If you missed 2 payments on a car loan then pay them up in full, can your car still get repossessed?
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If you missed 2 payments on a car loan then pay them up in full, can your car still get repossessed?
There was 2 payments behind on the car but they were paid up today. the past due balance is now at 0 and the normal payment for the car is not due till the 10th of the month, but the bank that takes the car payment stated that the car could still be repossessed if I didn’t make the current payment and and extra $50 payment to cover the cost of the repossession.
Asked on February 1, 2012 under Bankruptcy Law, Colorado
Answers:
MD, Member, California Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
First and foremost, if you are late even one day, the contract you have with the lender will most likely allow it to repossess immediately. However, if you are now at a zero balance due until the next month, then the bank cannot charge you a repossession fee if it did not repossess the car. File a complaint with the entity that regulates your car loan lender and see if that will help make this go away.
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