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How long does a reposessor have before they can sell a vehicle that was repossessed?
Djism
As far as I know, they can sell it the same day they repossess, unless there is some provision in your loan contract. But the car actually is theirs. That is what repossession means. They have the title, because when you signed the loan contract, the loan company actually bought and comletely paid in full for the car from the dealer, and then allowed you to drive it while you paid them back in installments. The loan company actually completely owned the car from day one, you never actually owned it. So, when they repossess, they are taking their car back away from you. They can sell it anytime they want. If they are nice, they may give you the opportunity to catch up the payments, and drive it again. All that is completely up to them, providing there wasn't some clause in the loan contract that prevents them from doing that, but I seriously doubt that.Here is an interesting side note. Most loans require you carry full coverage insurance on the vehicle at all times. If you let that insurance drop, they can repossess the car, even if your loan payments are up to date.
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How long before your vehicle can legally be repossessed?
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How do i report a repossessed bike?
If it's repossessed, it's repossessed... there's nothing to report. As long as there's a lien on that vehicle, the lienholder is the rightful owner of it, and can reclaim their property.
What hours can a vehicle be repossessed in ga?
any 24 - 7 as long as they find the car they can repo it.
Is there a time limit in which a car can be repossessed?
As long as there is a lien on the vehicle the lienholder has the right to repossess the property
How long does the credit company have to make a claim for repayment on a repossessed vehicle?
Possibly up to 7 years.
After you buy a repossessed car does it stay marked as repossessed as long as it is driven even though it is paid off?
The car isn't damaged, the debtor's credit rating is. There is no permanent record of the car as a repossessed vehicle like there is for a salvaged title.
If a car was repossessed how long does it stay on your credit before it is removed?
7 years
How long does one have to be delinquent on a loan before a car is repossessed?
To determine how long one will have to be delinquent on a loan before a car is repossessed depends entirely on where the loan was taken from. Different places allow different payback requirements.
Can they repossessed the car if you just owe the last payment?
The lienholder has an option to repossess when you become deficient on your payments for as long as you owe money on that vehicle. If you skip your last payment, that car can be repossessed.
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.
If creditor has threatened to repossess if a certain amount is not paid and you have paid partial can the vehicle still be repossessed?
As long as the contract is in DEFAULT, the collateral CAN be repossessed. One dollar or one day. Its a GAMBLE you take when you are in default.
How long do collection agencies have to recover debt after a vehicle has been repossessed in the state of New York?
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