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Can you repossess a car you sold if there is a written agreement that if payments are not made legal action will be taken?
Wiki User
∙ 8y ago
IN SOME STATES, YOU HAVE TO SEND A ROGHT TO CURE LETTER. IN ALL STATES YOU CANNOT BREACH THE PEACE. GO GET IT
Wiki User
∙ 8y ago
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How long does a company have to wait to repossess a vehicle?
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.
Can a cosigner repossess a car if the primary borrower stops making payments?
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.
In Pennsylvania can you repossess a car that is titled in your name if the person has made car payments but has several parking tickets that are also in your name?
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.
When you are making payments to a collection agency can they still sue you?
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.
Can a debt collector take legal action when you are making regular payments and they have ceased accepting installments?
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.
If payment is a month behind yet two weeks ago made a full payment can they still threaten to repossess?
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.
What happened if you were behind on payments and the lender offered to refinance and lower the payments and said you were approved and then repossessed the car?
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.
If the dealer accepts partial payment can they still repossess your car?
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.
Why would a father take a daughter's car after 3 years of payments even if she was 2 payments behind but had an agreement with the bank and all he had to do was agree but instead he stole the car?
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.
Can a bank report a car stolen if in default of payment?
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.
Can a bank demand the entire loan balance in full if you are 2 months behind on your car loan they are demanding the entire 13 payments I have left or they will repossess this week is this legal?
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.
Is agreement a noun?
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.
