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.
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.
When the owner defaults on the loan payments
In most instances when you get behind on your payments. The exact details of when the lender will repossess the vehicle is listed in the contract you signed when you took out the loan on the vehicle. Read your contract with the lender.
NO, you know when your payment is due. It is listed on the contract you signed. Miss a payment and they can repossess your car then next day.
Are/were you listed on the TITLE as leinholder? Do you have a written contract listing the vehicle as collateral? If no to these two uestions, you should call a local attorney NOW.
YES, the contract is what they sue for unless the car is listed as COLLATERAL for the loan. Then they repo the car and sue ya.
AnswerIf the primary on the contract does not pay then the lienholder comes after the co-signer for the payment. The credit of both the primary and co-signer are going to show repossession. If the lender has kept the title in its files as part of the loan process and is listed as a primary lienholder, it can sell the vehicle after the repossession.
Basically, you are financing the vehicle, right? Put a lien on it. All you have to do is fill out a bill of sale and there will be a place for you to list a lienholder. Fill in your information there. There will also be a place for you to put lienholder information on the title, so make sure you fill that part in also. When the buyer takes that to the highway dept to register it, the hwy dept will keep that and give them a registration. After about 2-3 weeks, you should receive the title in the mail with you listed as the lienholder. After you are paid in full by the buyer, then you will sign off as lienholder and give them the title.
When you purchase a vehicle and fiancé it you sign a contract stating that you will carry certain insurance coverages and provide the finance company with the proper notification of such coverage. If you let your policy cancel you have violated the contract. If you do not list them as lienholder on your insurance policy you have also violated the contract. If you do not fix this situation when you finance company send you letters about this they have the right to repossess your vehicle and screw your credit up for life. You have obligations and the finance company has obligations under these contracts. If you have period of time when you cannot prove you have insurance then they will put forced place coverage on your vehicle to protect themselves and will charge the premiums to your account.
If you have renigged on paying your portion of the car bill, yes.It doesn't matter who he is. The fact is...he cosigned for you. But, you can contact your consumer affairs bureau and see if they have a brochure on vehicle repossession. Ps Your ex bf sounds tons nicer than any of mine. He can't "repossess" because he is not the lienholder. If he is listed on the title as a co-owner, he has the same right of possession that you have and could insist on "taking his turn". But if he is only a co-signer on the loan, the only "right" he has is to make the payments if you don't. If he has had to make some of the payments for you, he could sue you for reimbursement.
Yes. However, all t's must be crossed and all I's must be dotted for them to even talk to you. There are numerous things that must be in order for a repoman to pick up a vehicle. Was there a written contract stating that you could repo the car if pay,emts weren't made? Are you listed as a lienholder on the title? What are your state's requirements for repo? All these things must be considered before calling the repoman.
You have the title, but I bet on that title the lender you own money to is listed as the lien holder. He can repossess the car at any time if you miss payments. Having the title means nothing.You have the title, but I bet on that title the lender you own money to is listed as the lien holder. He can repossess the car at any time if you miss payments. Having the title means nothing.