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by Jloveley on March 30th, 2007

Jloveley

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My question is can they take your car when you aren't 1 month late, My car note was due on 3/20 I paid it on 3/23, it has cleared my bank but they haven't posted the payment. They said they can take action if they receive payment after 1 day.

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  • by 8 Jan 2004-10 Dec 2009 on March 31st, 2007

    8 Jan 2004-10 Dec 2009

    They can.

    Though MOST lenders have a little bit of a grace period, this is not universal. Some lenders are predatory. They wait for you to make the smallest mistake, slam you hard, repossess your car, resell it, and get paid twice for it; once by you and once by the new owner.

    Most reputable lenders will merely tack on a late payment fee and put a remark in your credit record.

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