Thursday, November 26th, 2009

How many times can your payment be late at CarMax before they repo the car?

late payment
Jesse C asked:


My boyfriend has had his car since February and has made 1 late payment but it looks as though this next payment may have to be late as well due to hours cut at his job. He is getting a new job and will start this month. How many times can payments be late before they reposess the car? He can’t call because he is at work and I can’t call because I don’t have an account number does anyone know?!

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6 Responses to “How many times can your payment be late at CarMax before they repo the car?”

RE Says:
November 29th, 2009 at 8:56 am

Three. Then they come and get it.

cow_jamella Says:
November 30th, 2009 at 12:00 am

Usually you can be late as many times as you want, as long as you pay the payment. but if you’re late like month, on top of a month, like back to back. After the second month, the car is on a list, and right on the thrid month, they’ll come and get it.

Bahama Mama Says:
November 30th, 2009 at 1:34 pm

If you make *no* payments for a few months they might come take it, but 4 or 5 months is more typical. If you’re just late on payments they will take even longer. Personally I would worry now- it’s going to be very hard to make one huge payment. What’s he going to do hand over his whole paycheck for two months? Yikes! I wish you the best and good luck with the car.

xx_satanic_mechanic_xx Says:
December 3rd, 2009 at 11:32 am

Late payment does not result in a repo. MISSED payments do.

You can be late, pay the late fee, and not get stung too badly. Missing a whole month gets a lot of phone calls. Missing 2 months starts the tow truck engines. MIssing three months and you better have a comfortable bicycle seat.

stupid Says:
December 4th, 2009 at 9:10 am

Open up his last statement and read the fine print. He should call CarMax ASAP and let them know his situation and have them note his account. It’s always better to keep them informed on what’s going on instead of them assuming what’s going on.

Also be aware that too many late payments may bump up his interest rate. Another reason for him to call and not make excuses. I figure the CarMax people are open sometime outside his employment schedule. Also, he may need to cut down on his expenses for a while to build up a “cash” cushion.

jackdselby Says:
December 4th, 2009 at 3:25 pm

3 then they will start repossession process. he could call the finance company and advise them of what is going on, it’s better to stay in communication with the finance company. they can probably do whats called a forbearance for one payment to keep him current.

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