What are the repo laws in NC??

Question

How many months late can you be before they repo your car? And once its repo do you have to pay full price on your vehicle?

Help...its for my sister...and i have no clue what repo laws are in NC.

Answer 1

Legally if it's more than ten days late, they can start proceedings, but they really don't want her car so she will have more time. If the car is repossessed, she may have a chance to pay off the loan and keep the car, or make up the missed payments and pay the repossession fee. If the car is sold at auction, she will be responsible for the difference between the loan balance and what it brings at auction plus fees.

She needs to contact the holder of the loan and try to work out a payment plan so she can catch up.