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Only if you stopped making payments and are behind on your on your payments.
No. They can, however, repossess your vehicle
60 days is usual for most lenders, however, it varies.
As soon as you have defaulted on the loan, a creditor can repossess your car. So 24 hours after you have failed to pay, they can repossess your vehicle without notifying you.
Yes, your car can be repossessed by a company if you are behind on payments. However, it has to be a licensed repossess to be able to do this.
The lender will eventually repossess the car.
but were behind one payment from the year before?":**** you answered your own question, didnt you? Pay them $5.00 per month on the way behind payment and maybe they will be quiet. LOL
Typically when it comes to car repossession, a customer has to worry about their car being taken when they have missed three payments. Sometimes repossession can be held off by just contacting the company and reassuring them they will get their money.
Depending on the state of residence, it is possible for a lender to still repossess your car if you get caught up on the payments. Certain states allow a lender to request full payment of an auto loan when borrowers fall behind, even if they have caught up on past due payments.
Typically, a lender can repossess your car after you are 30 days behind on payments, though this can vary by state and lender policies. Some companies may offer a grace period or try to contact you before initiating repossession. It's essential to review your loan agreement for specific terms regarding delinquency and repossession. If you're struggling to make payments, contacting your lender may provide options to avoid repossession.
Yes, in Illinois, a lender can repossess your vehicle if you are three months behind on payments, even if you are making partial payments. The lender is not obligated to wait for you to catch up on payments before initiating repossession. However, they must follow the proper legal procedures to do so, including providing you with a notice, if required. It's advisable to communicate with your lender to discuss your situation and explore potential solutions.
If they come to repossess it, and you claim to not know where it is, then the repossession agent will report it stolen. At that point, anyone found in possession of it is in possession of a stolen vehicle.