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Can you finance another car soon after your current car has been repossessed?

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Wiki User
2015-07-15 18:46:04
2015-07-15 18:46:04

YES, IF you have a large D/P, any buy-here-pay-here lot will finance you.

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You do. You were in possession of the car. The car was registered to you. Until the car is sold, you are legally and financially responsible for it.

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Does the bank have your current address and/or phone number? They will be calling on you.

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Pay the current balance, plus repossession and storage fees.

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If your payments are current, they're not coming to repossess your car. Trust me, the finance company would much rather have your money than your collateral (i.e., the car).

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You still have rights to recover the vehicle. The finance company may help you look for it if they're desperate enough to get it back. Even if your car was insured, you would legally have to payback the finance company for the car since you broke a binding finance contract.

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I have a welding machine on the truck they repossessed can they keep that?

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If the dealer calls you after the car has been repossessed, then you should inform them that you no longer have the car. They can contact the finance company to verify the information.

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As of the time of updating this answer (7th March 2015) Michael Noonan has been Minister for Finance in Ireland since March 2011.

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When a car has been repossessed the person paying the insurance should cancel it.

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Contact your finance company. They will often give you the chance to get the car back if you pay up to date plus impound fees and usually some more towards your balance.

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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.

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No, and it is not likely any would if what you are saying is that your vehicle has been repossessed twice.

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Very little ! If you default on the payments, the finance company are quite within their rights to confiscate the vehicle. The camper does not become your property until you have made the final payment !

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You do not owe money for a car if it has been repossessed, so your wages can't be garnished for that reason.

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You are allowed to set up a time with the tow company that retrieved your vehicle to get any personal items of yours out of it, that does not include installed stereos or custom wheels. As for the notice, you will need to speak with your finance company, they will usually offer to give you back the vehicle if you can pay what is delinquent.

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The consumer finance companies has been servicing credit since 1916. The sales finance companies has been in since 1940.

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A car cannot be repossessed until the owner has missed several car payments and the owner has been notified of late payments. In most states a car can be repossessed after three months of non-payment.

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No, since the car is no longer considered "your" property.


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