This depends on the state where you are living as it will vary from one to the other. It is best to check the rules in your area as the amount of time you will have before a repo man gets your car will depend on your own individual circumstances. For example, for all those living in the state of California, check out the general guidelines and rules here:
www.bsis.ca.gov/customer_service/faqs/repo.shtml
It will also depend on the conditions that have been set from your borrower as these will also vary. You may have been given a specific set of rules and regulations regarding your conditions of borrowing which may be different from the guidelines your friend has received from another credit provider or bank.
The general consensus on internet forums and websites seems to be about three or four days since you missed your last payment. However, there are some people who claim in Texas, your car can be towed away by a repo man the day after you miss a payment.
The best way of getting an exact answer to this question and prevent your car from being towed away is by keeping in regular contact with your credit provider. Ask them questions at the time of taking out a loan or buying a car on credit and make sure you are aware of the consequences if you are unable to keep up with your repayments.
If an individual finds themselves in a situation where they are unable to make a repayment, the best way of dealing with this is by getting in touch with the credit provider first to explain the circumstances. There may be a chance of resolving the situation by setting up a payment plan for example. Repossession should always be a final option and can be avoided by being honest with your credit provider.
www.bsis.ca.gov/customer_service/faqs/repo.shtml
It will also depend on the conditions that have been set from your borrower as these will also vary. You may have been given a specific set of rules and regulations regarding your conditions of borrowing which may be different from the guidelines your friend has received from another credit provider or bank.
The general consensus on internet forums and websites seems to be about three or four days since you missed your last payment. However, there are some people who claim in Texas, your car can be towed away by a repo man the day after you miss a payment.
The best way of getting an exact answer to this question and prevent your car from being towed away is by keeping in regular contact with your credit provider. Ask them questions at the time of taking out a loan or buying a car on credit and make sure you are aware of the consequences if you are unable to keep up with your repayments.
If an individual finds themselves in a situation where they are unable to make a repayment, the best way of dealing with this is by getting in touch with the credit provider first to explain the circumstances. There may be a chance of resolving the situation by setting up a payment plan for example. Repossession should always be a final option and can be avoided by being honest with your credit provider.