Can a bank seize an expensive go kart that was in a truck that was repossessed?
A very close friend of mine, who is an attorney employed by a major NY City law firm (whose initials start with S & C), wrote the following: "My best educated guess is that the bank is NOT entitled to the kart. The cart is NOT 'attached' to the property. Unless I see a contract that says it is or a statement filled under the Uniform Commercial Code that says it is, it
Banks often keep repossessed vehicles in their parking garages. or in an appropriate storage area a reasonable distance from the bank. Walk into the bank and ask for the person in-charge of repossessed vehicles. Once onto the right department, state that you wish to purchase a particular repossessed vehicle when the title has cleared with the bank...and don't be intimidated into thinking you can't bargain, you can. Good luck.
Can a car be repossessed if the debtor was not notified in writing that the bank would not be accepting anymore late payments and instead the tow truck person knocked on the door to take the car?
If your car has been respossessed, you no longer have the right to continue paying it off because they have lost faith in your ability to make payments. The bank has already paid about 500 to a tow truck driver to find and recapture the vehicle. However, you could buy it back at auction. See your bank for the auction date.
If you let your dad and his wife use your truck for collateral on loan in their name and he died shortly after who has to pay this back to bank?
Well, the estate does. Unfortunately, if there are no funds available in the estate to pay the loan balance, the vehicle must be surrendered or it will be repossessed. To avoid this, you might discuss with the lender options for you to pay ort assume the loan. This will protect your truck from recovery.
That would be a particularly bad plan if you hope to keep a good credit score. The bank would have required you to have enough insurance on the vehicle to cover the replacement. If you didn't, you are financially responsible for every dime that is outstanding on the loan. If the truck is wrecked, the difference between the debt and the value is your responsibility.
You may ask some of your friends if they have any idea to find a good sale on trucks. Perhaps your friends have a truck for sale that you do not know about. A good perk from buying from a friend is that you may get a good discount to your buy. Else You can check RepoFinder.com for list of bank and credit unions across America that sell repossessed vehicles and real estate to the…
If your car has been repossessed by the bank for missing payments, the quickest and most efficient way to retrieve your vehicle is to contact the bank and make your back payments. When contacting the bank about back payments see if there is a new payment plan system that you can set up with them that is more beneficial to you, to avoid having the car repossessed again.
How can the cosigner of a car immediately have possession of it after it was repossessed by the bank?
Can your car be repossessed if you have the title in your possession and the bank is not the lien holder?
Repossession occurs when the borrower fails to make payments on a loan secured by a vehicle. If "the bank" is not the lien holder then it has no authority to take possession of the car by repossession. However, if a bank obtains a judgment lien against you in court for a different debt, it can use the judgment lien to seize your car, or any other property, to satisfy the judgment. Repossession occurs when the…