If your payments are current, they're not coming to repossess your car. Trust me, the finance company would much rather have your money than your collateral (i.e., the car).
YES, sorry btdt
A car can be repossessed in the state of New York if payments are late or defaulted. The only way to not get a repossessed is to make your payments on time.
Yes, they can!
If a car is repossessed it is usually up to the creditor, what terms and conditions have to be met to get the car back. Included with all the payments missed, there might also be fees like towing, late fees, etc. The creditor is probably going to want all of this paid up front to get the car back.
Yes, if you pay your car payment at a car dealers office they will charge a late fee. Anytime a payment is late, the dealer has a tight to charge late fees.
Read your contract. Basically, you have the right to pay the default amount, the repo fees, storage,ect and get your car back. UNLESS there are other defaults you forgot to mention.
Yes, if there is a breach of the lending contract, such as non payment of late fees or penalties, lapsed insurance coverage and so forth.
If your car was repossessed, they will sue you for the difference in what the car sells for and the balance on the loan, plus repossession fees.
Contact the lender who repossessed the car. You will have to make up all back payments and pay all fees associated with the actual repossession.
The length of time that a car payment can be late without being repossessed will depend on the bank or car dealers agreements. Payments made after a month may be in jeopardy of being repossessed.
A car cannot be repossessed until the owner has missed several car payments and the owner has been notified of late payments. In most states a car can be repossessed after three months of non-payment.
I wanted to add to my original question...Our car was repossessed by the finance company because they said they found out someone else was using the car because of car payments being sent from a different address. AND, they stated that they wanted to see the condition of the car. I thought a car would only be repossessed if you were late on payments? I have never heard of this, so I don't know what is going on.
Yes. When a vehicle is repossessed, it gets sold again. The amount received from the sale is deducted from the balance owed (which will now be augmented by repossession fees, storage fees, service fees, etc), and you will still be liable for that amount of money.
Little late for that don't you think. If the car has already been repossessed then you now owe the repossession fees. Go to the lender sit down and work something out which is what you should have done in the first place.
Its NOT a matter of HOW late, just that you ARE late. Read your contract. That should explain when you are in DEFAULT.
Pay the current balance, plus repossession and storage fees.
No, it is probably not too late. It certainly will help your credit either way. Call them immediately. Do not allow it to be repossessed if at all possible.
Yes. Usually the loan holder will be held responsible for any deficit and perhaps fees that are incurred when the car is sold.
Yeah, within 5 days or fees will pile up and you will be responsible for registration the yearly fees
The car was repossessed one week before being off, now the creitor wants to charge me repossesses fees.
It gets repossessed again.