a car is reposses for lack of payments? Please state if it's days or months. Thank you.
top Ad Widget
Collapse
Announcement
Collapse
No announcement yet.
How long before
Collapse
X
-
I stopped payments on two motorcycles and a boat in June of 2009. We filed bk13 in July of 2009. The motorcycles were repoed in January and I still have the boat nearly 9 months in. I kept insurance on the motorcycles and used them up until December. The insurance just recently lapsed on the boat and I have not heard a word from the bank.Filed July 2009. Discharged 08/08/2014. Awaiting closing. We made it !!!! Woo-hoo!
-
Originally posted by xena View Posta car is reposses for lack of payments? Please state if it's days or months. Thank you.
In other words, if you always paid on time and missed a single payment... they aren't coming to get your car. If, however, you were a slow payer -- which means you always used the grace period and missed payments here and there -- and become past due to 61 days.. they can start the process to repossess. (Please note, that your State may allow them to repossess at 31 days late.)
In the end, it's really up to the creditor to repossess. Because cars depreciate very quickly (one hundred to several hundred dollars a month or even a thousand dollars a month), this is what makes the creditor move quickly.
As the other poster wrote, if you're in the middle of a Bankruptcy, that will slow the process down a bit.Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
Status: (Auto) Discharged and Closed! 5/10
Visit My BKForum Blog: justbroke's Blog
Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.
Comment
bottom Ad Widget
Collapse
Comment