How soon after a car payment is overdue can a bank repossess?
A simple answer to this question would be at almost any time. Quite a bit will depend on the loan wording and agreement; if there is a grace period written in then it will fall under the grace period (often this is 30 day increments [30, 60 or 90]). However if there is reason to believe that their money or collateral is in risk they may have other reasons for repossession (i.e. A DUI, going into default, strange account activity, etc.). In some cases you can go into default and it can be grounds for immediate repossession (though it may not happen immediately). Unfortunately you can, in many cases, go into default from missing or being late on a mortgage payment or credit card payment and they could repossess without ever being late on the car payment at all. In fact some shady dealers will wait for several more payments to come in, after the late one, before they repossess. This is not a very honest way to do business but it can happen. Most likely they will let you be late in order t
