In North Carolina, a lender can repossess a car when just 1 payment is missing. They can also repossess it if you let the insurance lapse and are current on your monthly payments.
Yes, you made a financial pbligation by signing the documents for the sale of this car. So, they can legally repossess that vehicle.
The DEALERSHIP won't repossess the car, but the lender might if you don't make the monthly payments as scheduled.
The lender can legally take the vehicle one day after the payment is due. That is, on the day the payment is late, the lender can begin repossession efforts. The day the payment is late, the contract is void.
it is legal, until it is paid for 100% and you have a title it belongs to them.
Your contract most likely states that the lender can demand payment in full at anytime. This means they can repossess the vehicle after demanding you pay it off. If you are 5 days late, they could repossess it. There is no legal requirement for the lender to wait any amount of time before taking your vehicle.
Yes. Once the lending agreement is in default the lender may take whatever action they choose in recovering the monies owed. It is a misconception that by making a partial or token payment the creditor will not be able to assert their legal rights. The lender can accept the payment, still repossess the vehicle or pursue litigation.
They won't call the police, but the vehicle will be repo'd
No. Most (99.9%) of the lenders require you to maintain Comp.& collision Ins. on the vehicle the money was loaned for and secured by. If you fail to do this the lender can, and in most cases, will put this Ins. on the vehicle and you will be charged. The charge for Ins. placed on the vehicle by the lender will be quite high, and it is then added to your payment. If you get your own Ins., the lender will cancel the ins. they placed on the vehicle.
I can assure you the lender does not want to repossess your vehicle. He loses money by having to do this. Sit down with them and discuss how much you can afford to pay each month. Ask them to renegotiate the loan, to a lower interest rate and smaller monthly payment. Something you can live with. Tell them you want to meet your obligation and repossession is the very last thing you want to happen.
No, not if the contract is in default. The lender/lienholder may repossess the vehicle under UCC laws as long as it can be accomplished without a breach of peace committed
As long as you are in DEFAULT of the contract, the lender can repo the collateral.
as long as you keep making payments the lender will probably not repossess the property. however, if you miss one payment the lender can repossess the property at any time.
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.
If there is money owed to the lender with the vehicle used as collateral, the lender will be shown as a lien holder on the title and can if the contract is defaulted recover the vehicle according to the laws of the state in which it is registered. yes
They can repossess your car if you defaulted on the loan. You knew you owed the money and you knew you didn't receive a payment book. It was your obligation to contact the lender to arrange to make your payments. You should seek the advice of an attorney who may be able to negotiate with the lender on your behalf. Not making your payments for your debt on such a technicality is really dangerous.
One day past the grace period is permissible.
Depends on what the contract you signed says. In most instances if you miss one payment then legally they can repossess the car.
The lender will begin the process to take possession of the property by foreclosure.
In the event that the possessor of the vehicle is not a contracted party, or if the contracted party is actively seeking to hinder repossession, then yes, the lender can report the vehicle stolen.
Yes, the lender can recover the vehicle any time after the lending contract becomes in default.
When a debtor is behind on payments, NC law allows the lender to take possession of, or "repossess" the vehicle. A repo company on behalf of the lender can take the vehicle at anytime, anywhere that the vehicle is found and accessible. If the vehicle is in a locked fence or garage then the repo company cannot force entry to get to the vehicle.
Yes. If the lien is valid, a written contract is not necessary and the holder can legally repossess the vehicle in conjunction with the existing laws of the state in which the vehicle is located or in some cases where it was sold.
This is a unique scenario, but not totally uncommon. If both vehicles are financed through the same lender, then that lender may do what is called a conversion of collateral. When this is completed, then yes either vehicle may be repossessed for default on either loan.