I NEED TO KNOW IF POSSIBLE FOR THE BANK TO REPOSES THE CAR WHEN YOU ARE IN ARREARS EVEN IF YOU ARE PAYING MORE THAN INSTALMENT
If you read the terms of your contract, it very likely indicates that if you are even one payment late, you are considered in default and as such, the financial institution has a right to repossess. It doesn't matter if you pay more than the minimum required per payment. The fact that a payment is late is enough to consider the loan in default. Your contract may specify a grace period or number of payments late before they will consider you in default. Also, state law may regulate such matters. Check with your state and the specific of your contract.
That being said, it is costly for the financial institution to initiate reposession so most are hesitant to do so, but they have every right to do so without warning. You may want to contact them to inquire. Many times, if you show a good faith effort, they are willing to work with you and that is far better than waking up one morning to discover your vehicle is gone.
Sep 15, 2017 |
Cars & Trucks