How long after a vehicle mortgage loan is overdue will the car be repossessed?

[DelSienna]

If the loan is overdue for 3 months, the car will be repossessed. If the car owner takes out a loan from a bank, the bank will initially notify and remind the owner to repay the overdue amount via text message or phone call, rather than repossessing the car immediately. However, if the owner fails to repay the overdue amount for three consecutive months, the bank will proceed with repossession. The consequences of overdue car loans are as follows: 1. First consequence: Delaying car loan repayment by one month will affect the individual's credit record, resulting in overdue fees and interest. According to relevant credit regulations, a bad credit record is only generated if the loan or credit card payment is overdue more than three times or for more than 90 days. 2. Second consequence: If the owner is short of money for just one month, they can repay the principal and interest for both months before the next interest settlement date. However, during the period from the current interest settlement date to the next, unpaid interest will incur penalty interest. A bad credit record is only generated if the interest is overdue for more than 90 days.