How Many Months Can You Be Behind On Your Car Payment
I am interested in knowing how many months I can be behind on my car payment.
"how Many Car Payments Can You Miss Before Repo
Repossessing cars is a last resort for car dealers, but it does happen.
According to the National Credit Union Administration (NCUA), car dealers cannot repossess a vehicle if there are no outstanding payments, unless the car has been in title suspension or a judicially determined repossession judgment. If the car already has been repossessed, any outstanding payments will also be a factor in whether or not the dealer reclaims the vehicle.
If you fail to make even one payment on your car loan, the dealership can sue to have the car repoed. This occurs regardless of whether or not you have defaulted on your loan - in other words, even if you haven't failed to make any mortgage payments on your house. However, this type of lawsuit is much more difficult to win than winning possession of the car through legal action.
If you do lose your car to repo, you'll likely have to pay off the entire loan - plus interest and court costs - in order to get it back. This could be a costly ordeal, so it's important to keep track of your monthly payments and stay on top of your loan obligations."
It is important for consumers to remember that
How Many Months Can You Be Behind On Your Car Payment
The statute of limitations to sue over a car debt is typically 6 years. This means that if you are more than 6 months behind on your car payment, you may not be able to sue in court.
What Happens If You Cant Afford Car Payments
It's no secret that car ownership can be expensive. Between the cost of a new or used vehicle and ongoing maintenance, car payments can quickly add up. If you can't afford your car payments, there are several options open to you.
One option is to get a reduced-rate loan or lease. Interest rates on these products are often much lower than traditional car loans or leases, soTRANSFORMING Car Loans - Learn the Risks and Rewardswww.transformingloans.net/car-p
What Is Considered A High Car Payment"
There is no cut-and-dry answer to this question, as what may be considered a high car payment for one person might not be considered as such for another. Generally speaking, however, an annual car payment that exceeds 20% of a vehicle's value is generally seen as excessive. Additionally, any car payment that requires more than 10% of a person's monthly income is also considered to be high.