Laws on private sale on a vehicle with mechanical problems
If you transferred the vehicle to a friend or family member for less than fair market value in order to avoid a creditor the court can nullify the transfer and the creditor can place a valid lien on the vehicle.
A creditor can repossess a vehicle at any time after a default(late payment, lack of insurance, etc.) occurs on the contract.
If they send you a lien satisfaction then it's yours.
Absolutely not. You cannot be your own creditor.Absolutely not. You cannot be your own creditor.Absolutely not. You cannot be your own creditor.Absolutely not. You cannot be your own creditor.
There are several problems that can arise on a used 1999 Lincoln Navigator. These problems include: air suspension issues and excessive rotor wear due to the weight of the vehicle.
The answer is yes, if the creditor brings you to court on the matter.
Collision coverage covers a loss due to a collision, i.e. damage to your vehicle caused when your vehicle hit an object, or an object hit your vehicle. Defects and mechanical problems are not covered.
The amount you will owe the creditor will be the amount of your auto loan (including repossession fees, interest, and collection charges) minus the amount the vehicle sold for at auction. The creditor will notify you of the amount due in writing after they auction off the vehicle.
A creditor can seize any asset.
All property in BK that is not exempted by state and/or Federal law has to be surrendered to the trustee. A vehicle is secured property and will be returned to the lender, or sold depending upon the circumstances. A car which is covered by exemptions, but is in default for payment, is usually returned to the lender. In some cases the lender will allow the debtor to reaffirm the loan and establish terms to catch up on missed payments .Property is not automatically returned to the person who filed BK.
The Utah vehicle exemption is $2,500.
Fix it yourself. You obviously bought it 'as is', so there is no warranty and no guarantees that the vehicle is free from mechanical failures.
In the state of Texas, yes the creditor can follow for the deficiency balance.
If the creditor is the loan holder of the vehicle a lien is already in place. The title will show the loan provider as the primary lien holder. That insures the vehicle as collateral and if default occurs the lien holder can repossess the vehicle without going to court. Except in the few states that require the creditor to obtain a replevin order before seizing the vehicle.
In most states it is possible for the action depending on the exemption status of the vehicle and how it is titled.
This depends on where you are.If you are in an area where it is illegal to hide the vehicle from the finance company you will get arrested, the vehicle will be impounded and the finance company notified.Added: If you have been concealing the vehicle from the creditor and at the same time not beein making payments, the creditor may well have filed a stolen vehicle report with the police.You have wrongfully deprived the creditor of their property (i.e.: THEY own it - not you). If the vehicle turns up in the police records as stolen they will not only confiscate the vehicle - you could be facing criminal charges as well.
Not IF you reaffirmed the loan with the creditor.
Yes, if the debtor's state vehicle exemption does not protect the vehicle from seizure and sale.
When you signed the contract to finance the vehicle, the creditor put a lien on the vehicle. In the rare event that this was not done, it can be done later in some cases.Also, a creditor can place a lien on an already financedvehicle if there is more equity in the vehicle than the amount of the original loan. Generally, a creditor who obtains a judgment lien against you can arrange to place that lien against any property you own in order to satisfy the lien.
Of course. If it was taken without the owners permission how are they supposed to know who took it or if it was going to be returned to them?
It's possible that you may have to give up your vehicle as collateral, although the creditor would more likely have you wages garnished.