YES, you were in DEFAULT by NOT having your own coverage. READ the contract. YOU agreed to maintain your OWN comp. coverage tonprotect the collateral. You didnt. This is a common misconception that lender placed ins. is the same as comprehensive coverage by the debtor. Yes but that was a lousy way to do it. Did you honestly expect the lender to let you ride around in the collateral with NO ins.?? If you are sooo broke that you cant afford the ins., you surely cant afford the ticket for NOT HAVING IT. Or can you? Read the question he was already paying for the increase!!!
No. The lienholder is the only entity with a right to repossess.
If there's a lienholder on that vehicle, yes, that lienholder can repossess it.
That is the only way you can repossess a vehicle. Repossession comes under the UCC which grants a lienholder the right to repossess but only if they have perfected their lien by filing it on the title. One caveate is in most states the lienholder can not repossess a vehicle that is under a mechanic's lien without first paying that lien.
As long as the bank is listed as the lienholder on the title and as long as you owe them money and haven't paid they can repossess the car.
As long as there is a lien on the vehicle the lienholder has the right to repossess the property
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
No. To be able to repossess any of your property, they must hold a lien on it. If they have no lien on it, they have no right to repossess. Their only option is to take you to court.
Yes. A lienholder is the lawful and sole owner of that vehicle, and it doesn't matter where they repossess it from, so long as they do it in accordance with state laws for repossession.
The same way a loan company does, HIRE a REAL repo agency to do the job.
No. The lienholder is the rightful owner of the vehicle, and can reclaim their property as needed.
No, you dont even need keys to repossess a car in South Carolina
Yes. The lienholder is the rightful, legal owner of the vehicle, and can take possession of that vehicle anywhere.
When there are multiple liens on a car, it is possible for either lien holder to repossess it. However, one lien holder is normally in the first position and the other one is in the second position. The one with his name on the title is normally the one in the first position and is the one who gets paid first when a car is repossessed, no matter who does the actual repossession.
The state doesn't repossess your car - private companies do that on behalf of the lienholder. They don't charge you for private property left in your car when they repossess it - that would be illegal. They charge a "storage fee" for the items they remove from your car. Underhanded, yes, but they can legally do it.
If you don't have a "contract", you aren't a leinholder. A lienholder must have a contract and have filed the notice with the county recorders office and the title must state you as the leinholder. If the person is named on a title as a lien holder he or she has the legal option of repossessing the vehicle as it is determined by the laws of the state where the vehicle is registered.
I would think so.
A creditor can repossess a vehicle at any time after a default(late payment, lack of insurance, etc.) occurs on the contract.
The impound yard will give you their particular requirements. Just give them a call.
The lienholder has an option to repossess when you become deficient on your payments for as long as you owe money on that vehicle. If you skip your last payment, that car can be repossessed.
It depends on the state and the regulations in that state. Here in Georgia if the damage is over $500 the lienholder must be notified and if the check will be over $500 the name on the check must include the lienholder and the policyholder. This is a state law that was made to protect the banks from loss. You can understand that the Banks don't want to have to repossess a damaged vehicle only to find out that the borrower cashed and pocketed the funds from the claim. It also shows how strong the bank lobby is. In the days when everyone had local banks that they dealt with it was no big deal but now your lienholder is very possibly across the country.
No, but depending on which state you live in your division of motor vehicles (or equivalent) can fine you hundreds of dollars for not having insurance.
In North Carolina, a lender can repossess a car when just 1 payment is missing. They can also repossess it if you let the insurance lapse and are current on your monthly payments.
Yes. How many names are on the title and/or the loan means absolutely nothing... so long as there is a lien on that vehicle, that lienholder is the sole lawful owner of that vehicle, and can repossess it as recourse for delinquent payments.
I take it you mean, if your car IS repossessed. In that case, IF you dont plan to redeem it, NO. NO car, NO insurance. Once the lender repos the car, they are responsible for the insurance coverage.
I believe all they can do is fine you for not having insurance