How long till they repo a vehicle???? - S-10 Forum
 
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post #1 of 42 Old 04-11-2005, 05:00 PM Thread Starter
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How long till they repo a vehicle????

i'm a little late on my truck payment.. lol i just don't have any money right now... this bag instalation is costing more then i thought.. so my question being how late can i be on my payment without getting the truck repoed



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post #2 of 42 Old 04-11-2005, 05:01 PM
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Re: How long till they repo a vehicle????

i think 2-3 months behind... the bank will call first to find out what is going on i believe.

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post #3 of 42 Old 04-11-2005, 05:02 PM
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Re: How long till they repo a vehicle????

its alot better to call them first, dont wait. they will help you out. it usually takes about 8 months for them to repo. but if u contact them, they will help u.. very imporatnt
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post #4 of 42 Old 04-11-2005, 05:03 PM
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Re: How long till they repo a vehicle????

depends on the company that financed. They can do it as little as 10 days past due.

And here is a clue. Pay your truck payment off first instead of paying for the mods on it. That way you can have a truck to drive instead of a tricked out truck that has been repoed.



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post #5 of 42 Old 04-11-2005, 05:12 PM
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Re: How long till they repo a vehicle????

we had a 00' Dodge Ram 1500, dad stoped paying it since he lost his job and was jobless for 3 years. We called the bank and told them to take it away since we canceld payments. We got a lot of letters from the bank reminding us to pay. 3 months later... bye bye

they wont repo it if you a little late like a week or so its when you stop paying.
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post #6 of 42 Old 04-11-2005, 05:14 PM Thread Starter
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Re: How long till they repo a vehicle????

well payment was due today, and i am sending out the payment on friday. think it will be cool? its not like they could tow it anyway, its in a garage, and theres no focking suspension on it.. hahahah i think i win round one vs the repo guy

luna ~ truck will be paid off in a year.. till then its fine.. hehe



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post #7 of 42 Old 04-11-2005, 05:15 PM
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Re: How long till they repo a vehicle????

thats fine, when you fall back a few months your in trouble.
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post #8 of 42 Old 04-11-2005, 05:16 PM
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Re: How long till they repo a vehicle????

Yeah, normally it take a couple of months for them to grab it, but I would DEFINATELY advise you to call someone at the company you have it financed through and try to work something out, usually if you take the initiative, they try to make arrangements for you if it's at all possible.

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post #9 of 42 Old 04-11-2005, 05:20 PM
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Re: How long till they repo a vehicle????

Usually its 30 days past due will get you a late payment notch on your credit...... After that id imagine they can do whatever
post #10 of 42 Old 04-11-2005, 07:15 PM
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Re: How long till they repo a vehicle????

well they came to pick mine up after two late payments. you just should call the bank and make arrangements with them. most will give you a 10 day grace period without late fees or it even being considered late.
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post #11 of 42 Old 04-11-2005, 07:35 PM
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Re: How long till they repo a vehicle????

don't let your credit go to hell tho man :thumbup:

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post #12 of 42 Old 04-12-2005, 03:25 AM
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Re: How long till they repo a vehicle????

The more you owe, the less they want to repo it. It costs them.
It's when you only have a few payments left, that's when they will try to get fast. They profit.

Many banks will "roll" a payment, which means they will move the next months payment to the end of the regular payments (for a small charge). Pretty much every bank will warn you before it's even considered for repo. You'll get letters & phone calls.
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post #13 of 42 Old 04-12-2005, 04:02 AM
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Re: How long till they repo a vehicle????

Definitely give them a call and let them know you'll be sending it later, hell, you might even be lucky enough to be alotted a grace period. Don't wait for them to call you, if they attempt reposession (10 Days) it will **** your credit up for a long time. That may not seem like a big deal now, but 3-4 years down the road when you're trying to apply for a house and they find that shit on your history you will feel like a complete idiot.
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post #14 of 42 Old 04-12-2005, 09:46 AM
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Re: How long till they repo a vehicle????

when they repo depends a lot on who your loan is from. if its from a regular bank then your fine, if its from a shady buy here pay here place, those places love to repo as quick as they can.
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post #15 of 42 Old 04-12-2005, 10:00 AM
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Re: How long till they repo a vehicle????

some banks will give you 30 days... some 90 and some will give you a TON more time....

call your bank and let them know that your a little behind and your not just skipping out.

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post #16 of 42 Old 04-12-2005, 10:02 AM
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Re: How long till they repo a vehicle????

yea, i'd give them a call... i've never been late on a payment... but i have a 1 week grace period before the payment is late after its actually due, so that helps a little
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post #17 of 42 Old 04-12-2005, 10:05 AM
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Re: How long till they repo a vehicle????

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Originally Posted by saidog24
yea, i'd give them a call... i've never been late on a payment... but i have a 1 week grace period before the payment is late after its actually due, so that helps a little
thats how my bank is too

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post #18 of 42 Old 04-12-2005, 10:08 AM
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Re: How long till they repo a vehicle????

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The more you owe, the less they want to repo it. It costs them.
It's when you only have a few payments left, that's when they will try to get fast. They profit.

Many banks will "roll" a payment, which means they will move the next months payment to the end of the regular payments (for a small charge). Pretty much every bank will warn you before it's even considered for repo. You'll get letters & phone calls.

the more you owe the less they want to repo it?? NO thats not how it works. USUALLY banks will give you at least 60 days before they start the repo process USUALLY! SOme banks will roll the paymetn to the end of the loan. but there are probably more that won't than those that will even though they make more money doing it that way.

lets say the bank ends up selling your ride at auction for $2500, yet your on your loan you owed $5000 Most bank will send you a 1099 MISC showing you receiving $2500 income for the whole ordeal and you will have to pay taxes on that $2500.

Moral of teh story PAY WHAT YOU OWE DON'T BE A DEADBEAT.

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post #19 of 42 Old 04-12-2005, 10:20 AM
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Re: How long till they repo a vehicle????

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when they repo depends a lot on who your loan is from. if its from a regular bank then your fine, if its from a shady buy here pay here place, those places love to repo as quick as they can.
they make their money from down payments, they get a down payment on a car repo it the next month and get another down payment I used to do some of the accounting for a buy here pay here place. they make SOOOO much money on cars that aren't worth anything.

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post #20 of 42 Old 04-12-2005, 10:23 AM
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Re: How long till they repo a vehicle????

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they make their money from down payments, they get a down payment on a car repo it the next month and get another down payment I used to do some of the accounting for a buy here pay here place. they make SOOOO much money on cars that aren't worth anything.
yeah those places make my skin crawl. a friend of a friend of mine ended up owing 10k on a 12 year old accord by the time they were done bending the dumbass over.
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post #21 of 42 Old 04-12-2005, 01:13 PM
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Re: How long till they repo a vehicle????

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yeah those places make my skin crawl. a friend of a friend of mine ended up owing 10k on a 12 year old accord by the time they were done bending the dumbass over.
I woudln't mind owning one they make decent money

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post #22 of 42 Old 04-12-2005, 01:15 PM
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Re: How long till they repo a vehicle????

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I woudln't mind owning one they make decent money
i wouldn't be able to sleep at night for being a piece of shit though
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post #23 of 42 Old 04-12-2005, 03:02 PM
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Re: How long till they repo a vehicle????

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the more you owe the less they want to repo it?? NO thats not how it works. USUALLY banks will give you at least 60 days before they start the repo process USUALLY! SOme banks will roll the paymetn to the end of the loan. but there are probably more that won't than those that will even though they make more money doing it that way.

lets say the bank ends up selling your ride at auction for $2500, yet your on your loan you owed $5000 Most bank will send you a 1099 MISC showing you receiving $2500 income for the whole ordeal and you will have to pay taxes on that $2500.

Moral of teh story PAY WHAT YOU OWE DON'T BE A DEADBEAT.
What are talking about?
If they repo a vehicle very early in the payments, they lose money. They are making money on the interest being paid over time. By repoing it very early, they lose. They rather have you pay late fees and continue the payments as planned.

It's when you're nearly paid off that they like to repo it because they increase their profit. Not only have they collected years of interest, buit then they could sell off the vehicle at another large profit.

Do the math, the banks do.
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post #24 of 42 Old 04-12-2005, 03:14 PM
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Re: How long till they repo a vehicle????

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What are talking about?
If they repo a vehicle very early in the payments, they lose money. They are making money on the interest being paid over time. By repoing it very early, they lose. They rather have you pay late fees and continue the payments as planned.

It's when you're nearly paid off that they like to repo it because they increase their profit. Not only have they collected years of interest, buit then they could sell off the vehicle at another large profit.

Do the math, the banks do.
no man, if a bank repos your car, you still have to pay off the loan. when a bank repos a car, they add the repo fee to what they're already owed, they auction it off and deduct that from what they're owed, and whatever is left the debter still has to pay even though they don't have the car anymore. banks don't lose money on repos, its just a pain in the ass for them, but they still get their money.
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post #25 of 42 Old 04-12-2005, 08:42 PM
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Re: How long till they repo a vehicle????

put your priorities first and you wont run into this problem.
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post #26 of 42 Old 04-12-2005, 09:02 PM
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Re: How long till they repo a vehicle????

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put your priorities first and you wont run into this problem.
Clear thinking is not some peoples forte.

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post #27 of 42 Old 04-13-2005, 01:27 AM
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Re: How long till they repo a vehicle????

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no man, if a bank repos your car, you still have to pay off the loan. when a bank repos a car, they add the repo fee to what they're already owed, they auction it off and deduct that from what they're owed, and whatever is left the debter still has to pay even though they don't have the car anymore. banks don't lose money on repos, its just a pain in the ass for them, but they still get their money.
The lose money in terms that they would have made more if the payments were continued.
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post #28 of 42 Old 04-13-2005, 01:29 AM
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Re: How long till they repo a vehicle????

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The lose money in terms that they would have made more if the payments were continued.
the payments do continue, the debter still has to pay whats left of the loan after the car is sold
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post #29 of 42 Old 04-13-2005, 01:36 AM
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Re: How long till they repo a vehicle????

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the payments do continue, the debter still has to pay whats left of the loan after the car is sold
In reality, the debter doesn't end up paying shlt. It'll go into collections, then ends up being offered a pennies on the dollar settlement.
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post #30 of 42 Old 04-13-2005, 03:23 AM
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Re: How long till they repo a vehicle????

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In reality, the debter doesn't end up paying shlt. It'll go into collections, then ends up being offered a pennies on the dollar settlement.

I have bought a few rent houses that way. Cheap, quick and dirty profits.

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post #31 of 42 Old 04-13-2005, 11:03 AM
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Re: How long till they repo a vehicle????

you are focking up your credit, good luck buying a house.

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post #32 of 42 Old 04-13-2005, 02:55 PM
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Re: How long till they repo a vehicle????

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its alot better to call them first, dont wait. they will help you out. it usually takes about 8 months for them to repo. but if u contact them, they will help u.. very imporatnt
Where did you get 8 months? My dad is a bankruptcy lawyer and I actually heard him talking to someone last night about this. He said if you are 2-3 months behind, they will start sending people looking for your car.
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post #33 of 42 Old 04-13-2005, 04:38 PM Thread Starter
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Re: How long till they repo a vehicle????

well this is all resolved. i borrowed money from my dad, and now the payment will get there before the 10 day grace period is up.. thanks for scaring the shit out of me guys!! lol i have been great on my payments, and have never been late. i always send off more then my bill on my truck payments, but a lot of shit has come up this month.. so no worries about repo anymore.



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post #34 of 42 Old 04-13-2005, 05:53 PM
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Re: How long till they repo a vehicle????

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What are talking about?
If they repo a vehicle very early in the payments, they lose money. They are making money on the interest being paid over time. By repoing it very early, they lose. They rather have you pay late fees and continue the payments as planned.

It's when you're nearly paid off that they like to repo it because they increase their profit. Not only have they collected years of interest, buit then they could sell off the vehicle at another large profit.

Do the math, the banks do.


How many banks have you worked for( being a teller doesn't count)??

the bank is gonna get its money back. Regardless of whether they repo it 3 months in or the month before the last payment is due.


Quote:
The lose money in terms that they would have made more if the payments were continued.
A bank repos a car BECAUSE SOMEONE ISN"T MAKING PAYMENTS they don't make more money when you aren't making your payments





Quote:

In reality, the debter doesn't end up paying shlt. It'll go into collections, then ends up being offered a pennies on the dollar settlement.
unsecured credit yes secured credit NO lets say they come and repo so and sos car but it is all hacked up and in awful condition. worth about $100 but they owed $5,000 on it. The bank can SUE the debtor for $4,900 and the bank will win. they can also add all kinds of crazy fees to it.

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post #35 of 42 Old 04-13-2005, 05:54 PM
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Re: How long till they repo a vehicle????

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Originally Posted by 383strokednova
well this is all resolved. i borrowed money from my dad, and now the payment will get there before the 10 day grace period is up.. thanks for scaring the shit out of me guys!! lol i have been great on my payments, and have never been late. i always send off more then my bill on my truck payments, but a lot of shit has come up this month.. so no worries about repo anymore.
I have the titles to all my vehciles except one. but that it through my uncles bank. so no worries there.
Glad you paid it DON'T BE LATE AGAIN

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post #36 of 42 Old 04-13-2005, 06:37 PM
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Re: How long till they repo a vehicle????

You can make some quick cash using a loan. I have a teacher that took out a loan for a house early and made about 5 grand with it before buying the house. He's also been moving every 5 years or so cause houses rarely lose value and he sell it for nearly twice what he got it for and be able to get a bigger house.
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post #37 of 42 Old 04-14-2005, 02:18 AM
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Re: How long till they repo a vehicle????

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Where did you get 8 months? My dad is a bankruptcy lawyer and I actually heard him talking to someone last night about this. He said if you are 2-3 months behind, they will start sending people looking for your car.
What they say and what they do are two diffeent things. Half the time, it's "telemarketers" that call people with late payments and try to scare them into making a payment, because they get commission (or earn points or need to fill a quota).
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post #38 of 42 Old 04-14-2005, 02:26 AM
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Re: How long till they repo a vehicle????

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How many banks have you worked for( being a teller doesn't count)??

the bank is gonna get its money back. Regardless of whether they repo it 3 months in or the month before the last payment is due.




A bank repos a car BECAUSE SOMEONE ISN"T MAKING PAYMENTS they don't make more money when you aren't making your payments







unsecured credit yes secured credit NO lets say they come and repo so and sos car but it is all hacked up and in awful condition. worth about $100 but they owed $5,000 on it. The bank can SUE the debtor for $4,900 and the bank will win. they can also add all kinds of crazy fees to it.
Never worked for a bank. And like I'd ever take a shltty teller job.
I've had many friends and family who had loans that went that why. Trust me, after a repo, the majority of people walk away without paying anything else. And the rest settle with a pennies on the dollar payment, same as with any unpaid thing: credit cards, taxes, etc......Yes, it does fock up their credit, but by that time, these people could care less. I've know 2 peole that wanted their vehicles repoed, both times it took over half a year for the bank to come get it. These were on new $30,000+ vehicles that were early into their payments. And both times, they left the loan paying nothing more. And yeah they know it focked their credit, they don't care since the houses are paid for and car loans are easy to get.

There's a huge difference between what the bank ATTEMPTS to do and what they actually GET.
If you were a bank employee, with probally been feed all that "what the bank does" bullshlt. And it is bullshlt, because it rarely happens.

Even in court case wins, do you actually think many people straight out pay it fully.
You can't pay money you don't have. As always with unpaid loans, it goes into collections and they offer very low settlements. Hell, I've seen these settlements, I had a friend who was offered to settle his $3,000 credit card bill for $600.


You can't seriously think the bank gets it money all the time.
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post #39 of 42 Old 04-14-2005, 10:22 AM
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Re: How long till they repo a vehicle????

Quote:
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Never worked for a bank. And like I'd ever take a shltty teller job.
I've had many friends and family who had loans that went that why. Trust me, after a repo, the majority of people walk away without paying anything else. And the rest settle with a pennies on the dollar payment, same as with any unpaid thing: credit cards, taxes, etc......Yes, it does fock up their credit, but by that time, these people could care less. I've know 2 peole that wanted their vehicles repoed, both times it took over half a year for the bank to come get it. These were on new $30,000+ vehicles that were early into their payments. And both times, they left the loan paying nothing more. And yeah they know it focked their credit, they don't care since the houses are paid for and car loans are easy to get.
So jsut because a bank took over a year to come repo your buddies car, means that ALL banks won't repo a car that a lot is owed on???


Quote:
There's a huge difference between what the bank ATTEMPTS to do and what they actually GET.
If you were a bank employee, with probally been feed all that "what the bank does" bullshlt. And it is bullshlt, because it rarely happens.
My father was teh director of a bank for several years, my uncle was VP of a large Southeastern bank for 10 years, before he started his own bank in 2004. so yeah I know a little about how banks work. you are right a bank doesn't always get what they are attempting form the deadbeat that didn't pay, HOWEVER they get the car and sell the car at auction for fair market value. USUALLY. If you go back and reread what I said about the banks sueing the deadbeat I siad tha tif the car is compeltely trashed. No not all banks will do the same thing, but a bank also doesn't usually not repo a vehicle jsut because a lot of money is owed on it.


Quote:
Even in court case wins, do you actually think many people straight out pay it fully.
You can't pay money you don't have. As always with unpaid loans, it goes into collections and they offer very low settlements. Hell, I've seen these settlements, I had a friend who was offered to settle his $3,000 credit card bill for $600.


You can't seriously think the bank gets it money all the time.
again you are talking about UNSECURED CREDIT. of course with unsecured credit they aren't gonna be able to get anything but pennies on the dollar. there is no collateral to take back.


I'm talking about secured debt. secured debt doesn't get settled for pennies on the dollar they come and take the collateral back

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post #40 of 42 Old 04-14-2005, 02:48 PM
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Re: How long till they repo a vehicle????

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Originally Posted by pointless
So jsut because a bank took over a year to come repo your buddies car, means that ALL banks won't repo a car that a lot is owed on???
Just like it doesn't mean ALl banks WILL neither.
Why don't you survey a large group of people that have had repos done, then figure it out.
Quote:
Originally Posted by pointless
My father was teh director of a bank for several years, my uncle was VP of a large Southeastern bank for 10 years, before he started his own bank in 2004. so yeah I know a little about how banks work. you are right a bank doesn't always get what they are attempting form the deadbeat that didn't pay, HOWEVER they get the car and sell the car at auction for fair market value. USUALLY. If you go back and reread what I said about the banks sueing the deadbeat I siad tha tif the car is compeltely trashed. No not all banks will do the same thing, but a bank also doesn't usually not repo a vehicle jsut because a lot of money is owed on it.
Now, you just said the bank sell the car for full market value. That is usually far less than the amount they would have gotten if the payments were continued to the end since the average car buyer has a huge interest rate.

And I never said a bank doesn't repo a vehicle that has a lot owed on it, I said they perfer not to because they are making more on the payments. Therefor most will not rush out and grab the vehicle right away, they will "encourage" the buyer to finish the planned payments. Go ask your dad.
Quote:
Originally Posted by pointless

again you are talking about UNSECURED CREDIT. of course with unsecured credit they aren't gonna be able to get anything but pennies on the dollar. there is no collateral to take back.


I'm talking about secured debt. secured debt doesn't get settled for pennies on the dollar they come and take the collateral back
Again, the collateral is no equal in value. Therefore = lose.
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post #41 of 42 Old 04-14-2005, 03:29 PM
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Re: How long till they repo a vehicle????

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Originally Posted by 96blazer
Just like it doesn't mean ALl banks WILL neither.
Why don't you survey a large group of people that have had repos done, then figure it out.

Now, you just said the bank sell the car for full market value. That is usually far less than the amount they would have gotten if the payments were continued to the end since the average car buyer has a huge interest rate.

And I never said a bank doesn't repo a vehicle that has a lot owed on it, I said they perfer not to because they are making more on the payments. Therefor most will not rush out and grab the vehicle right away, they will "encourage" the buyer to finish the planned payments. Go ask your dad.

Again, the collateral is no equal in value. Therefore = lose.
thats what the first 60-90 days are for. they wil call and call and call and try to work something out. If they can't get in touch then at that point they will file for reposession. and no MOST people will go pay the repo fee, and get the car back, some contracts even have a clause stating that if you ever get repo'd your interst rate will go up. Yes a bank would rather you pay off the loan. Banks have to follow MANY federal guidelines. One of those is the amount of Bad debt expenses they have. If a Installment loan goes over 90 days it is automatically considered BAD DEBT. and teh bank is required to record it that way on their financial statements ( and yes financial statements are viewed by the board of directors on a montly basis). HOWEVER if they go and repo the car then that BAD DEBT EXPENSE turns into an ASSET. A bank with more assets on the financials looks a lot better than a bank with a HUGE amount of Bad debt expense. Banks don't make a whole helluva lot of money on car loans. I mean yeah they make money but not a lot. and most times a bank is more concerned about how they look on paper than whether they have a few thousand dollars.

You have to think about materiality. IN order to get a charter to start a bank you must raise 10,000,000 in liquid assets ( CASH) Most banks have A LOT more than that if they have been opened for anytime at all. I'm talking hundreds of millions of dollars ( for a decent sized bank) At this point materiality comes into play 3,000 of interest is just NOT material they don't care about it. they loose that much money throwing away paper everyday. ( not really but it gets my point across)

So a bank isn't really too concerned whether or not they can work out payments with some deadbeat that doesn't pay their car note.

A small local bank might give more of an effort to work with you if you call them, or go in and talk to the branch manager. but after 90 days a bank pretty much just wants the vehicle. whether their repo people can find the person quickly or not is a whole other story.

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post #42 of 42 Old 04-15-2005, 02:09 AM
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Re: How long till they repo a vehicle????

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Originally Posted by pointless
thats what the first 60-90 days are for.
.
Then what are you trying to argue?
You agree banks perfer for the loan to continue rather than go the repo route, right?
You agree they make more in profit through the payments rather than a repo, right?
You agree that most banks will try work with the person rather than repo the vehicle right away, right?
You agree that no bank will go right out and repo a vehicle because on 1 late payment, right?
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