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Can a debt buyer collect on a two-year-old car repossession that has been charged off?
Wiki User
∙ 18y ago
Yes. The term "charge off" does not mean the debt is not valid and subject to collection procedures, including the possibility of a lawsuit.
Wiki User
∙ 18y ago
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If you are facing repossession and have a buyer that will take over payments will the finance company refinance the car for the buyer?
not normally the contract is with yourself, not them
What is the concept of repossession about?
Is is common knowledge that the concept of repossession is the taking back of property by a lender or seller from the borrower or buyer, usually due to default.
Can the buyer do a vol repossession without the co-buyers permission?
A buyer can do a voluntary possession without the permission of the co-buyers if that buyer is the sole owner of the vehicle. If the co-buyers are also co-owners, they would have to give consent first.
What happens to a co-buyer if the car is repossessed?
Same thing that happens to the buyer. Lender persues their legal options to collect the balance due.
Does co-owner and secondary owner mean the same thing for the purpose of repossession?
YES, owner/buyer/maker:::co/owner/co/buyer/co/maker....anyone else is 3rd party possession....
Sample of auto repossession letter to buyer?
An auto repossession letter should begin with a letter head consisting of the name, address and phone number of the recipient. Choose a date that payment must be made for the vehicle along with its VIN number.
Who pays supplement property tax?
The buyer does because it is supplementation of difference of the taxes charged from the old price of the house to the new price of the house which was paid by the buyer.
Will a bank try to collect from a buyer before a co-signer or do they go after both at once?
both
How would repossession affect your credit if im co buyer?
It will fester like a throbbing red boil for 7 years. And you can be sued for the balance due as well.
How would repossession affect your credit if im co-buyer?
It will fester like a throbbing red boil for 7 years. And you can be sued for the balance due as well.
Can you have your auto repossessed from your son?
A family relationship does not change contract law. If your contract allows for repossession when the buyer is in default, and your buyer is in default, then yes. If you do not have a contract then I would suggest you contact a local attorney who can guide you according to local law for non-contract debts.
Is ex-works same as freight collect?
No Ex-Works is not the same as freight collect. Freight collect is when freight charges are collected at the port of discharge. Ex-Works is when a seller delivers goods at the disposal of the buyer at the seller's premises.
