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Can a vehicle be repossessed if no attempt is made by leinholder in 2 years?
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How long does the credit company have to make a claim for repayment on a repossessed vehicle?
Possibly up to 7 years.
How do you find out if your car is going to be repossessed in Arizona?
If you are more than 1 payment behind rest assure it will be repossessed. The way to prevent this is to catch up on your payments ASAP. Default on the loan agreement you signed, and they will repossess the vehicle. They will then sell the vehicle and you will pay the difference in what the vehicle sells for and the balance left on the loan. They will sue you for the balance, and you will pay. Your credit will then be ruined for 7 years. Avoid this if there is any way possible. Talk to the lender and see if something can be worked out. You do not want the car repossessed.
Can a vehicle be repossessed because the payment is 15 days late after 4 years of payments and only 3000 dollars owed?
If you are in DEFAULT of the contract, the collateral can be repoed.
Can you be sued over the balance of a vehicle that has been voluntarily repossessed over three years ago when the repossession is on your credit report?
yes it has a 10 year limit
F a car was repossessed two years ago and you put an old car that a friend had on the road can they come after that vehicle for the money still owed after auction?
No. They can repossess their collateral (the car which was repossessed), and they can send a collection agency to hound you for money, but they can't confiscate your property.
Can your wages be garnished for a vehicle that was repossessed 7 years ago?
A creditor cannot garnish your wages unless they file a lawsuit and obtained a judgment against you. The time deadline to file a lawsuit will vary by state.
Can you file for bankruptcy after 3 years of car being repossessed?
Sure
Can a credit report show settlement then repossession on the same vehicle?
A credit report is a record of all transations on a reported account. In the life of a vehicle loan, many things can happen. Over the typical four to five years, the vehicle may have been repossessed and then redeemed and paid off. In these cases, yes, repossession and settlement can show on the same vehicle, on the same credit report.
What are the consequences to one's credit if a vehicle is repossessed?
It adversly effects your credit for 7 years. Except for a Chapter 7 bankruptcy which remains on the report for 10 years, no bad debt can stay on your credit repair beyond 7 years from the date the debt was originated. The law is on your side that it must come off.
If a car was repossessed how long does it stay on your credit before it is removed?
7 years
What happens to your credit after a car is repossessed?
Normally your credit is ruined for 7 years.
What happens if you have a car that was hidden for 8 years out of state and the loan is in a deceased parent's name?
The estate of the deceased parent is responsible for the debt. The leinholder gets the car.
