Car Payment Question.... How Long

[texas99]

how many car payments do you have to miss before the average repo?

if i pay my last payment on nov 25 th and plan to file on feb 5th, is it likely i will be repo'ed for being 2 and 1/2 months late before filing?

[Lindsay]

It depends on who the lender is. If it is a big company like Ford, you may have 60-90 days. If it is a small lender, they could come for it sooner. I've heard some stories on the boards where they didn't come for six months. I've been 30 days late on our car loan with barely even a call from them, but we fiinanced directly through the auto maker. I haven't ever had a car repo'd (yet, LOL, the way things have been going lately, who knows?), but I know I've read about them on this board.

If you pay your last payment on November 25, then you wouldn't technically be late until December 26, so that would only be like 6 weeks of non payment until February 5, so they probably would never repo it that quickly.

Also, depending on who has your loan, a car lender may allow you to skip a payment for a month or two. I think you have to be current though when you ask them, but I'm not totally sure. From Nissan Motor Acceptance Finance's FAQ page it says:

Can I skip or defer a payment on my account?

LOAN
We do offer payment extensions. You would need to have at least 4 payments posted to the account. We only offer 2 per 12 month period and 6 for the life of the loan. This is including the Federal Emergency Management Agency (FEMA) extensions. Your current payment due would be extended to the end of the contract adding one extra month to the maturity date. Since you will have the loan longer, you will accrue more interest and the last payment will be higher than your regular monthly payment. There is an extension agreement that needs to be signed and returned agreeing to the terms. Contact Customer Service to see if you qualify and to request the agreement form.

You may want to contact your lender and see if you can buy some time that way. Are you planning on keeping the car after bankruptcy or giving it back?

[HHM]

You would be cutting it close but could probably manage. Most repo's "begin" after 2 missed payments.

As lindsay pointed out, if you make the November 25 payment, then you wouldn't be in the 2 missed payment area until after January 25, and if you file Feb 5th, you should be able to make it.

The real question is, however, what are your intentions with the car vis-a-vis the BK. You realize, that if you intend to "keep" the car, you have to be current on the payments going into a chapter 7.

[allavdj]

I was with Nissan and after 90 days an actual person started calling and leaving messages instead of a computer that just hangs up. I surrendered my car, so I'm not sure how much longer they would have let it go.

[texas99]

i am letting it go in bk