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.
Well, someone had the nerve to get a repo title on the bike, but doesnt have the nerve to go get the bike. Am I reading this right? YES bikes can be repossessed in Ohio. One just has to know the laws and how-tos of getting the bike out of the garage. onlinedocs Of course you can repo it as long as they are not upto date on there payments.could we be talking about Tim?
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.
It will likely be repossessed and sold at auction, if not redeemed, with the proceeds being applied against the amount owed and subsequest repossession, collections, and legal fees. Keep in mind that you signed a contract. That contract is legally binding, and in most cases, you agreed to suspend many of your rights to property.
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.
If the bank or the entity that holds title to your car is repossessing the vehicle, that means that they own the vehicle and you have presumably agreed to make payments toward the ownership of that vehicle. If you strip it or damage it in any way, you are liable for the damage you have done, or the value you have removed from the vehicle. It gets worse. If you purposely or knowingly took value from the vehicle, the intent in which you acted toward this end will be seen by the court to cause greater penalties toward your actions. My recommendation: Do what the law says is the right action. By stating that you did not know that your act was against the law will not hold up in court. Good luck.
If Wells Fargo was the institution that wrote the loan on the vehicle that is being repoed, they already have a lien on it. This is done to secure the loan you agreed to pay, that you contracted to pay. The other possiblity is that Wells Fargo purchased the loan from the originator, in this case, the same is true. The vehicle being repossessed is a clear indication you defaulted on the loan, you breached the contract. It is not the fault of the lender that you did this. It may be the result of unforeseen circumstances, but it is your responsibility.
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.
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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