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Can a vehicle be repossessed after a contract was signed for financing?

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2005-09-10 16:17:26
2005-09-10 16:17:26

YES IT CAN. IF YOUI GO ON CLARKHOWARD.COM YOU WILL SEE FACTS ON SOMETHING CALLED A BAIL AGREEMENT. THATS WHEN A BANK SAYS THEY ARE FINANCING YOU AND YOU PUT DOWN A PAYMENT BUT THEY HAVEN'T REALLY APPROVED YO9U FOR THE LOAN YET. ITS BEST TO GO GET A CAR IN THE MORNING THAT WAY OU CAN TALK WITH SOMEONE AT THE FINANCING BANK. YOU CAN END UP OWEING THE DEALER OR THE BANK MONEY JUST FOR KEEPING THE CAR.

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Whenever terms on a contract are changed, a new contract should be signed.

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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.

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IF the loan is perfected, it can be repossessed. If you have signed a loan contract with the vehicle specified as collateral for that loan, it can be reepossessed if the loan is in default.

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Yes, your car can be repossessed in any state if your contract was signed in Chicago. You can not move to a different state and keep your car without paying for it.

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after approved financing and signed contract, have had car 8 days, can a dealership take car back?

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READ your contract you signed. Call a local attorney for state specific legal advice.

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If you have already paid for the vehicle or signed a contract, there may not be much that you can do if you were overcharged. Some states allow you to take the vehicle back within 3 days if you are financing it, but that is not an option everywhere. You may just be stuck with it.

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not much, basically your hands are tied. when you pruchased the vehicle and signed a contract it was probably stated in there that if the vehicle is repossessed it will be sold at auction and the balance/credit of the debt is the responsibility of the purchaser

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As long as you continue to make the payments, they would have no reason the instigate a repossession. When a vehicle is financed or leased, the creditor has an interest in the vehicle and rights under the contract you signed. If you are in default of the contract either by default in payment or otherwise (failure to insure or other terms) the vehicle can be repossessed.

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it depends on what the contract says - did you read it ?? Yes, it states and signed I paid $2000 down.

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The location of the vehicle does not matter. What does matter is whether of not you have signed a contract to purchase the vehicle. If you already have signed a contract, it is very unlikely that you can back out of the deal.

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Depends on the contract you signed and the state that you live in. Some states require a 15 or 20 day Right to Cure letter be sent to the debtor prior to repossession and some states allow the vehicle to be repossessed the day after you miss your payment.

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As a rule, YES. Read the contract you signed for more info.

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Yes, errors can keep you from financing the vehicle and they could take the car back if there is no financing. It is in your best interest to read the contract carefully and get full details on the changes made before signing a second time. If numbers have changed and they have upped the price, you can walk away.

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If the car that the dealer delivers is not the car that is identified in the contract, then the DEALER is in default, not you.

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If they can meet the requirements to void a contract. It most there are clauses allowing the contract to be nullified, which may be based on failure to obtain financing.

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Yes, the contract only gives the dealer the authorization to seek financing based on the terms of the signed contract. Read it closely to include the fine print. If for some reason the financing falls through the contract usually becomes null and void.

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Have A County Attorney Read Your Contract, And Tell Him The Reason Stated By The Car Dealer. If Its In The Contract The Dealer Signed He Has To Fulfill His Signed Agreement. If He Has Not Entered Into A Contract With You On The Car, Signed By Himself. Then You Will Need To Walk Away. GOOD LUCK

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You need to see an attorney (lawyer) for proper legal advice, but assuming you have a contract signed by both parties and assuming that you did not make any false statements in securing that contract and assuming that you have not defaulted on any payments required under the contract, No.

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you'll owe what's left on the contract after the vehicle is sold (probably through auction). Example: you owe $2500, the car sells at auction for $500, you owe $2000 because you signed a contract stating you'd pay a certain amount, that's what the creditor is after.

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Yes. Only if there was a relief of stay issued for the vehicle or you signed a reaffirmation for the vehicle loan and didn't make the payments.


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