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How Many Car Payments Can You Miss Before Your Car Will Be Repossessed in California? Missing one or two car payments might have an effect on your credit score, but it is rare for a car lender to repossess a car after just a few missed payments. But how many payments will they let go by before they repossess the car? Keep reading to get the basics. If you know that you simply cannot continue paying for your car, consider the pros and cons of filing for bankruptcy by requesting a free legal consultation from a bankruptcy attorney.

Lenders Can Start Repossession When You Are Just a Day Late

Legally speaking, a lender has a right to start the repossession process when a person is just a single day late on their loans. However, most lenders do not take this extreme approach. They instead make every attempt to collect the past due amount in full or set up a payment plan. However, all lenders are different, and technically speaking, they can repossess your car if you miss a single payment.

Your Vehicle Can Be Repossessed for Issues Other Than Missing Payments

You might think of repossession as having a single cause: missing payments. However, lenders can choose to repossess a vehicle for many other reasons. For example, if your insurance lapses in breach of your loan agreement, your vehicle could be repossessed. They can do so without first giving you notice of their intention, and they do not need a court order to repossess the vehicle.

Your Vehicle Can Be Repossessed from any Publicly Accessible Place

The repossessing agent cannot enter a private building or a secured area, such as a locked garage, without the permission of the person who owns the property. However, they can take it from any publicly accessible place, including parking lots, streets, or your driveway. You do not have to be present for them to take your vehicle.

Bankruptcy Can Help with Repossession

If you are sinking under all of your debt, repossession might be the solution you have been looking for. It offers a mechanism to help you catch up on your debts – including your car payments. When you file, there is an immediate injunction that prevents creditors from taking any action to collect a debt from you – including repossession.

If your vehicle was repossessed prior to you filing for bankruptcy, the lender is required to return it to you unless they have sold it. To learn more about how bankruptcy could provide a real solution to the debt problems you are facing, contact The Law Offices of Paul Y. Lee at 888-748-0025 for a free legal consultation.