If the mortgage car is mortgaged through a guarantee company, it is appropriate to take the car away after two overdue days. This item will be included in the contract signed by both parties at the time of mortgage, and the borrower can have a look. According to relevant laws, if the borrower breaches the contract first, the guarantee company has the right to recover or dispose of the collateral. Now that the borrower has a bad credit record, the bank has the right to cancel your mortgage qualification according to the original contract!
The guarantee institution or bank that the general borrower fails to repay the loan within the time limit will take the following measures:
1. If overdue, penalty interest will be imposed;
2, overdue for more than the time stipulated in the contract;
The guarantee company has the right to auction this car.
The specific contract of each company is different and can be determined according to the contents of the contract.