Christine, while you didnt have coverage , you were in default of the contract. Then they could repo the car. Until the lender gets the notice that you have coverage again, you are still in default. maybe there are other issues that put you in default???
2010-09-21: It has been my experience that when notified of non-insurance, the creditor (bank or credit union or otherwise) can demand immediate payment of the balance of the loan. Not repossession. They don't really want the car; they want the money. They didn't select the car; you did. See how it works? You don't insure? They want their money. Where i live, it is a requirement that an insurance company notify the lien holder (bank) upon no insurance on a vehicle. Would you rent a safety deposit box at the bank and let them leave the box outside for the night? Well, maybe bad analogy, but you get the point.
A creditor can repossess a vehicle at any time after a default(late payment, lack of insurance, etc.) occurs on the contract.
It depends how are you in default.... is it because of insurance coverage??Need a little more info here to give you a better answer.
no they cannot
Repossess any merchandise, or, place a lien on your estate.
not without legal cause
Not IF you reaffirmed the loan with the creditor.
NO, you cant steal your own car. You might ATTEMPT TO HINDER A SECURED CREDITOR.
Repossess or foreclose on the secured property if the agreement is in default.
In some situations, YES. The threat of it is uasually enough to get the car repoed.
legal proceedings initiated by a creditor to repossess a house or another property due to a loan in default.
2 factors: 1. Are you current on your payments? - if you are not current on your payments the creditor will most certainly repossess your vehicle. however you will not be liable for any deficiency amount. 2. Who is the creditor? - Most creditors will gladly continue to accept payments on the vehicle and not repossess it. however some creditors such as Ford Motor company will repossess regardless of whether or not you are current.
Yes Usually they allow a grace period for an arears payment, but they do not have to.
As soon as you have defaulted on the loan, a creditor can repossess your car. So 24 hours after you have failed to pay, they can repossess your vehicle without notifying you.
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.
If the debt is on the car, or the car was used as collateral for the loan, YES they can repossess the vehicle!
Unless you are a creditor, I assume you mean can you surrender a car to the lender in a voluntary repossession. If the creditor will do it, you can. Obviously it will depend on the mileage and condition of the car, but these days it is complicated by the state of the economy, so not likely. You can surrender the vehicle in a Chapter 7, where the creditor has no choice.
The answer to this question depends on your contract terms. Usually, a contract will spell out what constitutes a default. The contract should also say that if you default, they can repossess the collateral.
If you want to know if the creditor must put insurance on your car. The answer is No. They don't have to do it, it is your car and it is your responsibilty to do so. Apart from being the law in most states as to certain types of coverage, it just makes good common sense. (and financial sense too!) Generally, the loan contract that documents the money borrowed for the car will state that you will keep the car insured for physical damage (generally, collision and comprehensive coverage). This is important from the lender's standpoint, because the insurance provides a source of funding for the repair of the vehicle and therefore preserves the value of the collateral that secures the loan. In that regard, if you as the borrower do not present proof that the insurance requirements have been met, the lender will generally have the right to acquire physical damage coverage to protect its interest. The lender will usually initially pay for it but add it to the balance that you owe on the loan.
You cannot be arrested for not surrendering a car. Make arrangements for the creditor to retrieve the car. If not, the creditor can repossess the car because the discharge terminated the automatic stay.
If a repossessor comes in with paperwork showing an order to repossess, you should be able to call the listed creditor and verify it.
READ the contract. It listd the LEGAL reasons a creditor can repo when you are in DEFAULT. Usually they are NOT PAYING, No insurance coverage,using vehicle for ILLEGAL activities, taking out of state without the lenders permission, 3rd party possession.... MERRY CHRISTMAS
If you cannot pay the creditor and have not made any arrangements with the creditor to remain on the property then you should be prepared to vacate the premises immediately. As soon as the sale takes place there is a new owner and the property is no longer yours. There can be problems with liability and insurance coverage from that moment on and it is not in the buyer's interest that you remain on their property, uninsured.
Under California law, a creditor can repossess the vehicle if it is in default without notice, even if the car payment is one day late. However, if there is a co-borrower on the loan, the creditor is required to give notice before repossession.
You need to contact your Attorney General about this one. You will get the correct answer based on NY law. Read your contract it should state if there is any "linkage" between the loans.