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Can a bank repossess a boat if the payments are broughtt current?
Wiki User
∙ 12y ago
Short answer is yes.
Here's the thing. When you buy a boat or anything else on credit, you are not actually buying the property, you are buying a contract. The property only secures the contract (that is, it can be taken--repossessed--if that contract is broken). When you default (fail to pay) the contract is broken, no matter if you were late by only one day. Once the contract is broken, the penalties in the contract are enforceable. The most common penalty is repossession. If you pay current and sign a new agreement with the creditor, you may be permitted to keep the property (the boat) that secured the first contract. What you are doing is reaffirming. You are making a new promise.
Most lenders will not begin the penalties phase of a contract until 60-90 days past due. Some primary lenders, like Chase for instance, may begin repossessions within a week of the missed payment. Once they take though, they are not obligated to give it back. they are obligated to sell it and apply the payment toward the debt. If they choose to sell it back to you (reaffirm), that is their choice to make. It is usually easier for the lender too, because when they reaffirm, they will demand all of your current information to make a second repossession easier, and the attachment of assets much simpler.
Wiki User
∙ 12y ago
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Can the bank repossess a vehicle even if the payments are current?
Not IF you reaffirmed the loan with the creditor.
Can a bank still repossess your car if they said they would cancel it and you have made payment arrangements to get current?
If you continue to make payments as agreed, on time, you should be safe from repossession.
Can a bank take a car that some else as a lien on?
Yes, the bank has the right to repossess the vehicle if you are in arrears on payments.
If a person dies can you give car back to bank?
If the bank holds the loan, then yes. If the payments are stopped, the bank will repossess anyways.
When can a bank repossess someones car?
When the owner defaults on the loan payments
How do you use repossess in a sentence?
The bank's repossession of their house left the family with no place to live.
Is it legal to repossess your work truck when you are self-employed?
Yes, if you are not making the payments the bank can repo your truck.
If you are in repossession status and are making efforts to pay on your late payments can they still repossess your vehicle?
Once the loan is in default the bank has the right to refuse payment and repossess the vehicle.
Your father died and had just bought a new vehicle what happens with this vehicle will the bank take it out of his estate?
The bank can repossess the car if payments are not made.
Can a collection agency repossess a car that a bank owns but you are making payments on to the bank?
carolene, normally, banks dont turn accts ovet to CA unless the payments are NOT being made. Have you bothered to call the bank and inquire as to why this is happening?
If you have hidden the car until the payments are current can they still repossess?
As long as the contract is in default, the lender can repossess the collateral. Which would mean no? correct?? If the payments have became current the loan would no longer be in default? I am I right or wrong? You are wrong if the bank has already sent you a "notice of right to cure default" demanding full payment of the loan. Then they may (probably will)consider all the caught-up payments as part of that full payment and you have not satisfied the default. I guess it depend what state you are in, because I know in MD you can have the right ot get the car back one time, by simply becoming current with your payments and any of the repo fees.
Can a bank repossess a car if they continue to take payments?
YESIFyou are not up to date, if you are behind on your payments they can repossess at anytime. In most loans, there's a statement about late and/or partial payments that basically says the bank can take them but isn't obligated to do so and that taking one late or partial payment does not mean that they have to continue to do so.So, if you owe $200 a month, and pay $100, the bank can accept that and still repossess the car. They do have to credit the $100 towards the loan.Also, banks are usually allowed to repossess for habitually late payments. Most of the time a bank will consider this to be more hassle than it's worth as long as you're eventually catching up, but if you're chronically making payments several weeks late, they might at some point decide "this guy is a flake, we should get out of this deal while we still stand some chance of recovering our money."
