Legal Question in Credit and Debt Law in Georgia

vehicle repossession

How far behind do you have to be in payments before the bank can legally repossess your vehicle? After being unemployed for almost a year, I made a small pmt in Oct ($30) and Nov and Dec. I called them to let them know that I just got a job and would begin sending them as much as I can and hoped to be caught up again within a few months. They told me that unless I paid $512 they could no longer hold the account and that the car would be repossed.


Asked on 12/05/08, 1:42 pm

2 Answers from Attorneys
Scott Riddle Law Office of Scott B. Riddle, LLC

Re: vehicle repossession

Absent your loan documents stating otherwise, one late payment.

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Answered on 12/05/08, 1:43 pm
Glen Ashman Ashman Law Office also dba Glen Ashman Attorney

Re: vehicle repossession

They can repossess your car if you are one second late. Most lenders wait a while, but there is no waiting period.

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Answered on 12/05/08, 1:59 pm


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