Preventing reposse of a 05 saturn?

Question

my brother is in jail right now for being at the wrong place at the wrong time. The family got together today to help him from not getting his car reposse. without calling the finance company can anyone tell me how many payments can you be behind before they reposse his car his payments are 400-500 a month. He's not down a payment now but he will be lol. thanks

Answer 1

i think its 2 or 3. not for sure though.

Answer 2

Technically they can repossess the vehicle as soon as the loan is past due. Some states may require a right to cure or notice of intent to repossess which gives a 10 or 14 notice before action can be taken.

Since your brother is in jail, they may be able to repossess the vehicle even if it the loan is not past due and may not have to give the above notices if your state requires them.

The collateral may be deemed "in jeopardy" since since the signer of the loan is incapacitated from paying due do his being in jail.  In this situation the lender may have the right to take possession of the vehicle even if the loan is not past due. If this is the case you may have no choice.

Answer 3

I worked as a recovery agent for 20 years so what I tell you will be real good info, I promise. Call the bank NOW do not wait. Let them know he got jammed up. If he has had it for a while, they may take a partial payment to work with him. Or they will come up with another solution. If the car is safe, and has insurance and he is not late on the payments, and he is a " little" jammed up they should work with you. Just do not hide it or lie or be sarcastic; they take this as a sign of aggression.