Can a loan company legally repossess my car ifmy loan isonly 33 days late?

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Can a loan company legally repossess my car ifmy loan isonly 33 days late?

Asked on November 10, 2010 under Bankruptcy Law, Idaho

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

Not to be blunt, but you have no right to be late--not 33 days or not even 3. Once you are in default under your financing--i.e. once you have not paid all amounts due, when due--then the lender may exercise any rights the financing and/or security agreements give it in the event of default. So if under the agreement(s) the lender can repossess your car once you are late on or do not pay the loan, they can do it when you're 33 days late. You can--and should--look at the agreements you signed to see exactly what they say about repossession (e.g. when it can occur); the lender is bound by the agreement, and can only exercise those specific rights it gives him. However, if the agreements let the lender forcelose in this circumstance, it can do it.


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