seize your car for defaulting on the downpayment.... default is default.
What does "default mean default" mean??? Can someone answer the question a little clearer than default means default. If I defaulted on the the down payment then the dealership should cancel the contract, not hold my car.
Okay, I did not have the down payment of 9k when they presented the checks. You are lucky you're not in JAIL, I think... If I default on the car note, I will have a repo on my credit and I do not want to do this. I just would like to have my car back while I am paying on it. I dont see it happening. Unfair? Im afraid I would do the same. I would give you your PP back as that is NOT covered by the contract. keeping it is also against the law. It is called CONVERSION. Also,I came in to buy a used car on their lot but they said I could not get financed for the used car because of my credit. A new one they could finance me for easier. You had a chance to leave without buying a car. The fact that you wrote 9K in hot checks doesnt say much for your honesty OR your willpower. Have you consulted a LOCAL attorney about this matter??
I just want to know where my personal stuff is. Tell the dealership that you want to get your PP. Give them your keys to the car. If that doesnt work, call an attorney, tell them ONLY that you have been repoed and cant get your PP back. Stay away from all the other issues. I am not sure what my rights are.
What state are you in? I suggested you contact an attorney because I am NOT an attorney and an attorney in your state will/should know the laws in that state. I just would like to have some idea of where my car is and who if so, is driving it. You dont need to know where it is or if anyone is driving it. All you can legally demand is your PP. Some state laws say the lender must notify you when/where they will sell the car but none say you have to know where it is stored. They would not be smart to let anyone drive the car until this is all settled. Toooo much liability. I think that is fair????? When thinking about "fair", always turn the problem around and put yourself in the opposite position. It usually looks much different from there.
The DEALERSHIP won't repossess the car, but the lender might if you don't make the monthly payments as scheduled.
They will not repossess a vehicle unless you have defaulted on the loan. Defaulting on the loan is being late with the payments. Call the lender and talk to them.
In most cases a lender will file a notace of default after 3 missed payments.
Yes, Mortgage Insurance Premiums Payments do have to be es-crowed by the lender.
If a student is unable to repay a loan, then he or she should first talk to their lender. This will give the person a better chance of reaching an agreement, rather than ignoring the payments and defaulting on the loan.
You and the person wanting to take over the payments, go in a sit down with the lender who holds the note, and talk about it. The lender must agree to this for it to happen.
The same as if a Georgia dealership, or Michigan dealership, or Massachusetts, New York, New Jersey, Virginia, or a dealership from any other state cannot do so. Actually it is not a question of the dealership, it is a question of what the lender will do. The lender is the party that accepts the risk of loaning you money to purchas a vehicle. If they determine you are not an acceptable risk, then the dealership cannot sell you a car. The dealership has no liability to you.
First, the loan contract is not with the dealership. The dealership only represents the lender in the transaction. Second, if the lender hopes to protect their interest, then the contract will state "something" about repossession. In fact one of the papers the borrower signs will be a Right to Cure, meaning essentially the borrower is giving future permission for the lender or the lender's agents to enter private property to secure the unit.
At the discretion of the lender, a house can be foreclosed after a period of missing payments.
As long as you make your payments the answer is no.
The lender has the right to receive all the payments. A co-buyer has no rights TO the payments.The co-buyer is equally responsible for making the payments.The lender has the right to receive all the payments. A co-buyer has no rights TO the payments.The co-buyer is equally responsible for making the payments.The lender has the right to receive all the payments. A co-buyer has no rights TO the payments.The co-buyer is equally responsible for making the payments.The lender has the right to receive all the payments. A co-buyer has no rights TO the payments.The co-buyer is equally responsible for making the payments.