Car note payment 10 days late for chase will they come take the care.?

Question

First time being late on a car payment. I'm paying it friday but do I have to worry about them taking the car

Answer 1

No, they give you thirty days before it is reported to the credit agencies. Most banks do not initiate repossession action until 90+ days late.

The bank does not want your car, they want you to pay for the car so that they can make money on the loan. If they reposses the car they would have to wholesale it to a dealer at a loss.

Answer 2

First call your loan office and tell them when you can pay it. Chances are you have a grace period. If not I'm betting they will give you an extension, especially since this is your first late payment.  It's always a good policy to call and let them know if you are late on a bill because a lot of places will work with you, and it can save your credit rating. Good luck!

Answer 3

No!  A re-po is like 90 to 120+ days past due.

Answer 4

Call them. Be honest and upfront with the situation. Not only will it ease your mind, it may ease the pain in your wallet by avoiding a late fee.

Answer 5

it takes 'em a whole heck of a lot longer than that before they start thinking repo.

there will be a hefty late charge, though.