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Can your car be repossessed if the finance company accepts payments of less than the amount due?
Wiki User
∙ 17y ago
Bottom line: YES it can. Although many things could factor into this answer, such as, have they given you anything in written form stating the new terms? Have you renegotiated your loan terms? When faced will something or nothing, most creditors are willing to work out something with you but are not bound by anything other than the terms of the contract. Although this point could be argued in a court of law. More input from FAQ Farmers: * If a person is sending or making payments of a lesser amount it doesn't mean the finance co 'accepts' these payments as acceptable. You would always want to discuss the situation with the finance co to see if the payment amount and dates being paid are acceptable. I work for a large finance co and we always try to work with the customer while they are trying to bring their account current. We won't repo a car if the customer is making the payments as discussed/agreed (which is always noted on an account) but if those payments aren't made or are late and we don't hear from the customer, there's a good chance repo is in process. Bottom line... the bank paid that car off for you, and they 'own it' until you pay them back. Work with them and they'll work with you.
Wiki User
∙ 17y ago
Wiki User
∙ 17y agoYes, if there is a breach of the lending contract, such as non payment of late fees or penalties, lapsed insurance coverage and so forth.
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Can your car be repoed if you have full coverage and you licance is revoked?
You car can usually only be repossessed if you fail to make the payments to your finance company.
My husband died a year ago. Can the finance company repossessed my deceased husband's vehicle although I have been making timely monthly payments?
no
Can your car be repossessed by the car dealership if you never gave proof of income?
If you are not making the required payments to the finance company that holds the lean on you car it may be repossessed. Proof of income is not required or relevant.
In Texas do they have to inform you before they repo your vehicle?
It is probably stated in your finance or lease agreement that if you don't make your payments on time that the finance company has the right to repossess the vehicle. Consider yourself informed. Long story short, if you don't want your vehicle repossessed you need to make your payments.
How can you take over payments?
Contact finance company
If the bank repossess your car do you still have to pay your car payments?
NO but why would they repo if you are making payments. You don't still have to continue to make payments, however, if your car is repossessed, normally the finance company will sell the car and you owe any deficiency balance. In other words, let's say you still owe $5000 on your car and the finance company sells the car at auction for $4000. They will eventually contact you and you will owe the $1000 difference.
Can a car be repossessed because someone is borrowing it?
I wanted to add to my original question...Our car was repossessed by the finance company because they said they found out someone else was using the car because of car payments being sent from a different address. AND, they stated that they wanted to see the condition of the car. I thought a car would only be repossessed if you were late on payments? I have never heard of this, so I don't know what is going on.
When do cars get repossessed?
Depending on the bank used to finance the car, after failing to pay 3-5 payments the vehicle will be repo'd.
How do you find out where your repossessed car is to reclaim your personal property in Indiana?
Call your finance company.
Can you get a dirt bike repossessed?
Yes. A dirt bike is the same as a street bike or any other type of vehicle. if you miss the payments, and the financier wants to exercise his rights to seizure, he can do so. If you are behind on payments the best thing to do is contact your finance company and explain your circumstances to him. There are probably options available to avoid repossession. The last thing any finance company wants to do is repossess their property.
Can you return a car bought on a personal loan when you were told it was on finance?
Have the car voluntarily repossessed. Using this option means that you voluntarily return the car to the finance loan company if you are too far behind on your payments and can't recover. If you decide to return the car, the finance company may pick up the vehicle or it may require that you return the car to its location.
Does a finance company who has repossessed your vehicle have any rights to your new car that is financed by another lender?
No
