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.
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.
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.
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.
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.
At the discretion of the lender, a house can be foreclosed after a period of missing payments.
Turn it in?? YES sale it to a dealership? YES, IF they pay it off. make payments on the rest?? Maybe, the way to do it is to find a buyer(highest price you can get), subtract what you can get for it from the PAYOFF on the loan, BORROW the difference needed from another source. Then you can payoff the loan, get title to give to buyer, and make payments on a smaller amount that you can handle. This will have to be done with the LENDERs help. Contact the lender and make all the arrangements ASAP after you find a willing and READY (CASH wise)buyer. You will have to convince the lender that you HAVE a buyer and convince the buyer that they will get title,ect to make it work. Good Luck
Your lender, or the lender you are considering. The amortization is going to break down payments further, so you have to consider what you still owe to the lender.
When you bought the car, the lender paid the dealer for the car, and you are making payments to the lender, plus interest. The lender will not help you avoid paying him.
As long as you make your payments the answer is no.
"""the co-signer do if the lender can't"""????????? New one on me... IF the debtor/signor cant/wont make the payments, the co-signor is obligated to make the payments to the lender. The co-signor can demand/beg/plead/con/coerce the signor to let co-signor have possession of the collateral just like the lender will if the payments dont get made. Does that help?
You must talk to the lender who has a lien on the vehicle. It is up to them if you will be allowed to take over the payments.
Talk to the lender, or you can file Chapter 13 Bankruptcy to lower the payments where you can afford them.
NOT unless the LENDER agrees before you do IN WRITING.
It's called repossession. The lender owns the property, the homeowner is making payments.
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.
Generally, when real estate is purchased the buyer must borrow the purchase money from a lender. The buyer enters a contract with the lender and one of the terms of the contract is that the lender can take possession of the property and sell it if the borrower defaults on the payments.Foreclosure is the legal proceeding by which a lender terminates a mortgagor's interest in the property after the mortgagor has failed to make the payments. The foreclosing lender takes possession of and sells property.
This question is incomprehensible. Please use the discussion page to add as much background and explanation as you can, and maybe somebody can wordsmith the original question into something people can answer. You can use periods and commas on the discussion page.
A lender can use a credit card in various different ways. They lender can issue the credit card and make money from the interest. The lender can also take credit card payments from the borrower.
I assume you took over the payments after the other owner missed payments. If you are caught up on all the payments then there would be no reason for them to repossess the vehicle. You need to contact the lender ASAP to make sure everything is fine. Failure to contact the lender may create a bad situation.
Contact the lender and get their approval.