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Can a creditor repossess a car for not having continuous insurance even if you have coverage now?
Wiki User
∙ 13y ago
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.
Wiki User
∙ 13y ago
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How long does a creditor have until they repossess a vehicle?
A creditor can repossess a vehicle at any time after a default(late payment, lack of insurance, etc.) occurs on the contract.
In New York State can a lender repossess a car even if it's current when you are in default on another loan with the same creditor?
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.
Can a creditor repossess property if you are making payments?
no they cannot
What can a creditor do to me?
Repossess any merchandise, or, place a lien on your estate.
Can a creditor repossess a car if the account is current?
not without legal cause
Can the bank repossess a vehicle even if the payments are current?
Not IF you reaffirmed the loan with the creditor.
What can a creditor do if you stop payments on a secured loan that was not reaffirmed?
Repossess or foreclose on the secured property if the agreement is in default.
Can a warranty be issued for if the creditor is trying to repossess?
In some situations, YES. The threat of it is uasually enough to get the car repoed.
What does foreclousre mean?
legal proceedings initiated by a creditor to repossess a house or another property due to a loan in default.
After filing chapter 7 you did not reaffirm your car loan what happens now?
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.
Can a creditor repossess a car when the payment is one day late?
Yes Usually they allow a grace period for an arears payment, but they do not have to.
How many days do you have to be behind in your payments in New York before they can repo your car?
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.
