Usually there is a grace period for late payments; however it is not a requirement.
Yes, they can repo it for being 7 minutes late. Most generally will not unless its a first payment defaut or they have reason to believe you are going to screw them.
It is done in time not money i.e. days late.Generally 30-45 days late triggers a repo but they can repo after one day late.
You pay the LENDER what you are behind and the repo fee and go get it.
You are very close to repo time call the lender and explain the situation as to why you are late they usually will work with you.You usually don't get notification of a repo but it depends on your state.
no they can't
The lender CAN repo when you are 1 (one) day late.
We live in the state of Ga, and had been late many times up to but no more than 15 days late on our vehicle. Repo man showed up this last time as we were only 12 days late? Our lain papers say as long as we werent 15 days or more late??? whats the deal?
Theoretically, a car can be repossessed after 1 day of being late with payments. In practice, most banks don't take action until 60 or 90 days.
The length of time that a car payment can be late without being repossessed will depend on the bank or car dealers agreements. Payments made after a month may be in jeopardy of being repossessed.
if you are late 15 days on your payment they can take your car away.
Read your contract. It likely says the lender can repo anytime you are in DEFAULT. Two weeks late is unusual, but they could repo when you are 1 day late.