How long do you have before a car is repo'd in IL? Can they do it if you're one payment behind (30 days)?

Question

How long do you have before a car is repo'd in IL? Can they do it if you're one payment behind (30 days)?

Answer 1

I am pretty sure every finance company is different. I unfortunately was having a hard time about 20 years ago and I was behind almost 2 months and it was repo'd. Another person I knew it took 3 months, so like I said it all depends on who you are dealing with. Try to make some arrangement with them and alot of times they will work with you. You do not want a repo on your credit report, it will mess you up for years to come. Good Luck

Answer 2

Depends. Here in Texas if you go to a we tote the note place they'll get your car the next day

Answer 3

It's not likely that they'll reposess a vehicle after only 1 -30 day laste payment. This doesn't mean they can't because by being late, you're not holding up your end of the contract.

Answer 4

Auto finance is what I do for a living and it really depends.

Most major lenders will not start repossession proceedings until people are 3 payments behind but it legally comes down to what it says in the terms and conditions of your contract.