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Andrea, Esq.
Andrea, Esq., Lawyer
Category: Consumer Protection Law
Satisfied Customers: 12554
Experience:  25 yrs. of experience in employment law, real estate and business law, family law, criminal defense and immigration.
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I do have a follow up question. After we sign the finance

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I do have a follow up question. After we sign the finance contract (i use a standard contract by burrell printing company, bpc #24-4321 that was approved for my use by the Texas OCC). I usually tell my customers if they are late on one payment, they will get a phone call from me. If they are late on a second payment, they will get a visit from me. I tell them it's not personal I just can't leave a car out there if they are not making their payments as agreed.

My mother says that I have to actually let them miss two payments before I can repo it, based on what I just said. I don't think that is true. I think per my contract I can repo it as soon as they breach the contract. But normally if they are late on a payment, I call them that first time. If they are late on a second payment, and they don't call me or let me know what is going on, or if they lie about making the payment, then I go repo it. Am I breaking any law that I don't know about?

Thanks! Also as a side note, I sent you a tip on the last answer you submitted, but it shows in my available balance. Can I move it somehow:) Thanks again.
Hi, and Welcome to JustAnswer, My name isXXXXX am a licensed, practicing Attorney and would like to help,

There is no set number of payments which he has to miss before yoiu can repossess the vehicle. The finance contract governs and lists the conditions under which the borrower is in default. Some finance conttracts state, "Borrower shall be in default if any installment of principal or interest is not made by the due date..." OR

"...It shall be an event of default if borrower fails to make any payment of principal and interest on or before the due date stated herein........."

Therefore, if the event of default occurs, you are free to repossess the vehicle.



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