when can a car lot repo your car?
in a nutshell i have a car loan that is due every 2 weeks(big mistake..i know now) i am 3 payments behind but it really isn't over 2 months. i heard from different people it takes 3 months to be behind before the repo process starts.
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A repossession can take place when you default on your loan contract (example: not making your payments on time).
When you default, your creditor has the right to repossess. It is always worth a try to call your creditor and see if you can work out pay back arrangements, but for sure don't count on three months, make the call now!
Technically, you are in default the instant you are a day late on one payment.
You are on borrowed time.
Buying what you can't afford was a bigger mistake than the bi-monthly payment. That's no contest.