Cars & Vehicles
Repossession
Home Equity and Refinancing

Can an original buyer repossess a car after a verbal agreement which is in the first month of default for nonpayment?

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2015-07-15 18:35:51
2015-07-15 18:35:51

IF your name is on the TITLE as buyer or cobuyer, you have the right to POSSESSION. Do you know where the car is? Do you have a key?

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Related Questions


Repossess or foreclose on the secured property if the agreement is in default.

Your property can be subject to repossession if you default on a loan. This can be the case if you put up part of your collateral as a guarantee for your loan.

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The answer to this question depends on your contract terms. Usually, a contract will spell out what constitutes a default. The contract should also say that if you default, they can repossess the collateral.

You have to posses the title on the vehicle and the documentation that there is a default in payments.

A creditor can repossess a vehicle at any time after a default(late payment, lack of insurance, etc.) occurs on the contract.

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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

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The cosigner becomes the target next. If you default, it is up to the cosigner to pay the bill or both of your credits are ruined and the bank takes their usual steps to repossess a vehicle.

AnswerProbably, but if payments are kept current it would be unlikely that a creditor would take such action. When a scheduled payment is missed the account is in default even if the payment is "made up" and the creditor can exercisewhatever options might apply under the original agreement, including repossession of the item.

A default is when someone does meet the terms on an agreement. When it comes to repossession, it means they missed 1 or more payments on a loan.


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