Suzette, what are the details on your purchase? Such as what state? One reason for repo before ist payment due is a person didnt qualify for the financing deal offered. Maybe a small detail got left out. Or a large detail. Its obvious that dealers WANT to move cars. So they will do a LOT to make the deal go thru. For them to repo asap, theres about 2 reasons. the obvious, you didnt qualify OR they screwed up. If it's #1. oh well you tried. If #2. OH BOY, call your or any attorney. JACKPOT.
Yes. Well, maybe. Your are legally responsible for payment of the remaining balance of the loan for seven years from the last date of payment. In the event a judgment was obtained, you are responsible for ten years after the date of last payment. Quite likely, there is a judgment, as this would be the only security the lender has of receiving payment.
It depends on the lender. Prime lenders like Cap One may come after you vehicle after the first payment is missed. Chase might take two weeks from the missed payment. Other lenders may wait 30, 60, 90, or even 120 days before issuing a notice of repossession.
You can hide it but, they'll come back later for it.
they can call you as many times as they need to. depending on your state. most laws require 3 months of non payment before they can send a tow truck to come get your car for repossesion
YOU NEED TO CHECK YOUR STATE LAWS, BUT IF ITS WRITEN INTO THE CONTRACT OR RELEASED TO YOU ON A BAILMENT AGREEMENT THE ANSWER IS YES.
A first payment default , is when a bank calls the loan on your car because you are late on the first payment, 30 days or not, actually acording to your service agreement you are late like 4 days after the due day. they take it as a personal insult when you miss the first payment, also as a sign of things to come. usually if the repossess your car for a first payment default they will not give it back if you catch the payment. they will call for the full balence on the note and send the car to auction. Check out www.stoptheRepoman.com for other answers like this.
A recurring payment is a payment made over and over, such as a house payment, car payment or electric bill, etc. that come due monthly or bimonthly etc.
When you put down a down payment the price is already set. You must get them to come down before you agree to purchase which is what your down payment represents.
Does the bank have your current address and/or phone number? They will be calling on you.
As soon as the lender sells the car, they will know what the balance due is. Then they will come after the money. You will know when that happens.
0.36 percent of cars purchased by owners acquiring loans are repossessed in a quarter in the New York. Repossession occurs as a result of failure of stressed borrowers to come to an agreement with their debtors.
Yes. If you are recieveing phone calls or lettters in the mail wait until you have saved at least 30% of the balance that is owed, and settle with this company. Make sure you get everything in writing before making this final payment. Wanda Improve Credit, LLC
I'm struggling to find a way for this to happen. If they took the car the first time, how did it come back for a 2nd repo? I have to imagine that you somehow bought the car once more and somehow landed financing for it again. Then, the 2nd company repossessed it. If this is the fact pattern, yes, it will show up twice.
As soon as they sell the car so they will know what the balance due is.
They will call you to pay the bill and after you ignore it for so long and do not turn your car in willingly they will come get it.
yes they can...but it also depends on state laws too
Yes a vehicle can be repossessed if the loan is not being paid on.
No. They can repossess their collateral (the car which was repossessed), and they can send a collection agency to hound you for money, but they can't confiscate your property.
then you haven't bought it
Can a loan company come to your home to collect payment? Personal Loan...
Yes. If you have payments due to them which you haven't made then they have the right to come to your residence and request for payment.
It depends on where you are. In most states, no there is no requirement for that, but they do have to let you come retrieve your personal belongings later.
Unless it's explicitly stated in the fine print that they can't do any such thing, they have a right to repossess the moment the payment is rendered late, if they so wish. However, if you have documentation from the bank showing them explicitly giving you a deadline date, and they come to repossess before then, you may have grounds for a lawsuit. However, you would need to find out if it was the bank which had your car repossessed on that particular day, or if it was the repossessors jumping the gun and going forth with it before the date which they were specified to take possession of the vehicle.
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