Legal Question in Credit and Debt Law in Georgia

Car Payment terms and policy

My car payment agreement states that I have ten days after my due date to get my payment in, however there is a default section that states that if I am not on time with any payment I'm in default and they can exercise the right to get the car back and that I have no grace period. My question is what does the state of Georgia allow? Do I have a grace period or am I in default if I'm late.


Asked on 12/06/05, 7:49 am

1 Answer from Attorneys
Glen Ashman Ashman Law Office also dba Glen Ashman Attorney

Re: Car Payment terms and policy

It sounds like you're misreading your contract. You likely have ten days before they hit you with a late fee. But when you are one second late, you're late, and can be reported to credit bureaus as delinquent. If the contract so provides, and it appears it does, they can also repossess the car at that time. (They probably won't that fast, but they could).

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Answered on 12/06/05, 8:17 am


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