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What will happen if you bought a vehicle and gave it to a third party to lease out and the loan company is repossessing because the contract was not paid and you do not have the money to pay it off?
Wiki User
∙ 19y ago
They will repo the car, sell it, you will pay the difference on what it sells for and the balance on the note.
Wiki User
∙ 19y ago
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In the State of Illinois is there a time limit for buy here pay here dealerships when it comes to repossessing a vehicle?
Read the contract you signed when you purchased the vehicle.
Does the company repossessing a vehicle have to notify the co-signer?
Read the contract you co-signed. It should relate the info you want. USUALLY, lenders dont notify the co-signor until the car is sold at auction and its time to PAY UP.
Is repossessing a travel trailer the same as repossessing a vehicle and can they demand the balance owed in full?
Pretty much, yes.
Can a dealer tow a vehicle-with their own tow truck-if it has been impounded or if the dealer is repossessing it?
If they are legally repossessing it, it is their truck and they can do what they want with it.
Can you repossess a car if you do not have a written contract on it but you are a lienholder and you have the title with your name listed as lienholder?
If you don't have a "contract", you aren't a leinholder. A lienholder must have a contract and have filed the notice with the county recorders office and the title must state you as the leinholder. If the person is named on a title as a lien holder he or she has the legal option of repossessing the vehicle as it is determined by the laws of the state where the vehicle is registered.
Can your car be repoed on private property in the state of Texas?
repossessing a vehicle is NOT tresspassing in any state. It is a LAWFUL reason to be on the property. READ your contract again, you likely gave the lender permission to do so.
How do you reposess a commercial vehicle?
It's more the same as repossessing a car.
Can a person insure a car of their parents?
No. The insurance must be in the name of the owner of the vehicle. An insurance policy is a legally binding contract and if one party does not own the vehicle then the policy and thus the contract is void. The insurance company cannot pay a claim on a vehicle if the owner is not party to the contract. They also cannot legally pay the owner because they are not an insured person under the contract.
Can a tow truck just take your car?
If they are repossessing the vehicle for the bank, Yes.
Can your employer fire you for smoking in your vehicle on the company site?
It depends on the terms of your contract
Can I insure a car titled under my uncle in Arizona?
The answer to this question is easy and is NO. You cannot insure a vehicle that you do not own. This is very important. If you did this and totaled the vehicle, the insurance cannot pay you for the damages because you do not own the vehicle and they cannot pay your Uncle because he does not have a contract of insurance with the insurance company.
How do I get car insurance when I have taken over someone's car loan?
You need to make sure you have a written contract buying the vehicle and that the finance company or bank has changed the name on the contract or I would not recommend taking over a car payment. The reason is that the vehicle is not yours in any way or fashion. It belongs to the other person even if you are making the payments it still belongs to them. For this reason, you cannot insure a vehicle you do not own. The insurance company cannot pay you if the car is totaled and they cannot pay the other person because they don't have an insurance contract with the company. Sometimes the company will make an exception if you have a contract with the seller.
