How long is BMW Finance overdue to collect the car?

1. The car loan will be recovered when it is overdue to the third phase, but before it is recovered, the bank will constantly remind the owner that it needs to repay as soon as possible. Since the term of 1 is one month, the car will be confiscated if it is overdue for three months.

2. When the bank repossesses overdue vehicles, it will consider auctioning them to avoid losses. Considering that the auction price of vehicles will be much cheaper than the price of new cars, some people will also consider buying cars. Of course, it should be avoided for the original owner.

When the vehicle is overdue, it is generally that you don't remember the repayment date, or you don't see the reminder message from the bank. This situation generally does not cause serious consequences of car collection. According to the loan contract signed between the owner and the bank, repay the loan within the specified time. If the repayment is not made in time, there will be a grace period of several days. As long as the loan is paid off within the grace period, it will not enter the personal credit list. Of course, after the grace period, it is likely to be on the credit list, which will affect the subsequent loans. We must be cautious.

If the loan is overdue for more than three consecutive periods, the bank will recover the loan vehicle according to the loan contract. Recovered vehicles will be processed in batches within the specified time. At this time, if there is no repayment, the vehicle will officially enter the auction process. Bidders interested in vehicles can bid for vehicles, and they can buy vehicles directly as long as the price is appropriate. Of course, after the auction is successful, you still need to pay the fees according to the auction, so that you can get the auction voucher from the auction department and go to the vehicle management office.

How to avoid the auction of vehicles?

The best way is to pay off the loan in time. Our domestic loan cycle is one month, so busy car owners can consider the bank's automatic deduction business. When the time stipulated in the contract is reached, the deduction will be made automatically, and there is no need to worry about overdue. Of course, it is necessary to ensure that the account with automatic deduction has enough balance, otherwise it will be overdue if it is not deducted successfully for two or three times.