How many car payments can I miss without having my car repossessed?

I recently lost my job and have not yet found a new job. I owe approximately $6,000 on an $18,000 car loan. Does anyone know the law regarding repossessing. I was just wondering how many payments I could legally miss before losing my car?

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20 Responses to “How many car payments can I miss without having my car repossessed?”

  1. magicgee said:

    A few payments I missed 4 and my car got repoed talk with your bank ASAP

  2. carl l said:

    I think 2. After that they come and get it.

  3. Kev L said:

    Once you fall 3 months behind watch out for the repo man.

  4. Robert W said:

    This would be in the terms and conditions of the loan, and I don’t believe it’s a matter of law (as to how many payments you may miss). I would attempt to contact the company that financed the car and try to work something out. Getting a car repossessed isn’t a nice thing to have on your credit if you don’t have to.

  5. Stuart said:

    Legally, one.

    However, most lenders try to settle the payment problem with you before resorting to repossessing the vehicle.

    And they would much rather hear from you than have to hunt you down. Just call them and explain that you lost your job. They can make a lot of flexible extensions on your loan if you let them know what’s going on. If they have to come find you, thay won’t be so willing to help.

  6. David J said:

    Contact the loan holders immediately (BEFORE they contact you) and explain your situation. You’ll probably be able to negotiate some room to maneuver with them.

  7. Kerry M said:

    Call your financier and try to make arrangements. Don’t just do nothing. I don’t know how many payments you can miss before they’ll repo it, but I’d call them and explain my situation and beg for mercy.

  8. fordman said:

    It all depends on the loan agreement that you signed when you got the loan.

    The important thing is to notify the lender of your situation, and see if you can work something out with them.

    Most loan companies don’t want your car, they want the money. As long as you are trying to pay the loan there shouldn’t be too much of a problem as long as the loan company feels that they will get their money.

    Good luck on finding a job soon.

  9. Scott H said:

    I believe it depends on the lender and the state you live in, but the repossession process usually starts at 60 days past due. It would be to your benefit to talk to the lender NOW, before you find yourself in this situation. They might be able to defer a payment or two until you’re working again.

  10. snowbirdbabe said:

    It depends on the lender. Most banks will work with you if you let them know right away what the situation is. I would say 3 or 4 payments tops. But, hopefully, you will be back to work before that happens. Talk to your bank.

    Good Luck.

  11. kathy c said:

    you can miss 2, and on the 3rd they can repo.

  12. doug0102 said:

    They have the right to start repossession even after you miss one payment, but usually they go after you after two missed payments.
    If I were in your shoes, I’d call the financial company and try to make arrangements. If you were always on time with your payments in the past, they might be willing to work with you (let you “postpone” a couple of payments or something like this.) What do you have to loose, if you try?

  13. MrCriticon said:

    they don’t go by months they go by days…
    if your lender doesn’t recieve payment for 90 days
    they will put your account as default and regardless of how much you owe it will be repossesed!
    you already paid 12,000 dollars so they are going to try to get your car with in the first week of those 90 days..

    good luck…………………………………
    i

  14. Rain said:

    This is tricky -First off after you miss 1 payment -then can take it (legally) However, you really need to inform your LENDER of your situation and see what they can do to help -sometimes they can take 1 month and add it to the end of your loan to buy you some time. If its a Buy here Pay here -there the toughest and less likely to care and just take it. My Toyota Tercel back in 1996 was repoed after just 2 moths no payment -dispite the calls we made to them. And it was financed through a regular bank. Call your lender now -dont wait and get employed soon

    Good luck

  15. Del S said:

    Well That Deals Alot With Your Loaner(Lender), How Many Payments You Miss And How Long Your Account Is Delinquent Go Hand In Hand. Most Of The Time After 2 Or 3 Missed Payments And No Response From You As To Why Will Raise Red Flags. Most Loaners(Lenders) Are Willing To Work With You On Things Like This Some Offer The Option To Skip A Payment At No Cost To You Or No Penalties Ask About It. It Dependes On How Many Payments The Loaner(Lender) Will Allow You To Miss Before They Hand Your File Over To A Collection Agency. Everyone Falls On Hard Times So Just Talk To Them And See What They Say. If Not Hide Your Car And Just Make The Payments When You Can. Tried And True.

  16. phillip w said:

    If you wake up and look outside,or go to the garage and it’s gone,it,’s to late.
    it depends on who you bought the car from.A dealer will work with you,but don’t expect any
    favrites.If you lost your job,how will make payments and catch up.
    I’m afraid your gonna looseit.Dealers make big money on repos and reselling.
    JUST try to work a deal.
    Some dealers have a Grase period,but the missed payments you missed will be added on the end.

  17. Ham B said:

    If you are late on one payment, it is enough of an excuse to repo the car. Usually there is a grace period, though. It generally is about ten days.

  18. Jason K said:

    Well It all depends on the bank.every bank is diffrent they might try to work with you not sure exactly.

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