"Pay on" - sure - your still in breach of the payment agreement and owe the debt - just by a lesser amount. (The lender has the obligation to do everything to mitigate (that means lessen) his damages...that would seem to include accepting partial payments which act to do so.
"Pay off" all amounts due - then no repossession should occur - there is no debt to be in default of not not paying.
No, a car can not be repossessed due to having no registration. A car can be repossessed for non payment. The police can have a car towed to an impound lot if there is no registration.
The bank can legally repossess a car at any time you default on the loan regardless of the vehicles value or the amount past due. If your car payment is due on April 1st and you don't pay than you are legally in default on your contract. If you make a partial payment (less than the amount you agreed to pay in your contract every month) and the bank didnt agree to this arrangement then you are still in default. The best bet would be to pay the $128 before the car is repossessed or to pay the back balance owed if it has already been repossessed.
The one in POSSESSION is responsible.
No. Because the car was purchased prior to the marriage.
The car can be repossessed. The estate is responsible to return the vehicle and resolve the lease or loan.
Legally, ONE.Actual practice?? 3-60
under law you have to be offered the right to redeem the car usually for the full amount due and a repo fee added to that as well. if you do not the bank will auction off the car take whatever they can get and sue you for the rest.
No. A car is repossessed because you failed to finish paying for it. Since you never fully paid for it, it's not yours. No. You do not own the car once it has been repossessed. To sell the car you would need the title, which is in the hands of the finance company. After a repossession, usually 30 days later the finance company places the car in an auto auction. There it is sold to the highest bidder. In the rare case that the net proceeds from the sale exceed what you owe for the car (plus interest, penalties, repo fee, etc.) the finance company has to send you a check. If you can redeem the car by paying the full past due amount plus interest before they place it in the auction sale, then you can sell the car.
Example sentence - The past due amount on the bill is lower than the current amount due.
As soon as they sell the car so they will know what the balance due is.
You should be asking the lender this question ... they are the ones holding the keys to that car. They will be able to give you an exact answer.
Maybe, by Fedral law your car can get repossessed if you are ONE DAY past due on your car payment. I know many repo agents and they have a saying "Support your local repo man-- miss two payments" I wouldn't hold off much longer to pay them. You should call them and try to get a deferment or two.
the BALANCE DUE at time of repo PLUS repo fees and fees to come later.
Total due is what you pay now. past due means you are late and need to pay that right away.
Only if the lender pushes the issue and its not very likely.
As soon as the lender sells the car, they will know what the balance due is. Then they will come after the money. You will know when that happens.
Usually the lender will obtain a judgment againt the debtor for the amount due. One of the options to collect it is to garnishee the debtors wages. Good Luck
Of course. The whole idea of "security" in your pledge of the car in exchange for the loan is that it is easier to repossess it than to sue you for non-payment, and that applies up until the very last payment is made.
Read the terms of the contract. Once the contract is "In Default", the note can be called in and the vehicle can be repossessed. It can be as soon as 1 day past due. But in reality, most banks know that they'll probably loose money on the process so most will try to give you a little extra time.
IF the lender obtained a judgment for the balance due, YES.
Most lienholders will allow you to bring your account current and get your vehicle back - but only after you pay the fee for the repossession and you may also have to pay the repossession company for storage.
Yes, this is because the loan agreement was voided when you were late with one payment.The lender has decided to auction or sell the car even though you can bring the loan current,they can do this.
The debtor always has the ability to come up with the past due amount and become current to recover the vehicle, prior to the vehicle being sold at auction. After sale, it's all over. If you file a Chap. 13, normally, upon proving you have insurance, the debtor is included at the correct amount and correct interest, etc. in the payment plan, they will relinquish the car. If you file Chap 7, you would need to be able to pay the past due and really, better have a way to pay for it going forward too. No, you never get to get the car and use it, even while Court matters settle, without paying for it.
Vehicles cannot legally be "repossessed" due to a lack of insurance. Re-possession can occur only when there is a default in the payment contract and the original owner (the lender) recovers their property from the defaulter.