First, they'll try to repossess the vehicle. If you tell the repossessors that you don't know where the vehicle is, that could give them grounds to report it stolen, although it's a little more complicated than that, and they'd likely just file a missing property report, The finance company has no interest in jailing you - they want their money, and you obviously aren't going to make any amount of money in jail that'll allow you to pay them back. They might take you to civil court.
If anyone's going to try reporting a vehicle as stolen, some repossession agents have been known to do it after they've been told, "well, I don't know where the car is", as a pressure tactic. IMO, a pretty underhanded move, but I won't say I would've been above doing it when I did repossessions (although I never actually did this).
can a finance company reposses your vehicle if you made your payment on the15 day
The question is, "Why would you worry about a missed payment when you have interest in the vehicle?" The money that you used as your down payment and any payments you have made total your interest in the vehicle. Why are people running from the repo man when in fact you can place the finance company on notice that, if your interest is repossessed, you will file criminal charges in federal court against the finance company and get triple what the car is worth. I guarantee you they won't take it. You can also put a mechanics lien on the vehicle to protect your interest in it.
The finance company has the right to repo a vehicle the day after the payment is due if it is stated in your contract. they usually wait till you are 30-60 days past due.
That's not going to happen. Unless the dealership is doing the financing in-house, they're already paid for the vehicle, via the loan you took out from the finance company to get the vehicle. It's the finance company you'd answer to re: the payment, not the dealership. Thus far, I've never heard of any such thing happening - miss a certain number of payments, and the finance company sends repossession agents to collect the vehicle. However, it's not beyond the realm of possibility - vehicles with systems such as OnStar can be shut off remotely, and, although I have yet to hear of it happening, it is possible that a finance company could request OnStar disable the vehicle.
No, They would have to be behind on the car payment The above is not always the case. It can depend on what the car was impounded for. If it was impounded for something like drugs where asset forfeiture comes into play then yes the finance company can take the car regardless of payment status. The reason for this is because there are times when the authorities will tell the finance company that if the vehicle is returned to the registered owner the finance company will lose their rights to it as well. The finance company does not have to hand their collateral back to you if it means loss of collateral, it is their car after all.
YES, it is.
The Lessor is the finance company. The lessee is the person leasing the vehicle from the finance company
As long as the finance company holds the title, they effectively own the vehicle.
Yes, a finance company or a bank is required to send the vehicle to an auction to dispose of it.
you cannot use it as collateral because you need to hold title of the vehicle however in this case the finance company has the ownership of the vehicle not you.............
no because the storage fee that the finance company charged you was what the repo company charged on the invoice. the finance company had no other reason to charge storage fee's they did not store it
Is it legal to? NoIs it possible to? NoThe finance company does not have possession of the vehicle so can do nothing with the paperwork on that vehicle until the do secure possess of it.