This would be determined by the terms of the loan agreement and the applicable local laws. Within the loan agreement there should be reference to the action that can be taken to repossess the car should non-payment arise.
No. Only the lender can "repossess" a vehicle. You need to keep making the payments to protect your own credit. It is likely you would need to bring a court action, prove you are making the payments and petition the court to order a transfer of title.
It depends upon the exact wording of the title of the vehicle and if there is a written contract or a witnessed verbal agreement concerning the terms of the sale. Generally the title holder can recover a vehicle under such conditions. The best option is to obtain legal advice before taking any repossession action.
Yes, if the payments being rendered are not in accordance with the financial agreement. It is, however, unlikely that they would take such action as it would not be in anyone's best interest.
If you have a written agreement from the collection agency specifying the terms of your repayment plan and you have fulfilled (and are fulfilling) those terms as specified in the agreement, they probably cannot. If the collection agency is empowered by the original creditor to file suit and you do NOT have a written agreement from the collection agency as specified in paragraph one (1) above, they probably can. The laws of your state will prevail.
Generally you would have to sign paper work if the bank had approved a refinance agreement . In that case you could take legal action . They could however reposses the vehical if you fell behind again on your payments after sighing the agreement. Guess what......... banks and lenders LIE !!!!! If it is not in writing then there is no agreement so you don't have any recourse. Unfortunately you learned the hard way.
AnswerProbably, but if payments are kept current it would be unlikely that a creditor would take such action. When a scheduled payment is missed the account is in default even if the payment is "made up" and the creditor can exercisewhatever options might apply under the original agreement, including repossession of the item.
YES, IF YOU CLAIM NOT TO KNOW WHERE IT IS. If you call the bank and say I dont know where the car is its gone, they are going to tell you to report it stolen. If you stop making payments on it then they will repossess, if there is no car to repossess then you are still responsible to pay the monthly payment car or no car If you stop paying and there is no car to repossess then they at that point can take legal action against you. I dont know if its reported stolen but take my word for it you will pay somehow.
Yes. Once the lending agreement is in default the lender may take whatever action they choose in recovering the monies owed. It is a misconception that by making a partial or token payment the creditor will not be able to assert their legal rights. The lender can accept the payment, still repossess the vehicle or pursue litigation.
Yes, the word 'agreement' is a noun; a word for the act of agreeing; harmony of opinion, accord; an arrangement or understanding about action to be taken; a written record of such an arrangement or understanding.
The verb of agreement is agree. As in the action "to agree to something".
Check your copy of the contract that you signed for the loan. If this action for failure to pay is in the contract then they can do it.
I can't answer why he took the action he did. I will say that he did not "steal it". If the lending agreement was in default the vehicle is subject to being repossessed and it is the legal right of the lien holder to do so. A lending agreement is considered defaulted if even one of the terms is not adhered to; meaning even when a payment is late the lender/lien holder can take whatever action necessary to secure their interest in the collateral/property.
This type of modification must be granted by the court so you'll need to schedule a new hearing and get the judge to sign off on your amendment. An agreement between you and your ex-spouse alone is not sufficient to allow you to decrease your child support payments, however most judges will grant this type of request when both parties are in agreement.
A contract is a binding legal agreement, and you cannot cancel the contract. If you fail to make your payments on time they will repossess the vehicle. They will then sell the vehicle for whatever it will bring, and you will be required to pay the difference in the selling price of the vehicle and the balance on the loan. You will also pay all repossession fees. Your credit will be ruined for 7 years due to this action.
An executive agreement is an example of an action that does not require congressional approval. It is an agreement by heads of government, and is less formal than a treaty.
Contract. There are two forms of enforceable actions in court under this question: 1) A Written Contract - signed by all parties, and any amendments to the contract 2) A verbal agreement, where it can be shown there was some form of agreement between he parties, and that one or more parties took action to fulfill the terms of the agreement (action to fulfill the terms constitutes a binding contract)
When even one payment is missed the agreement is considered in default, and the lender has the legal right to take whatever action they deem necessary to secure their financial interest in the property. Unless all missed payments and applicable fees are brought current and the creditor agrees to allow the borrower to continue with the agreement, the vehicle can be repossessed.
What typically happens is that the party financing the lease will repossess the vehicle. The vehicle will typically be sold and the party financing the lease will attempt to collect the balance remaining under the lease either through a collection agency or through formal legal action.
YES, as long as the car is collateral for a loan, they can repo it.
You have ten days to bring your account current or action to repossess the item will begin.
No, the co-signer is equally responsible until the agreement is honored in full or the debt/loan is refinanced w/o the co-signer being a party to the action.
A debt collector can take legal action at any time. That said, if you are making an effort to pay, and have been making those payments on time and in full, I would say their chances of winning a judgment against you in court would be fairly low. I am not a lawyer and you should consult one. Do you have a signed agreement? Have you breached that agreement in any way?
It's highly unlikely, as it simply wouldn't be worth it. They can threaten legal action and damage your credit record though.