0
"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.
Wiki User
∙ 16y ago
Add your answer:
Earn +20 pts
Can the bank repossess a 30K dollar car when less than half is still owed and only 128 dollars is past due?
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.
I had a car that got repossessed and I was left owing a lot on the loan and then I got married. Is my husband now responsible for my past due loan?
No. Because the car was purchased prior to the marriage.
Who is responsible for damage done to a car that was repossessed after all past due money and late charges were paid and the account was current?
The one in POSSESSION is responsible.
How many days does a vehicle have to be past due before it can be repossessed?
three months
Can a car be repossessed if the owner dies before the first payment is due?
The car can be repossessed. The estate is responsible to return the vehicle and resolve the lease or loan.
Can your car be repo'ed if you have the title?
IF your vehicle is collateral for loan in DEFAULT, it CAN be repoed.
How many days after your car payment is due can your car be repossessed?
Legally, ONE.Actual practice?? 3-60
If your car was repossessed and you have paid the past due and current amount in full do I have the right to get the car back in Virginia?
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.
Can you sell your car after the car has been repossessed?
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.
Approximately how long does it take after your car is repossessed for them to come after you for the deficiency?
As soon as they sell the car so they will know what the balance due is.
What amount will show up on your credit report when a vehicle is repossessed the original cost of car or the balancing remaining?
the BALANCE DUE at time of repo PLUS repo fees and fees to come later.
Will your car get repossessed if you have missed payments with Black Horse for two months?
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.
