If a car loan is delinquent and you make a payment right before the 90 day mark. Does it start over again?

Question

So here is the scoop. I owe 17k on a truck that is woth 4k. im so upside down that i cant get rid of it. I am going to let it get repo'd but i want to drag the proccess out as long as possible. If i make a payment right before it hits 90 days past due, Will it start the proccess over again giving me 90 more days? I was told by someone that even if i was making just $100 payments every couple of months, that they could not take the car because i was at least making an effort to pay off the loan. I also know of a case, where a car was being repossed however the proccess was put off for so long that the lender ended up writing the car off as a loss. She kept her car, of course she will never hold the title, but regardless she kept her car. Any one know of ways i can make this happen?

Answer 1

It might really save you some money to just get a car loan estimate on the web to see what the going rates are.  You might be totally suprised.  Also if your credit is not good, a lot of online loaners are more able to work with people.



What I most often tell folks is that an internet quote at http://auto.lowratetoday.com is a no brainer.

Answer 2

As long as you pay the whole amount that is due, then it will start again. Otherwise it'll still show as delinquent. What will happen is they will apply the payments you make to the past due balance. And when you've made the total past due amount, then it will be current.

If you only make 1 (one) monthly payment, then you'll still owe 2 monthly payments. And will show 60-day delinquency.

Answer 3

The timer does not start over, it only gets subtracted from the amount you still owe.

LIke the person above me stated.  If you owe 4 months worth of payments, and make one payment, you still owe 3 months worth or 90days instead of 120 days.

Answer 4

The answer to your question is, that it is possible for them just to proceed with repossession in spite of your efforts to "just stay ahead of the law" You'll risk going out to your truck someday, and it won't be there.