I am 40 days behind on my auto loan. I am going to pay it on 11/30/07, will they repo my car?

I have kept in contact with my loan officer, and told her everything. I am just wanting an answer. Thanks,

I am 40 days behind on my auto loan. I am going to pay it on 11/30/07, will they repo my car?
No, not likely. If you are in contact and explain yourself, they will usually work with you. Most times, it takes closer to 3 months for a repo.
Reply:If they have mercy on everyone, they will not make money. So , they would charge you interest on the delayed period after knowing your sincereity that you would pay the next time, on time, or that you can afford to pay the interest on that. After all, they need business, because if they take your car they will not refund you the money you paid them, and if they cannot get your signature on the release of the car to them, they cannot have clean paper for it, to sell it, and if they cannot do that they will lose on the value of the car. So they will prefer to pressurize you to pay on time, and/or pay with added interest. It depends if this is the first or second or the 7th installment default. If they are loan sharks, and you defaulted on the 8th or almost DONE UP installment, (which you should not have), then you stand to lose the car. If its the 2nd then its as I said.
Reply:not likely since you have kept in contact with the bank
Reply:no!!!
Reply:Loan officers can tell you anything, but its the contract you signed in the agreement to pay that counts.


If it says the car will be repossessed after a certain time passes, it will.


Unless that loan officer is the one you made the initial agreement and signed the contract with, it might not be taken.


Still, read the contract.
Reply:To be honest, it really depends on the lender. Most won't repo before 60 days late though. Technically, they can repo the vehicle anytime after the due date, but they don't want to do this because it is more profitable to collect the late fee and let you keep making payments 15-60 days late.
Reply:It depends on the company. If you are 1 day late the order can be sent. A smart loan officer will let you think everything is ok so you do not hide the unit. Charge off is around the corner so they are more than likely getting ready to snatch it up. If you tell them you are going to pay make sure you do. If you do not, you will be the cities newest bus rider!