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Your car can be repossessed if you miss one payment. Not likely they would do that but it is possible.
I dont see why not. The dealership gets their money from the company that financed the car. You arent paying tge dealership, you pay the financial institution. Problem is, if you're behind on payments, that will not help you to get another vehicle.
The best way is not to fall behind with your payments.
You absolutely can trade in your vehicle even if you are behind on your payments. When you trade a vehicle in the dealership you are purchasing from pays off your previous loan in full, so being behind on your payments will not affect anything other than the total amount due on your car. Of course when the new dealership runs your credit report it will probably reflect that you are currently behind and will also show how many months you are behind.
If you do not want your car repossessed, then you need to keep up with the payments on your car. If you are behind on payments, then your car could be taken away from you legally.
Yes, your car can be repossessed by a company if you are behind on payments. However, it has to be a licensed repossess to be able to do this.
If you have no lien on your vehicle then no one has a legal right to repossess it. If you're not behind on the payments there would be no reason for the lender to reprocess the car in the first place. It is hard to believe you have a loan on a car without a lien. The car stands behind the loan. If there's no lien on the vehicle then the car is not involved in the loan and cannot be repossessed.
Legally if you miss 1 payment you are delinquent and they can start repossession proceedings on their vehicle.
Depending on how many payments your behind. If you are behind a great margin I think they would to try to make back the money lost but if you're one or two payments behind they will give you a chance to catch up and if you fail to make any payments after they contact you they will sell.
READ your CONTRACT. Its that simple. If you are in DEFAULT of the contract, they can repo the collateral.
In Virginia, the law states a lender must submit notice in writing at least 10 days before a car is to be repossessed. Therefore, car payments that are late can be subject to repossession at anytime, provided notice has been given.
Make a deak with your finance co to pay off the payments you are behind. Caution...Don't refinance for lower payments or they will stick you for high interest added. Negotiate with the lender.
If they are accepting your payments, they probably won't take your car.
Yes it can.
So call The Police immediately. And also call your dealership cause you might of gotten it repoed. Behind on your payments?
Technically yes - the vehicle can be repossessed if you are 'in default' of your obligations under the contract. So while the usual way to default on the contract is by missing payments, it is possible for you to be in default by another way, outlined in the contract you agreed to.
YES, very much so. If you cant get out of default, get your stuff out of the car.
In most instances when you get behind on your payments. The exact details of when the lender will repossess the vehicle is listed in the contract you signed when you took out the loan on the vehicle. Read your contract with the lender.
I'll take a guess, since you posted this under reposession: It's hiding a vehicle so it would be repossessed, done sometimes when people are behind in their car payments.
legally, you only have to be behind one day. Usually a lender will try to work wityh you for 30-60 days to let you catch up. They dont want the car, they want the money. HEY GUYS TRY WWW.STOPTHEREPOMAN.COM TO KEEP FROM LETTING YOUR CAR BE REPOSSESSED
If you got the new arrangements in writing, no, unless the new arrangements stated that repo would happen if new arrangements were not met in timely manner. If nothing in writing, arrange to get your personals out of the truck.
It depends on you locatily, but in general, yes, if you are behind on your payment, your vehicle can be repossessed.
No, it cant.