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Default payments
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We defaulted on a car loan and then paid it up to date. Loan was approximately 45 days late. Payment was accepted and later on that week car was repossessed. Is this legal?
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It all depends on the terms of the agreement. If it states that you must pay each loan payment by a specific date, then you default just once, they can repossess your car! They do this because, if you default once, you're likely to do it again.
Answer Date: 08:39am 09/20/08
