Answer No, i am 2 1/2 months behind and they still havent picked it up. Im struggling to pay it before they have to repo the vehicle but if you are one day late you are fine just dont be late for too long or you are in a situation like me.
Edit**
This is not true. The bank is giving more lead way than they are required in most states because they would rather get your money. Once the unit is repossessed, there are a lot of fees before it is auctioned off, and it's likely a customer will not pay those fees (even though they are liable for them) if they don't have a car, especially if they didn't pay for the car when they had the car in the first place. Most states can repo after one day past due. Most banks won't though. several states require a "Cure Letter". It basically says you have so long to pay the car current or the bank reserves the right to repo. Some states only have to have one or two of these sent a year or for the life of the loan and they don't have to send anymore after that. Texas requires a cure letter that allows 10 days to pay current. Then an acceleration letter that says the entire loan is due with in 2 days or they can repo. Louisiana requires you sue the person for the car. Wisconsin used to but no longer requires the customer to be sued. I worked legal, repo and collections for General Motors Financial for nearly 8 years and also worked for a repo company as a spotter car driver. I assisted in repo's as well...
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