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(Bryant) Keith Martin
Most lenders will repo anytime after 30 days. But the right to repo is in the contract, and it depends on what your contract says. So if you can find the darned thing, take it out & read it!
BTW, being late, even by a few days, on your car loan is very bad on your credit! It will make it just that much harder to get another car loan in the future. Try making some lifestyle changes that can free up some cash for you.
Sounds too hard? I have actually published a legal guide on this topic. I have linked it below.
Hope this perspective helps!
Since you are in Oklahoma, I thought you might like to hear from an Oklahoma attorney. The advice you have been given is accurate for Oklahoma. The best answer is: It depends on what your loan agreement says. Most say that if you don't pay on time, they can declare the entire balance due and foreclose. The more likely they are to recover all their money, the more likely they are to repossess the car. Most loans also have provisions that say that their waiving your breach of contract (by not paying on time) does not mean they are prevented from enforcing the same provision at another time. The bottom line: try to pay on time.
This information does not form an attorney-client relationship and is provided for general informational purposes only. You should seek the advice of an attorney to obtain the legal advice you needIf this information has been helpful, please indicate below. Mr. Ray is licensed to practice law in Oklahoma. The response herein is not legal advice and does not create an attorney/client relationship. The response is in the form of legal education and is intended to provide general information about the matter within the question. Oftentimes the question does not include significant and important facts and timelines that, if known, could significantly change the reply and make it unsuitable. Mr. Ray strongly advises the questioner to confer with an attorney in your state in order to ensure proper advice is received.