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Can a car be repossessed if the owner dies before the first payment is due?

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2013-08-18 14:34:44
2013-08-18 14:34:44

The car can be repossessed. The estate is responsible to return the vehicle and resolve the lease or loan.

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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.

Typically, they will call the homeowner before the first payment is behind to remind the home owner that a payment is due. - VoyageHomeLoans

Before buying repossessed cars, you should first research the frequency of repair and maintenance costs on the models in auto-related consumer magazines. You can also ask for the car's maintenance records from the owner, dealer or repair shop.

If there are two individuals listed on the title of a vehicle as primary and joint, they are both responsible for the payment of the loan. If the primary defaults on the payment, the joint owner is responsible for payment. If both parties default, the vehicle can be repossessed.

When a car is repossessed it usually means the owner is no longer able to make the payments. It is repossessed by the dealer or the bank in which to owner has the loan through.

Vehicles cannot legally be "repossessed" due to a lack of insurance. Re-possession can occur only when there is a default in the payment contract and the original owner (the lender) recovers their property from the defaulter.

If it's repossessed, it's repossessed... there's nothing to report. As long as there's a lien on that vehicle, the lienholder is the rightful owner of it, and can reclaim their property.

It depends on what the new owner plans to do with your unit. You can ask the current owner if he knows.

If it was repossessed legally then he is guilty of theft

Owner of Cheque and/or Bank

The owner of the car is the lien holder and that will be listed on the car's title.

Once a car has been repossessed, you as the owner of the vehicle have the obligation to repay any amount still owed on the loan. Once a car is repossessed, it is often sold in a repossessed cars auction by the finance company. The amount which the car was sold for will be deducted from the total loan amount and then the difference will be owed by yourself. So yes you would have to pay the whole vehicle off if it was repossessed.

The car can always be repossessed if the owner stops paying off the loan.

As a rule, YES. Read the contract you signed for more info.

The owner of the car (person(s)) who took the loan on the car are responsible

Payments must be paid on time when they are due. One must remember that it is not "your car" until it is fully paid for. Until then the outfit that lent you the money owns the legal title to the car. You are just the registered owner, not the legal owner. The legal owner has all rights to repossess the car anytime the payment is not made on time.

Ownership cannot be changed after death. All rights and responsibilities of the owner of the policy end at death of the insured. At death, proceeds will be paid out to the beneficiary and if the method of payment was decided before death then payment is set as well. If payment method is not set then the beneficiary can decide how they want to received payment. There are many ways they can receive payment.

A car has been impounded , can the car be return to owner if a payment arrangement is made with parking authorities.

Depends on which state you live in. Most states do not require a Right to Cure letter prior to repossession but a few of the states do.

If it's the owner of your car loan and you defaulted then the car can be repossessed. If you have a judgment against you for any other debt then yes, if you own a car it may be seized by your creditor to cover the cost of your debt.

Only if someone stole it from the owner. Otherwise the car is just repossesed by the finance company.

If the payment is for a per use basis then it would be called a royalty. If it is a flat rate then it would be a licensing fee.

A home can get repossessed in many ways, the most common reason is that they owner of the house has not payed the bank the loan that they took out so as to by the house, or that the person hasn't pay many bills so they take the equivalent of the unpaid bills.


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