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Is repossession of a leased vehicle the same as one you get a loan for?
Wiki User
∙ 8y ago
In my experience, a lease and a loan repossession are the same - I had a voluntary repo where I brought the car back to them with keys, and just got a car with loan repossessed and they do the same process with both, and yes, you are responsible for paying any unpaid amounts. In my situation they were both sold at auction and I was responsible for the outstanding balances to pay off. I didn't see any difference in leasing or with loan to own.
i am leasing a vehicle and today is the last day of my contract and i am over the mileage and the dealership charges 15 cents a mile after calculating it ends up being more than what the car is worth what should i do if i cant refinance it
Wiki User
∙ 8y ago
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Can a paid off car be seized for debt?
In some cases yes. If the vehicle was purchased using the same lender against whom you have defaulted with a different loan, and there is a remaining balance after the repossession of that property, then the court can order a Conversion of Collateral, and the paid off vehicle can be repossessed by that lender. Additionally, if the court chooses, real property can be ordered liquidated to pay a bad debt.
You have 2 cars financed with same company you are giving 1 back can the finance company repo the other as long as you pay for it?
No, as long as you make the payments and do not default on the loan agreement on that vehicle they cannot take it. You will however be required to pay the deficiency on the loan of the car you are voluntary turning in. They will sell the car and you will pay the difference in what it sells for and the balance on the loan plus any fees associated with the repossession. Your credit will also be ruined for 7 years.
What happens when your purchase a car and the auto loan does not go through after you have the car of 3 weeks?
Same thing happen to me. You have to retun the vehicle or find a loan from another company.
What is the statute of limitations on the lienholder trying to collect the balance of the loan after sale on a voluntary repossession of a car?
the same as an invol. Depends on your state laws. If the lender has gotten a judgement, it could be a long while.
Is it still considered repossession if you willing give the bank the keys to your property before it goes into foreclosure?
Yes, a voluntary foreclosure (deed in lieu of such) is a foreclosure just as a voluntary repossession of a vehicle is a repossession. All the same penalties/fees, recovery of debt laws apply and the information entered on the debtor's credit report will be as a foreclosure regardless of the circumstances involved.
Can a credit report show settlement then repossession on the same vehicle?
A credit report is a record of all transations on a reported account. In the life of a vehicle loan, many things can happen. Over the typical four to five years, the vehicle may have been repossessed and then redeemed and paid off. In these cases, yes, repossession and settlement can show on the same vehicle, on the same credit report.
Is the voluntary relinquishment of a vehicle by the borrower as damaging as a lender's repossession?
Yes, it is the same thing.
What are the vehicle repossession laws in Arkansas?
Vehicle repossession laws in Arkansas is the same there as it is in every other state. One must pay his loans or risk facing legal action from the one that one has borrowed from.
Does a personal water craft repossession work the same as a vehicle repossession?
Yes, until the note is completely paid it still belongs to someone else and can be repossessed. If the transport trailer maybe also if it's on the same note.
What are factor approving vehicle loan?
Good credit report, employed at the same place for a long period of time are few factors that help in approval of vehicle loan.
What do you do when your vehicle has been repossessed during an insurance claim in Texas?
Same as any other repossession, CALL the LENDER. Work something out.
Is it the same thing as repossession if you call the loan company to pick up the vehicle since you can no longer pay for it?
It will show as a VOLUNTARY repo but still a repo. It will indicate to other lenders that you know when you are over extender and that you DO NOT attempt to use their collateral without paying for it. It IS a good idea to do so.
Does a voluntary repossession affect credit the same way as a reposession?
Yes, there is no difference. A repossession is a repossession.
As the co signer for a leased vehicle am i responible for damage to the vehicle when the lease agreement is up?
Unfortunately; yes you ARE responsible the exact same as if you were the PRIMARY person on the lease. Well sorry. k love yayahs
Can a paid off car be seized for debt?
In some cases yes. If the vehicle was purchased using the same lender against whom you have defaulted with a different loan, and there is a remaining balance after the repossession of that property, then the court can order a Conversion of Collateral, and the paid off vehicle can be repossessed by that lender. Additionally, if the court chooses, real property can be ordered liquidated to pay a bad debt.
You have 2 cars financed with same company you are giving 1 back can the finance company repo the other as long as you pay for it?
No, as long as you make the payments and do not default on the loan agreement on that vehicle they cannot take it. You will however be required to pay the deficiency on the loan of the car you are voluntary turning in. They will sell the car and you will pay the difference in what it sells for and the balance on the loan plus any fees associated with the repossession. Your credit will also be ruined for 7 years.
How long does it take for a car to be repossessed after the request was made to repossess it?
The time frame depends upon the lender. Regardless of whether the repossession is voluntarily done by the borrower or a forced repossession by the lender the consequences remain the same. The borrower will be responsible for any deficiency between the amount that the repossessed vehicle is sold for at public auction and the remaining balance on the loan agreement including added fees and penalties. The respossession will also remain on the borrower's credit report for the required 7 years. Be advised, a lender has no legal obligation to recover the vehicle but can instead file a lawsuit against the borrower for the entire amount of the loan plus legal and other associated costs.
