Repo ?

[325Falcon]

Is there a general rule of thumb as to how many missed payments banks will put up with before they reposess a car?

[tiredofdebt1]

I wonder the same thing.....if im 3 days late...they tell me they are going to send someone out to pick up the car.

[Boscoe]

Usually the calls start at 60 days and continue until 90 when they get nasty and threaten repo. My friend who used to be in the business would go after the cars by day 120 if not sooner, so I guess 3-4 is your answer.

My advice: Make the payments, or give up the car, or file bk. But you can't file a ch 7 and keep the car if you are behind.

[HHM]

As with any general rule, there are exceptions. But generally speaking, after you miss 2 payments the bank will probably start the repo process in earnest.
0-60 days..most banks will try typical collection techniques, phone calls, perhaps offer a payment plan to make-up missed payments, etc.
60-90 days..more aggressive collection techniques (and odds are, they have made contact with their repo company by now)
90+days, the bank will invoke their acceleration clause, meaning, you have to pay the entire balance due on the car, not just make up the missed payments
90-120 days...the repo man is looking for your car.

[325Falcon]

I am filing CP-7 and am upsidedown in the car. I was going to keep the car but now I think it makes more since to let the car go and discharge the bad debt.

[BassBoy]

You are filing Ch.7 so you MUST BE curent in order to keep the vehicle.

For the most part, letting a vehicle go that you're upside down can be a wise choice, however it's acquiring another vehicle afterwards that can be a challenge if you're looking to finance the vehicle.

[seafresh]

You are filing Ch.7 so you MUST BE curent in order to keep the vehicle.

For the most part, letting a vehicle go that you're upside down can be a wise choice, however it's acquiring another vehicle afterwards that can be a challenge if you're looking to finance the vehicle.

ok i have car that has high balance that is greater than book value.
i only kept the car because of high mileage and my biz was paying the payment. i would love to get rid of if.
i filed chpt 7 on friday 9/28 i am going to stop the automatic payment.
how soon can they repo the car?? time frame.

second, i know it will be hard to get car finance after bk.
can i use relative's car until my discharge???
after discharge, can i buy it back from relative and setup loan pymt???

thx

seafresh