I live in Virginia and have fallen 2 months behind in My car payments. can the bank repo my car now?

Question

I live in Virginia and have fallen 2 months behind in My car payments. can the bank repo my car now?

Answer 1

You bet they can!

Answer 2

Yeah the moment the bank or lending institution who financed your car put in the paperwork for a repo to take place you can expect them to show up when you least expect and take your car and there's nothing you can do about it. Usually it takes one missed payment for a repo to take place it happened to a friend of mine who missed a payment and she was home one night and woke up the next day and her Neon was gone. If you're having problems keeping up with the note pay as much over the minimum amount and if you're able to double up the payments to make your notes smaller to pay off your car sooner. You don't want a repo on your credit history because this can tell dealerships that you didnt pay on time. Like one person said in their post call the bank or lender and work out a payment arrangement and get caught up because you don't want to have your credit tarnished by a repo because it's that and bankruptcy that can hurt your credit score later on down the line.

Answer 3

It depends on the lender. Some will do it as soon as falling 30 days behind and some as far out as 90 days. In most cases they will inform you that repossession is a last resort. When you stop receiving collection calls then you will know that the time is near. Let me at least offer you a best of luck to you in hopes that it does not come to this.

Answer 4

Yes, they can.

There is no set time in which they'll send the tow truck. Some lenders will even do so after one missed payment (especially "buy here, pay here" lots). Some wait 6 months or more.

You DO NOT want a repo on your credit. Do what you can to avoid it. Call the lender NOW and work something out. If you ignore the issue, it will not go away and does not help your situation.

If you read other posts on here, you'll see answers pertaining to what happens to you if your car is repo'd.

Answer 5

Typically they can repo it after your first payment. Hiding it really does no good if it is a newer car. They have gps so they can just go and pick it up from anywhere. And if you got it from a small lot and its not financed through a bank they can just report it stolen. I know 2 people who that has happened to. Your best bet is to call and make a payment. Even if its not the whole payment. But if your car is newer you should have gap insurance that you can call and if you cant pay for some employment, medical, or having to pay for car repairs they pay the payment for you.

Answer 6

i think after like six months but call and ask

Answer 7

You better hope so - the longer you wait, the more in the hole you're going to be.  The car is depreciating, but what you owe is going up.  You'll have to pay the difference.

You need to either give it to them tomorrow, or else pay it off tomorrow.  If you sell it and pay it off tomorrow your credit would be somewhat better.

Answer 8

well yeah, if you don't pay the loan the bank will come and take it back.  Typically, banks are "for profit" organizations.

Answer 9

sure

Answer 10

hide your car now buddy!

Answer 11

Yes they will do so. Go see them and ask for special arrangements for the amount in arrears it might help.

Answer 12

only if they can find it !

Answer 13

yes the first payment u miss they could have taken it then....very bad idea... to pay it as soon as u can

Answer 14

yes any day