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Can a bank demand payment in full on an auto loan if the vehicle was repossessed for no insurance?
Wiki User
∙ 11y ago
Yes. A bank repossesses a vehicle for nonpayment. If your vehicle was taken for being on a public roadway and not having insurance, it was impounded. When a vehicle is impounded, a lien is placed on it by the agency which ordered the impound. The interests of government agencies override those of the bank, and they can sell your vehicle to recoup impound costs if you do not reclaim it within a specified period of time. In this case, the bank receives nothing from the sale, and you still owe the bank the remaining balance.
Wiki User
∙ 11y ago
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If you have a home loan without mortgage insurance can the lender demand payment from your estate or heirs if you pass away?
Yes. The mortgage note is still a legally binding contract enforceable on the estate.
When your car is repossessed will the finance company generally allow you to make payment arrangements on the deficiency or demand payment in full?
make payment arrangements on the deficiency???? IF you mean the amount you're in DEFAULT on, NO If you mean the amount due AFTER they sell it, USUALLY NOT. Why?? You couldn't pay notes on a car you could drive, so why would they think you will pay on a car you DONT HAVE??? NO lender WANTS to repo a car, they just want the money. So when they have to repo a car, they will go after the money very seriously. Nothing personal, its only money...
Can a bankrupt company demand payment of debt?
Only if they cannot provide services to you that were paid for.
Can stop payment of demand draft is possible in India?
To stop demand draft is difficult. A payee can only issue a complaint if draft is lost or destroyed. The issuer bank can then submit a lost or stop payment against the draft and will often re-issue a new one.
What is meant by demand draft?
A demand draft is a monetary instrument that can be considered as equivalent to cash. It is similar to a cheque but with a difference that it is fully safe because the drawer of the draft has to make the payment in order to get the draft. So, the receiver of the draft can be sure that he will get paid for the draft. That is why most schools and colleges expect payment via demand draft for their exam fees, admission fees etc.
When can a vehicle legally be repossessed?
In Florida, they have to send you a demand letter, once that demand letter expired(30 days) and you didn't contact the the bank to make payment arrangements, they assigned your loan/car for repossession.
Can a bank do a repossession and charge off on your car and also demand payment of balance after selling the repossessed car?
YES, its an accounting thing. READ your contract.
What is the duration of Payment on Demand?
The duration of Payment on Demand is 1.5 hours.
My girlfriend canceled my insurance and called the car lot My car was repossessed to get the car back they want to be paid off in full what are my legal rights do I have any options?
If you owed money on the car (which is probably why it was repossessed), you need to pay what they demand. Check the paper you signed when buying the car if you think they are 'demanding' something different than you signed. Your girlfriend was smart to cancel the insurance, since a repossessed car does not need insurance. You cannot sue your girlfriend for calling the car lot, or for cancelling the insurance, because you cannot show DAMAGES to yourself.
When was Payment on Demand created?
Payment on Demand was created on 1951-02-15.
With a cross collateralized debt when the vehicle was surrendered can the creditor demand payment for deficiency?
In the state of Texas, yes the creditor can follow for the deficiency balance.
What are the ratings and certificates for I Demand Payment - 1938?
I Demand Payment - 1938 is rated/received certificates of: USA:Approved
What are the release dates for I Demand Payment - 1938?
I Demand Payment - 1938 was released on: USA: 13 December 1938
What if your bike was stolen from your house and you claimed on the house insurance. shortly after you received the payment and bought your new bike your old one was recovered. who owns the old bike?
The insurance company is now owner of the bike. Just as in vehicle claims where the vehicle is totaled, you may only reclaim the vehicle if you pay the insurance company a salvage value amount (the same price they are selling it to a junkyard for). Unfortunately, the insurance company probably does not want a bike, and may either demand refund of the claim payout, or just tell you to keep the bike. The insurance company was probably notified of the bike's return, so they will probably contact you. At least, that's how it is in Arizona. Your state laws may differ.
California 'no proof of insurance' ticket?
Upon request by a law enforcement office, the driver of a motor vehicle is to present a copy of the insurance coverage for the vehicle. If the driver cannot produce a valid proof of insurance then the driver may be cited for violation of California vehicle code section 16028 (a) as shown below:16028. (a) Upon the demand of a peace officer pursuant tosubdivision (b) or upon the demand of a peace officer or trafficcollision investigator pursuant to subdivision (c), every person whodrives a motor vehicle upon a highway shall provide evidence offinancial responsibility for the vehicle that is in effect at thetime the demand is made. However, a peace officer shall not stop avehicle for the sole purpose of determining whether the vehicle isbeing driven in violation of this subdivision.
What is an on demand payment bond?
This is a type of credit enhancement that guarantees payment of an obligation and must be paid by the enhancer on the demand of the note or bond holder.
Which type of vehicle is in more demand Electric or The normal one?
Electrical vehicle are more in demand
