SPIFIMAN1
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Auto finance is what I do for a living and the correct answer is 3-months.
Do not let this happen. A repossession is one of the worst things that can show on your credit, besides that you will end up paying for the vehicle anyway because the lender will take you to court and get a judgment and then they can attach bank accounts, garnish wages (if your State allows it) and file liens on any other property you may own like cars, boats, land and homes.
All of this activity will show on your credit and trash it for 7-years making it very hard to get any other type of loan without making massive down payments, paying huge fees and State maximum interest rates. |
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Kottonfire7
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That all depends on the company you are with. Credit unions can be as soon as 1month past due, others sometimes give you up to 90dpd(days past due). Some places may offer you a hardship. The best way to know id to read the contract, or just call the lender.
By the way, DO NOT voluntarily turn the car in, because it ends up as a reposession on your credit anyway! |
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Abigail F
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I think my credit union gave me 2 months. I thought it would look better if I gave the car back voluntarily. I was wrong. They accept the car and you still owe most of the money. They will auction it off for whatever they can get, even if it is only a tiny fraction of what it is worth. Then it was exactly like SPIFIMAN1 says. They took me to court and I now have a judgment on my report. |
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zippythejessi
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No more than three months before they send it to be repo'ed. If you're totally jerking them around, they can send it out after two months. |
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mykitty61
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I think each company is different but I would think about 3 months |
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DebtFree
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2 or maybe 3 months... somewhere therabout.... it's not a long time.... I do know that. |
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♥ever so inviting♥
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id say 2 or 3 payments they call alot before they do it |
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Robert W
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This would be a question for the company that financed your car.. Their terms and conditions is what's going to determine when they seek to repo the car. If you're having problems, you should contact them and try to work something out. |
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Hey There!
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in texas, you can be one day behind and they can legally repo the car...sorry! |
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John S
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Depends, if it is a real old clunker, they wont bother. If it is worth thousands-- they will repo it quick. |
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New Moon Daughter
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Don't know. Why push it? Just pay em or voluntarily turn the car in....that may look better. I dunno. |
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