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Roger, Attorney
Category: Bankruptcy Law
Satisfied Customers: 31733
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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How many payments can you be behind before loan company can

Customer Question

How many payments can you be behind before loan company can repossess your car???
Submitted: 9 months ago.
Category: Bankruptcy Law
Expert:  Roger replied 9 months ago.

Hi - my name is ***** ***** I'll be glad to assist.

Expert:  Roger replied 9 months ago.

Technically, if you miss one payment, the lender has the right to repossess the vehicle. However, most lenders will wait until a loan is 120 days late or more before beginning repossession procedures.

Customer: replied 9 months ago.
I had an existing loan already then I refinanced and used the car title for $1000 previous balance was approximately $4000 can they use for the entire loan or just $1000 they gave me??
Expert:  Roger replied 9 months ago.

If you refinanced the entire debt, then the creditor can seek the entire loan balance from the sale of the car. If the proceeds from the sale aren't enough, the lender can sue for a deficiency judgment.