No, you cannot. If you declare any kind of bankruptcy, the bank knows hey are likely going to have to loose a percentage of their investment and will immediately auction off the collateral to the highest possible bidder to apply the proceeds to as much of the loan as possible so they can get the rest back through trustee payments, if at all possible.
Nice thought, but sorry no go. A friend of mine had a similar theory, but banks have to look out for their loan collection.
NO, the truck probably has been sold already and the lender got a repossessed title to sell it with. Of course they do make mistakes. LOL
ask the guy that repossessed your workers truck for the tools that were in that truckask the guy that repossessed your workers truck for the tools that were in that truck
Go to bank or other place that repossessed the truck. Pay cash for it etc
I have a welding machine on the truck they repossessed can they keep that?
The only way to get a repossessed truck back in the state of Indiana is to pay the balance owed. Sometimes, you can contact the lender and make arrangements to get the truck back without paying the whole amount.
Yes you are
Yes, your truck can be repossessed even if you are using it to earn an income, however, you can tell your creditor that you are earning money with your truck, and that if the creditor does not repossess the truck you will use that income to make payments on your loan. Of course, if you are not making payments, and spending all of your income on other things, then the creditor has no motive to let you keep the truck.
Yes/No, because if it is parked in reverse, the back wheels would be dragging, and soon shift gears (If repossessed by a chain truck), but if it is a flatbed tow truck, then yes, it can be repossessed, because the back wheels would not be dragging, therefor the wheels would not shift gears and ruin the vehicle, or reverse of of the truck!Why are you asking, has your car bin repossessedbefore?-Zachary T. Davis06/03/12
NOT. Good try though. LOL
If they only have an order of repossession of the truck, then no. Otherwise, the trailer and backhoe would be considered stolen.
READ your contract. Likely the answer is YES.
Very simple, CALL the lender.
Start with some type of vehicle history report, such as Carfax.
No. They will sell the truck at auction and it will bring what it will bring. You are then responsible for the balance.
Yes they can
You need a license to drive a tow truck in Michigan. You need a license to operate any vehicle on public roads.
You must be at least 18 years of age to drive a truck commercially in Michigan. This is true for most states in the United States.
Most usually they are empowered to take items where you haven't made the payments. If both the truck and trailer were being repossessed, then you are stuck.
You are responsible for the remaining balance of what the vehicle sells for and what you owed when it was repo'd.
If you aren't hiding it and they didn't repossess it then it has been stolen. Call the police and report that your truck has been stolen.
If you don't make your payments, they can be repossessed, the same as any other vehicle.
As long as the truck you are unloading is stationary.
The people that reposed it may have a lien on it for an unpaid loan.
That 87 truck already has a carburetor on it.