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  1. #1
    Join Date
    Jul 2008
    Posts
    1

    Question What's The Waiting Period Before They Can Repo A Car

    My question involves an auto loan or repossession in the State of: Georgia

    Is there a law in Georgia that before a company can repo your car you have to be at least 3 months behind on your car payment?:

  2. #2
    Join Date
    Apr 2007
    Location
    Il.(near StL,Mo.)
    Posts
    5,252

    Default Re: What's The Waiting Period Before They Can Repo A Car

    Georgia car repossession:
    Every vehicle finance company has its own policies and procedures with regard to repossession. The installment contract and promissory note you signed when you financed your car or truck contains a provision that discusses default. In most cases, your note goes into default if you miss a required payment. Some contracts give you a five or ten day late payment window to cure the default but technically, as soon as you are one day late, your contract is in default.

    If you arranged financing with a large vehicle finance company like GMAC, Ford Motor Credit or Toyota Motor Credit, there is a good chance that your lender will not act aggressively if you fall behind. If at all possible, you should communicate with your lender and try to work out an informal repayment plan.

    If this is the first time you have been delinquent and you are financing with a “first tier lender, “you may have as long as two months before the lender decides to schedule your vehicle for repossession.

    On the other hand, if your payment history demonstrates a pattern of delinquencies, even a first tier lender will move quickly to seize your car.

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