Unfortunately, there is no set time or date range that a lender must follow in order to repossess your car.
Repossession laws are set by the states, so it can be difficult to say how long you may have before a repossession takes place. With some lenders, a repossession can take place a single day after a missed payment.
When Will the Repo Man Come for Your Car?
Depending on your lender, a repo man can come at any time to take your car. If you purchased your car through a Buy Here Pay Here dealership, they may repossess your car 2-3 days after a missed payment.
Other lenders such as established banks will likely send you multiple warnings via mail or email notifying you that you are delinquent on your auto loan.
With large-scale lenders, a repo man may be sent out if the payment is more than a month late. Typically, these lenders do not repossess cars after being late for a few days. Some states also guarantee certain protections against repossession.
For example, in Maine, you are given 14 days until your car can be repossessed. In Iowa, consumers have 20 days until a repossession can legally take place. Be sure to check your state’s laws on when a repossession can take place.
Instead of Just Waiting for the Repo Man
A repossession can have a massive negative impact on your credit score. If you are behind on your auto loan and fear that the repo man may be coming, take proactive measures.
First and foremost, call your lender. Many consumers fall behind on their auto loan payments for a variety of reason. Most lenders are understanding and are willing to work with you to avoid repossession, as it is an expensive process for them as well.
If the repo man is coming, remove all personal belongings from your vehicle. A repossession could lower your credit score by 100 points or more, so exhaust all options before you allow the repossession man to come to take your car.
Repossession can be a stressful time, especially if you need a car to get to work and back. If you are buried under a mountain of debt and ready for a fresh start, CrediReady can help.
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