Can a bank repo a car for 1 payment behind? ?

Question

the bank lady (who we don't get along with) called and said my payment was due on the 19th and she's gonna repo. i'm not behind other than that..and there is a 15 day grace period that she's not giving us. we have been behind in the past but are caught up. can she legally reposess the car for this few days late? i always though you had to be 2 full payments behind before they could repo.

Answer 1

Depends on what it says in the terms and conditions but most all major lenders do have at least a 10 day grace period and can't even report the payment as late until it's 30 days past the due date and most all major lenders will not actually start repossession proceeding's until customers miss 3 payments.

Dig out your contract and read the terms and conditions on the back they will explain exactly what the bank can do and when most likely the lady is just trying to scare you.

Answer 2

I don't know what the legality of it all is. Your best bet is to call the banks manager directly or even just show up personally. The pone to many people is like being inside cars. People behave differently but, once you show up personally their song changes. Talk to the bank managers and explain the situation and mention that you believe you had a grace period as most payments do. More often that not it is not in their interest to repo your car. The thing is that even though they could resell it and make extra money on it, it is more work for them. It cost them money for storage, to pay the repo man, and other taxes. Plus in todays market where cars are not selling well is even less convinient. the only person who benefits here is the repo man because thats how he makes a living. Not to mention that they will loose you as a customer. It just makes more bussiness sense to deal with you because is better to receive $300 to $500 a month late than loose the thousands in money you deal with them. I mean I'm assuming this is the same bank you usually do bussinness with like have your checking account. If not then this weapon won't work for you well. But, if it is the same bank, threaten to close your accounts completely and make a big show out of it. Make a blog about it too and s***w them royally. Bad publicity is bad for bussinness.

I'm not advocating for people not to pay their bill.s It is the banks money after all. What I'm saying is that when people are down the big guys become opportunistic and kick you in the ribs.

Very important is to get everything in writing. Have them show you the contract. If the contract says you have a 15 day grace period then they have to abide by it by law. A lot of people like making empty treats, meaning they want you to pay but in reality they have to wait just like anybody else. They do hasel though. anyways, get all agreements in writing.

Answer 3

Sorry but there is no GRACE period.  Payment is due before the 19th.

and yes it can be repossessed.  Since that costs money most lenders do act that quickly.  Just pay your debt and eliminate the headache.

Answer 4

(yes) But with all the repo's if you just call your bank they will work with you . It is cheaper for you to keep the car than pay some one to repo it.  

Answer 5

No - I worked in Finance for several years and this a scare tactic. They can not repo your car until at least 60 days . There are several legalities you have to go through 1st . In most cases you will be sent a letter regular mail and then a notice to repo letter sent certified .  The company will in most cases if its local where you live will do a " chase " which just means they will come to your house and leave a letter on your door if there is no contact . This Collector was a little out line stating  she could repo your auto with in the " grace period " . BUT since you have been late in the past that's why they are continuing to call you and give a " reminder " your payment is due .

Just keep in contact with the company and pay on time and you will not have these calls .

Good luck

Answer 6

She's probably just bluffing, trying to annoy you. They are always aggressive at first because they do want the money considering how bad the economy is doing. Doesn't sound like the bank values their relationship with you, otherwise they'd stick to the contractual terms, which, by the way, I would review if you want to be sure. Then you can always write them a letter (no phone calls, you can't record them) reminding them of the grace period.

Answer 7

Read the loan agreement where the details will be spelled out.  You MAY find the area gray and fuzzy.  In which case, it's much, much better to appease and get along with the bank folks than face the hassle and expense of giving them the opportunity to repossess the vehicle.