Can you still buy-lease a car after 2 cars repossession?
No. Unless you go to one of the dealers that offer a little box on the dash board that requires payment to run. Total rip off. A repossessed vehicle will stay on your credit record for 7 years. Due the recent economy no one will get you a new car loan or lease. Your best bet is save mnoney and pay cash for a used vehicle.
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The truck was sold by the bank at auction, they then sent us a bill for $5,600.00!!!! This was the balnce of the loan apparently, **NO this is the balance due AFTER deducting …what it sold for at auction.and they auctioned the truck for far below it's worth.**REALLY, how much is /was it worth? It was sold at WHOLESALE price. Not retail.We are now receiving harassing phone calls from the bank and their collections dept. ( I am shocked at the unprofessionalism of these calls!) what can be done to alleviate all of this? PAY the amount due.We don't have $5600.00 to give them for a truck we don't even have?! You had it and didnt seem to want it but that's NOT the issue. The issue is that you/he agreed to pay X number of dollars for X number of months. YOu/he didnt pay that and now the lender is going to collect the money due. They will sue you, get a judgment, and collect. Good Luck.
that's like saying, "I was speeding, the cop couldn't see me cause I had MY eyes closed". If you are in default of the contract, you are liable to be repoed. Simple and to the… point. In most states, concealing(HIDING) leined collateral is a FELONY.
Answer . \nYes
Yes, but they must take you to court first for settlement options. Answer In Ohio they must first sell the repo at a public sale. If the vehicle is sold for less than you o…we the bank may take you to court and obtain a judgment for the difference. After they win the judgment they can then enforce the judgment in a variety of ways, a lien on other property (your house), garnishment, etc. If the vehicle is sold for more than you owe, they are required to send you a check for difference.
The worse thing you can do is hide the car and not talk to the lender. When you finance or lease a vehicle, your creditor holds important rights on the vehicle until you've ma…de the last loan payment or fully paid off your lease obligation. These rights are established by the signed contract and by state law. If your payments are late or you default on your contract in any way, your creditor may have the right to repossess your car.. Talking with Your Creditor It is easier to try to prevent a vehicle repossession from taking place than to dispute it afterward. Contact your creditor when you realize you'll be late with a payment. Many creditors will work with you if they believe you'll be able to pay soon, even if slightly late.. Sometimes you may be able to negotiate a delay in your payment or a revised schedule of payments. If you reach an agreement to modify your original contract, get it in writing to avoid questions later. Still, your creditor may refuse to accept late payments or make other changes in your contract and may demand that you return the car. By voluntarily agreeing to a repossession, you may reduce your creditor's expenses, which you would be responsible for paying.. Remember that even if you return the car voluntarily, you're responsible for paying any deficiency on your credit or lease contract, and your creditor still may report the late payments and/or repossession on your credit report.. Seizing the Car In many states, your creditor has legal authority to seize your vehicle as soon as you default on your loan or lease. Because state laws differ, read your contract to find out what constitutes a "default." In most states, failing to make a payment on time or to meet your other contractual responsibilities are considered defaults. In some states, creditors are allowed on your property to seize your car without letting you know in advance.. But creditors aren't usually allowed to "breach the peace" in connection with repossession. In some states, removing your car from a closed garage without your permission may constitute a breach of the peace.. Creditors who breach the peace in seizing your car may have to pay you if they harm you or your property.. A creditor usually can't keep or sell any personal property found inside. State laws also may require your creditor to use reasonable care to prevent others from removing your property from the repossessed car. If you find that your creditor can't account for articles left in your car, talk to an attorney about whether your state offers a right to compensation.. Selling the Car Once your creditor has repossessed your car, they may decide to sell it in either a public or private sale. In some states, your creditor must let you know what will happen to the car. For example, if a creditor chooses to sell the car at public auction, state law may require that the creditor tells you the date of the sale so that you can attend and participate in the bidding. If the vehicle is to be sold privately, you may have a right to know the date it will be sold.. In either of these circumstances, you may be entitled to buy back the vehicle by paying the full amount you owe, plus any expenses connected with its repossession (such as storage and preparation for sale).. In some states, the law allows you to reinstate your contract by paying the amount you owe, as well as repossession and related expenses (such as attorney fees). If you reclaim your car, you must make your payments on time and meet the terms of your reinstated or renegotiated contract to avoid another repossession.. The creditor must sell a repossessed car in a "commercially reasonable manner" - according to standard custom in a particular business or an established market. The sale price might not be the highest possible price - or even what you may consider a good price. But a sale price far below fair market value may indicate that the sale was not commercially reasonable.. Paying the Deficiency A deficiency is any amount you still owe on your contract after your creditor sells the vehicle and applies the amount received to your unpaid obligation. For example, if you owe $2,500 on the car and your creditor sells the car for $1,500, the deficiency is $1,000 plus any other fees you owe under the contract, such as those related to the repossession and early termination of your lease or early payoff of your financing.. In most states, a creditor who has followed the proper procedures for repossession and sale is allowed to sue you for a deficiency judgment to collect the remaining amount owed on your credit or lease contract.. Depending on your state's law and other factors, if you are sued for a deficiency judgment, you should be notified of the date of the court hearing. This may be your only opportunity to present any legal defense.. If your creditor breached the peace when seizing the vehicle or failed to sell the car in a commercially reasonable manner, you may have a legal defense against a deficiency judgment. An attorney will be able to tell you whether you have grounds to contest a deficiency judgment.
\n. \nYes. If there is a difference between the value of the vehicle and the balance still owed on the loan, plus applicable fees and interest, it must be paid by the borrowe…r.\n. \nHowever, the actual value of the vehicle may not be the amount that it is sold for even though the lender/seller is legally required to make a reasonable attempt to get the market value.
Answer . The vehicle will be sold at auction, the proceeds will be applied to the loan and to the repo fees, then you will still be responsible for any remaining amount ow…ed to the loan.
YES LEASED VEHICLE SCAN BE REPO'D, YOU NEED TO READ YOU LEASE AGREEMENT AND CHACK LOCAL AND STATE LAWS.
When the lease expires
Depends. Are you receiving the car or are you selling the car. Re possession = again Re possession = ownership Repossession = gaining ownership again
when they take your car it go's to a auto auction not in your home town and if it does then you have the right to bid on it. anyway they auction it off and you could be libal …for the balance after the auction price. If you knew you were going to lose it and gave it back or called and said come and get it more less you will not pay anything.
When a vehicle gets repossessed it either goes back to the dealer who leased it, or, and more commonly, it is auctioned by the reclamation company. You would need to attend …one of these auctions to be able to bid on one, and even then, a lot of times you have to be a licensed dealer to participate. Check on the local regulations and restrictions on the auto auctions in your area.
Yes, and potentially more than was owed before the repossession due to accrued fees.
Yes, provided there is still an outstanding balance after the repossession and resale are completed. This is the case in most situations, due to the added cost of repossession…, storage, and transport of the vehicle that will be assessed to you. If it remains unpaid, the lender may (likely will) file legal actions against you to recover the balance.
If the car has been repossed, it means the person who borrowed money from a bank to purchase the car has not met his obligation to pay and the car is now owned by that bank. W…hen that bank re-sells that car, the sales amount is sometimes not sufficient to cover the loss to the bank. The bank may then take second recourse by filing for judgment against the original purchaser to recover the difference. A judgment is a court decision regarding (usually) a debt. So...if you bought the repo from the bank, you signed a new loan agreement which is your legally binding contract to repay the loan. That means you can drive the car as long as you pay on the loan. If the judgment is against the original owner, it has nothing to do with you. The judgment may be for the debt against that car, but you have a legal contract allowing you ownership. If the judgment is against you...and is on the repo'd car - it would have been physically taken from you and you wouldn't have access to it anyway, so of course you couldn't drive it. If none of these scenarios answers your question, then be a little more specific and you'll get a more specific answer.
Buy here pay here lots make the decisions themselves to sell you a car or not. They typically base this on a number of factors not over looking their gut instinct. The only wa…y you will know if a particular lot will sell you a car is to contact them and ask.
It's not really clear what you mean by "out of repossession". Repossession is an event, not a condition. If you're asking if you can get it back after it's been repossessed, i…t's at least theoretically possible if you act quickly enough; you should contact the leasing agency and find out what you need to do. At minimum, you should expect to have to bring the payments current and pay the repossession expenses; you may also be asked to provide a deposit against future defaults.