.E.D., an antenna, a switch, a circuit board, a soldering gun and some spare wiring.

    Full Answer >
    Filed Under:

Explore