They can repo anytime you are in DEFAULT of the contract.
2010-09-21: Also, in addition to the answer: While the bank can reposses when the repo clause comes into play, I don't know of any instance that once a bank agreed upon partial payments, they reneged and repo'd the vehicle anyway. Remember: they'd rather have the money than the car. If it comes to haveing it repo'd through a repo company, the bank would still rather have their money than share it with a repo company. The person at the bank that you speak to is being watched by the bank manager, etc., blah blah, and he or she would rather keep good information on the books. He or she, as far as my experience, will help you in your situation.
i think so:D
no they cannot
Only if you stopped making payments and are behind on your on your payments.
Default means that you have not made the agreed-upon payments in full on time. You may be making partial payments (ie, paying $250 a month instead of $350 a month), but still be in default.
No, they'd repossess your car.
No. Only the lender can "repossess" a vehicle. You need to keep making the payments to protect your own credit. It is likely you would need to bring a court action, prove you are making the payments and petition the court to order a transfer of title.
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."
when you arent making payments for several months when you dont pay your taxes
Once the loan is in default the bank has the right to refuse payment and repossess the vehicle.
as long as you keep making payments the lender will probably not repossess the property. however, if you miss one payment the lender can repossess the property at any time.
No. You are the primary borrower and are honoring your financial obligation.
Yes, if you are not making the payments the bank can repo your truck.
If the co signers credit is going to be affected because of the lack of payments from the payee, and if the co signer is paying for the payments, then yes the car can be given over to the co signer, especially if the payee is not paying for the car that was agreed upon. check with the finance companies, and your local state, county laws.
Yes, if you have agreed that the house will be used for collateral.
If you do not have title or have not been making agreed payments...YES.
They should since they are just as responsible for making payments as the primary.
Sure, you just lose the car.
Yes. Making payments on time is only one of several things you agreed to do when you signed the loan papers.
Doug, you are not 'repoing" as such. you are only taking possession of collateral you are responsible to pay for. GO GET IT and have the lender take her name off the loan IF yours is the best, strongest credit. Rem that taking her off the loan is up to the lender.
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.
== Repossession== If they are accepting payments - that will reflect negatively on them if they try to take you to court on a deficiency balance, however they have the right to demand full payment of the loan at any time and take the car if you don't pay. Also - if you are just sending in partial payments that doesn't mean they are accepting them. They need to agree to the partial payments and how long it will go on. You can't stop them from repo by sending in some money every month. More input from FAQ Farmers: * Yes, I have found out that if you are in default (even if you are attempting to make payments), the bank at any time, can repo your vehicle...unless otherwise stated in your contract.
Yes. Once the lending agreement is in default the lender may take whatever action they choose in recovering the monies owed. It is a misconception that by making a partial or token payment the creditor will not be able to assert their legal rights. The lender can accept the payment, still repossess the vehicle or pursue litigation.
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?