Until the reason it's been impounded is cleared, and the impound fees have been paid.
First, you have the burden of proof it was in the vehicle. This is nearly impossible unless you have photos of it in there as they took it. Judges are not sympathetic to those repossessed as there are so many who claim valuables lost while in impound or when repossessed. You will likely not be paid anything. Sorry, but the way the cookie crumbles.
Yes. Pay the repair bill off, ASAP.
paid in full means that something has been completely paid all at once.
Robert, read the contract where it mentions DEFAULT. Default is not JUST making payments on time. It usually covers having the required ins., NOT using the car in an illegal manner. Whenever you are in default, the lender can repo. YES, it can be repoed from the impound. On an involuntary tow, the impound is required to notify the LEINHOLDER and the owner. As a matter of fact I dearly love to impound cars - then find out there is repossession order out of them because then I ALWAYS get paid by the lienholder.
they get paid 1 dollar
It depends on you locatily, but in general, yes, if you are behind on your payment, your vehicle can be repossessed.
Some do, most do not.
Yes and no it depends on the circumstances. For instance is it to a car or home. Anything can be repossessed if not paid for. Also if not repossessed it will have to be paid for if you're in the wrong and the person or company takes the matter to court.
As long as the contract is in DEFAULT, the collateral CAN be repossessed. One dollar or one day. Its a GAMBLE you take when you are in default.
It is possible to work out a deal with the bank after it is repossessed. However, a new loan or legal agreement will have to be signed.
A motorcycle that was paid for on a credit card can not be repossessed considering the credit card company paid the dealer. You must pay the card company back though or they can take you to court.
You can be sued and your car repossessed.
certainly NOT, IF you AND the bank agree that it is paid in full. It appears the bank doesnt agree with that part. Call a local attorney for state specific advice.
You would have to negotiate that with the creditor. Many are willing to accept settlement agreements to have the deficiency paid off.
No. As long as your car has a lien on it, no deal can be made. The lien in this case is what you owe the impound lot, funds that must be paid to release your car.
A paid in full receipt from the mechanic/garage with the lien.
Yes. If you have not paid for it then it is not yours.
The car isn't damaged, the debtor's credit rating is. There is no permanent record of the car as a repossessed vehicle like there is for a salvaged title.
Yes, until the note is completely paid it still belongs to someone else and can be repossessed. If the transport trailer maybe also if it's on the same note.
Many jurisdictions such as the cities of Chicago and New York have strict parking ordinances. When these ordinances are violated, or a series of unpaid tickets exist, a tow truck is dispatched to hook the vehicle and take it to impound. Impound is a lot where vehicles are locked and kept until the unpaid balance of tickets and fees is paid.
The vehicle will likely be impounded to the police impound lot, where it will be kept under security until the impound fee is paid. The vehicle also may be searched, if the police obtain a warrant, or if state law permits.
As long as there is a security interest in your car, YES, it can be repoed if the loan is not paid. Just think how many people would buy cars today if your situation happened everyday.
Loan and security will always be active against the vehicle. It never goes away until paid or repossessed. Yes, the collateral may be repossessed at any time.