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Answered 2007-01-18 16:56:11
Yes. The terms of the loan were defined when you signed the paper. Most loans state that they can repo the vehicle if the loan is in default and they can declare the loan to be in default at any time after you have failed to meet one or more conditions of the loan. When you didn't pay on time, you were in default. Once you were in default they can repo the vehicle and sell it to dispose of the loan.
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How late can your payment be before repo in North Carolina?
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.
How long does a lender have to repossess?
I am 3 months behind on my mortgage? How long until they repo my home?
If you are threatened with a repossession can you pay the balance before they repossess the car?
IF the lender accepts it you can.
Can a lender still repossess your car after a lawyer told you to tell them that you were claiming bankruptcy?
The lender has to get the STAY lifted before they can repo.
What will happen to you if your car is 6 months behind in payments and you still have possession of the car?
The lender will eventually repossess the car.
How many days you have to be behind before they can legally do a repossession in Arizona?
The limit is in the contract you signed. It likely says that when you are in default the lender can repossess. That means anytime you are behind at all... even one day, although most places wouldn't do that. They would rather get the payment rather than go to the trouble to repossess.
When can a car be repossessed in Texas?
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.
Can auto repossession be negotiated?
The company repossessing the car has no authority to negotiate terms with you. They are simply there to repossess the car. You must negotiate with your lender. Hopefully, you will do this before the the repossession order is submitted by the lender.
Can they still repossess your car if you get caught up on the payments?
Depending on the state of residence, it is possible for a lender to still repossess your car if you get caught up on the payments. Certain states allow a lender to request full payment of an auto loan when borrowers fall behind, even if they have caught up on past due payments.
How soon can a car be repossessed?
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.
Can a sheriff repossess your car for your lender?
Well to put it simply..... YES
How long after they repossess your car do they have to wait before they resell it?
No one can answer this question. It depends on many factors. Here is a thought. Call the lender and ask them.
Does the lender on a car loan have to notify the cosigner before they repossess the car in TN?
They should since they are just as responsible for making payments as the primary.
How many days late can you be before a company can repossess a car in NJ?
The lender CAN repo when you are 1 (one) day late.
When can your car be repossed?
The most frequent cause of repossession is lack of payment on a note owed to a financing company or bank. The lender can repossess anytime after a payment is missed, but most won't start such proceeding until you've missed two or three payments. Always try to work with the lender before you get too far behind.
Can the lien holder repo my truck when payments and insurance are current?
They will not repossess a vehicle unless you have defaulted on the loan. Defaulting on the loan is being late with the payments. Call the lender and talk to them.
How long before they can repossess you car in Virginia?
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.
If loan is not reaffirmed on a mortgage is the property still mine payments are made on time?
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.
What can you do if you are only behind 1 payment and only owe 1000 but the lender says they want their money by Wednesday or they will repossess?
I wouldn't leave the car alone very long. LOL It prolly wouldn't be hard for the lender to get the balance due if they sell the car at auction.
House was repossess can you still get a mortgage?
it is quite unlikely that you will be able to get a mortgage lender with that history.
What if the repo company didn't get a 'hold' message not to repossess and they went ahead and took the car?
IF you payed current B4 it was repoed, then the lender will bring it back, uaually. If it was simply put on hold and repoed, you pay to get it back. The LENDER is responsible for repos.
Can a lender repossess a car if you do not pay down payment?
Yes, you made a financial pbligation by signing the documents for the sale of this car. So, they can legally repossess that vehicle.
What can you do with a lender when you can't pay for the car anymore?
You can contact them and sometimes you can work out a deal with them. If not, you can allow them to repossess the car. Contact the lender and they will tell you where to take the car.
Your car was seized on a judgment now your lender wants to repossess it from the sheriff and give it back to me can that happen?
No.
Do you have to pay full amount owed on repossess mobile home?
You can go to the lender and work out a deal.
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