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Does a borrower to receive a letter from lender after they Repo a car?
Wiki User
∙ 12y ago
Y
nsible to pay the difference, even though you will have nothing to show for it. If you do not pay, the bank/lender will file for a judgment against you and (where allowed by law) will have the right to place a lien against your home or other property and/or garnish your wages and or attach your bank accounts or other financial holdings. This is why it is best to contact the lender IMMEDIATELY if you have a problem with paying your loan. Work out a reasonable plan. Be honest and forthcoming. Cooperate and deal fairly, just as you would want them to deal with your fairly. No one rides for free. Yes, you can pull up stakes and run. You can even hide for a short time. But with the technology and tracking systems available today you are only prolonging the inevitable, possibly violating laws (hindering a secured creditor can be a FELONY) and racking up more grief for yourself than you really want.
Wiki User
∙ 12y ago
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Can a lender repo a car if the borrower dies?
Yes, if those who control the dead borrower's estate do not continue to make the payments. The lender has a lien on the car, no matter who owns it.
Reverse repo rate?
A Repurchase agreement (also known as a repo or Sale and Repurchase Agreement) allows a borrower to use a financial security as collateral for a cash loan at a fixed rate of interest. In a repo, the borrower agrees to sell immediately a security to a lender and also agrees to buy the same security from the lender at a fixed price at some later date. A repo is equivalent to a cash transaction combined with a forward contract. The cash transaction results in transfer of money to the borrower in exchange for legal transfer of the security to the lender, while the forward contract ensures repayment of the loan to the lender and return of the collateral of the borrower. The difference between the forward price and the spot price is the interest on the loan while the settlement date of the forward contract is the maturity date of the loan.
Can they repossess your car the day after they receive a partial payment?
As long as you are in DEFAULT of the contract, the lender can repo the collateral.
A lender filed at court to repo your car but since the account has been made current with 20 payments left will they withdraw the motion do they want the car or the money?
In most cases they want the money. The car's value if resold and the borrower's ability to pay any deficit could play a part in their decision. If the borrower can convince the lender they can fulfill the agreement, the lender will more than likely withdraw the filing.
In Pennsylvania if you lease a car and voluntarily repo it can they attempt to make you pay balances?
Yes, voluntarily relinquishing a vehicle does not relieve the borrower from the original contract obligations. The lender/leaser can sue the borrower for the amount still owed on the contract and any applicable fees.
Can a person turn back in a car that they bought a week ago and not be considered a repo?
Considering that the LENDER will be the one to report it as a "repo", wouldn't it be best the discuss it with the LENDER?
Do you have any recourse if the repo company is trying to charge additional storage fees when you were told previously that there wouldn't be any?
Who told you there would be no storage? The lender? the repo co.? Call the LENDER, they have control of the repo company.
Who do you call to come and get a vehicle that the repo guys are looking for in Minnesota?
Call the repo guys OR the lender.
What is the legal course that must be followed by a lender repossessing a car?
After repossession the lender must send a letter telling you where the car is how much is owed on the car and where it can\d be redeemed. This letter must be sent within 5 day after the repo
How can you stop a repo?
The #1 best way to stop a repo is to PAY YOUR NOTES or make arrangements with the LENDER. The lenders starts the repo, they stop the repo. Pay your bill.
How do you get your car back from a repo when you are only 3 days late?
You pay the LENDER what you are behind and the repo fee and go get it.
Where would they take a repo vehicle if your lender is in va and you live in ms?
It all varies by your state laws. but normally the lender will search for repo and towing companies in the area where they think you are and they search for you and come and tow your car to a tow company or repo company lot, then they contact your lender, so you need to contact your lender to arrange payment or to get your stuff out of your car. Hope This helps Adam OUT
