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Repossession

Are the payments due after repossession the actual car notes or can you negotiate a payment in the state of Maryland?

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2015-07-14 16:09:40
2015-07-14 16:09:40

You can make an offer in any state. Its up to the lender to accept or reject it. Has the lender tried to work with you on payments already and it didnt work out?At this state of the game, the lender wants more than promises. They want MONEY NOW. The more the better. They can get 25% of your disposable income by garnishment so why would they settle for less in an offer? Its time to get serious about paying this debt. Good Luck

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Sometimes one can negotiate with the company holding title to the automobile and work out a payment schedule to pay back the amount in arrears, but some companies will not negotiate at all. The easiest way to prevent a vehicle repossession is to ensure that all payments are made according to the payment terms.

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One payment may not be enough to stop the progress of the repossession proceedings. You need to communicate with the mortgage company and arrange to make regular payments.

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Check your loan contract, but in most cases (99.99%) if the payment does not represent the total past due amount, or if you do not have arrangements with the lender setting asside repossession actions in lieu of payment arrangements, no; one payment toward a past due balance will not stop or delay repossession of the vehicle.

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Legally if you miss 1 payment you are delinquent and they can start repossession proceedings on their vehicle.

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Yes. When a contract becomes defaulted, the lender does not have to accept payments or futher negotiate with the borrower unless they choose to. Most lenders will try to work with the borrower rather than resort to the expensive process of repossession or legal actions.

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Legally if you miss 1 payment you are delinquent and they can start repossession proceedings on their vehicle.

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I am a repossession agent in Virginia it takes 2-3 months of not paying before the repossession status occurs.AnswerI am a repossession agent in Virginia it takes 1 missed payment then repossession status occurs.

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The repossession laws will vary with each city/state. A title loan company can't repo a car if the payment is not yet due unless the car is behind on payments.

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Definately try and negotiate a payment deal. Don't take no for an answer, ask for managers, supervisors whoever you need to to make it happen. Be as honest as you can.

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Once the loan is in default the bank has the right to refuse payment and repossess the vehicle.

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If you continue to make payments as agreed, on time, you should be safe from repossession.

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First of all, don't ever pay sticker price. Negotiate the lowest price possible so that your payments are more affordable. After that, pay as much as you can on your down payment. It may seem hard to do at first, but in the end you will pay less in payments because you will be paying less interest on you loan.

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That sounds odd, repossession is usually done when you've missed payments.

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There are no Statue of limitations on repossession orders given to repo companies. Payments to the finance company can be squashed easily as going into bankruptcy!

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Repossession can happen any time after a payment goes late; it all depends what the initial contract states.

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Legally if you miss 1 payment you are delinquent and they can start repossession proceedings on their vehicle. Remember it is not your car until you pay for it. It belongs to the lender.

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You can start to worry about repossession of your vehicle as soon as you miss your payment. Depending on the loan amount and the type of vehicle you have you may have up to 30 days from your last missed payment to risk loosing your vehicle. If you keep in touch with the lender of your car, you have a better chance of not loosing your vehicle right away.

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The best way to prevent the repossession of a car is to pay your monthly note on time. If you are unable to make your payments as scheduled, you should contact the lean holder and make other arrangements. If you at least make some payment, many lenders are willing to work with you.

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Depends on your finance agreement. Most say that after you miss a payment it can be repo'd. There really is no state mandated time limit before repossession can occur. Best thing to do is make your payments and that way you don't have to worry about it.

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They can repossess your car if you defaulted on the loan. You knew you owed the money and you knew you didn't receive a payment book. It was your obligation to contact the lender to arrange to make your payments. You should seek the advice of an attorney who may be able to negotiate with the lender on your behalf. Not making your payments for your debt on such a technicality is really dangerous.

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Typically, a house can be repossessed after 90 days of non payment by the mortgage holder. However, it is not illegal for repossession to begin after a missed payment, though this is extremely rare.

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No. They're not there to collect money, they are there to reposess.

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In most cases, a repossession can keep personal belongs for non payment. The company, however, must release them once payment is made.

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400 down payments : 1200 = 1 down payment : 3 payments or 1/3 dp : 1 payment


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