When does a lending institution have the right to repo your car?
by 
rightous citizen
ANSWERS: 9
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When you have missed enough payments that the terms of the loan allow for it.
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The contract you have with them will spell out when they can pursue repossession. There are many different types of contacts, so it isn't possible to give a generic answer. They will only go forward with repossession when you do not make the payments you agreed to.
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After you MISS a Payment ... You have agreed to apy on a certain date ... YOU usually have a grace period ... after that ; they have the right to come and get the vehicle. +5
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1 day after you are in breech of contract
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Once that you have NOT PAID your Note .. and the Grace period has EXPIRED .... READ the terms of your contract ... +5
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I used to do business with a buy-here-pay-here place. They were especially quick to repo if the first payment was late. They did not want to be off to a bad start.
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Generally, each lending institution has its own set of rules and regulations. most of the time, its three missed payments. Most lending institutions will work with you on missed payments. you must call and request this. Making the call after three missed payments is too late. For an accurate answer, read your contract and the fine print. The answer is there.
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This will be determined by terms which have been set by your loan company. Reading your loan agreement will give you the exact answer. In the UK, typically failure to make 2 repayments will result in a default notice being issued by the lender. If this is ignored, the lender will obtain a repossession order and send bailiffs to repossess the car. Technically, however, the lender has the right to repossess as soon as you miss a repayment. Visit this guide on repossessed cars http://www.repossessedcars2009.com
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AS SOON AS you default on your payment terms, you forfeit the right to the vehicle (it is no longer your property) and the bank or lot can send out the repo man. They will usually let you slide one or two months, but that's it.
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