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Can a lender change the amount they agreed that you owed on a repossessed vehicle the next day and be verbally abusive?

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2015-07-14 16:06:57
2015-07-14 16:06:57

I guess the lender could make a mistake on the amount and have to correct themelves. Verbally abuse you?? NOT. Call a local attorney for state specific advise.

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it means: sale agreed subject to contract - as in the sale of a property where the sale has been verbally agreed and simply awaits the formal signing and exchange of the legal contracts

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Only if you have failed to make the agreed payments on time.

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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.

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A contract is usually something that is signed and dated and legally binding. A commitment is just something that you have verbally agreed to do.

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An verbal agreement is something two or more parties have agreed to do, agreed not to do or an arrangement made verbally and not in writing. In some jurisdictions a verbal agreement can be binding if there are truthworthy witesses to it, in other jurisdictions it may not be binding.

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If your vehicle has been repossesed then your best option is to no longer make payments until this vehicle has been resold; which takes place through an auction. Once vehicle is sold you will receive a final bill for the remaining amount that was left over. The final stage of this process is to settle for 30% or less on the remaining balance.

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NO, they can "attach" the house so that IF you ever sell it, they will be paid FIRST out of the sale proceeds. READ your contract to see what you agreed to when you borrowed the money.

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Not usually, depends on the agreed terms. more often than not the buyer is responsible for registration of vehicle.

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Of course. If you don't meet the obligations of your finance contract they have the right to reposess the vehicle. Your main obligations are to pay the payments as agreed and keep insurance on the vehicle as agreed. Read your finance agreement. I have seen many occasions when companies have to repo a vehicle because the customer won't keep the insurance on it.

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Hi Written Contracts supercede oral contracts. Some extraordinary circumstance apart, the court will uphold the written contract. Sorry. You just needed to ensure that what you signed was what was agreed.

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If they are driving your vehicle, Yes. It "is" part of the terms of the insurance contract you signed and agreed too.

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Yes. All finance contracts have requirements for providing and maintaining Comprehensive and Collision coverage on a vehicle being financed under the contract. If you allow your insurance to cancel without providing replacement coverage, you have violated your contract and the vehicle will be repossessed.

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As long as you are in default of something you agreed to in the contract, YES.

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Verbally is NEVER a good idea. Hopefully you have written proof. If so, you can alway submit it to the Credit Bureau. At the very least, you can send in a comment stating you paid in full "per your verbal agreement". Then any Creditors can see that info when they pull your report. If you don't have written proof, you may be out of luck. Try to NEVER do anything verbally. Not all of us are "true to our word".

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