Bottom line: YES it can. Although many things could factor into this answer, such as, have they given you anything in written form stating the new terms? Have you renegotiated your loan terms? When faced will something or nothing, most creditors are willing to work out something with you but are not bound by anything other than the terms of the contract. Although this point could be argued in a court of law. More input from FAQ Farmers: * If a person is sending or making payments of a lesser amount it doesn't mean the finance co 'accepts' these payments as acceptable. You would always want to discuss the situation with the finance co to see if the payment amount and dates being paid are acceptable. I work for a large finance co and we always try to work with the customer while they are trying to bring their account current. We won't repo a car if the customer is making the payments as discussed/agreed (which is always noted on an account) but if those payments aren't made or are late and we don't hear from the customer, there's a good chance repo is in process. Bottom line... the bank paid that car off for you, and they 'own it' until you pay them back. Work with them and they'll work with you.
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Related Questions
Can your car be repoed if you have full coverage and you licance is revoked?
You car can usually only be repossessed if you fail to make the payments to your finance company.
Can your car be repossessed by the car dealership if you never gave proof of income?
If you are not making the required payments to the finance company that holds the lean on you car it may be repossessed. Proof of income is not required or relevant.
My husband died a year ago. Can the finance company repossessed my deceased husband's vehicle although I have been making timely monthly payments?
no
In Texas do they have to inform you before they repo your vehicle?
It is probably stated in your finance or lease agreement that if you don't make your payments on time that the finance company has the right to repossess the vehicle. Consider yourself informed. Long story short, if you don't want your vehicle repossessed you need to make your payments.
How can you take over payments?
Contact finance company
How do you find out where your repossessed car is to reclaim your personal property in Indiana?
Call your finance company.
When do cars get repossessed?
Depending on the bank used to finance the car, after failing to pay 3-5 payments the vehicle will be repo'd.
If the bank repossess your car do you still have to pay your car payments?
NO but why would they repo if you are making payments. You don't still have to continue to make payments, however, if your car is repossessed, normally the finance company will sell the car and you owe any deficiency balance. In other words, let's say you still owe $5000 on your car and the finance company sells the car at auction for $4000. They will eventually contact you and you will owe the $1000 difference.
Can a car be repossessed because someone is borrowing it?
I wanted to add to my original question...Our car was repossessed by the finance company because they said they found out someone else was using the car because of car payments being sent from a different address. AND, they stated that they wanted to see the condition of the car. I thought a car would only be repossessed if you were late on payments? I have never heard of this, so I don't know what is going on.
Can you return a car bought on a personal loan when you were told it was on finance?
Have the car voluntarily repossessed. Using this option means that you voluntarily return the car to the finance loan company if you are too far behind on your payments and can't recover. If you decide to return the car, the finance company may pick up the vehicle or it may require that you return the car to its location.
Can you be sued if you let your mobile home be repossessed?
You can be sued by the finance company to recover any money still owed to them after they auction the repossessed mobile home.
Does a finance company who has repossessed your vehicle have any rights to your new car that is financed by another lender?
No
When a car is repossessed does the finance company have to sell it for the amount it is worth?
no, they will sue you for the balance owed after the sale
Can you get a dirt bike repossessed?
Yes. A dirt bike is the same as a street bike or any other type of vehicle. if you miss the payments, and the financier wants to exercise his rights to seizure, he can do so. If you are behind on payments the best thing to do is contact your finance company and explain your circumstances to him. There are probably options available to avoid repossession. The last thing any finance company wants to do is repossess their property.
Can a finance company repossess your car when you lose your job?
Only if you stopped making payments and are behind on your on your payments.
Can you take over car payments?
Yes, with the agreement of the finance company.
Can you buy another car even though is repossessed?
If you have had a car repossessed, you have not kept up with the payments. You probably still owe money on the repossessed car. In these circumstances, the fact is that you can not afford to purchase another car and would not be able to obtain the finance to do so.
How does voluntary repossession work on an RV in NC?
Instead of having it forcibly repossessed, you call your finance company and tell them you're voluntarily having it repossessed. They may send a tow service to collect it, or they may ask you to take it to the repossessor. It'll be repossessed, auctioned off, and the amount they get from the auction will be deducted from the amount you owe. The finance company may offer a settlement at that point for an amount less than what you owe on that vehicle - that's up to the finance company.
If you own two cars and are able to make payments on only one and are letting one get repossessed can the finance company for the repossessed car do anything toward the remaining car?
Possibly yes. They can resale your repossessed car dirt cheap and sue you for the difference in what you owed and what they got for it. Then they can sue you to collect that difference. If they win the suit they can have the sheriff pick up anything you own to sell at public auction to help pay that money they supposedly "lost". It's possible but not real likely. It depends on the mob that runs the finance Company
What can you do legally if your camper has been repossessed without anyone notifying you?
Very little ! If you default on the payments, the finance company are quite within their rights to confiscate the vehicle. The camper does not become your property until you have made the final payment !
How can you get your Acura back from being repossessed?
Make a deak with your finance co to pay off the payments you are behind. Caution...Don't refinance for lower payments or they will stick you for high interest added. Negotiate with the lender.
Can a car be repossessed without you knowing it?
yes because the finance company knows and if you know it may cause problems
Can you finance a repossessed car?
yes
How can you get a loan if your car was repossessed due to late payments and debt and the finance company says you can't recover it unless paid in full?
Just go get another car. Do not worry about that, lots of places do there own loans and you do not have to go through a bank.
Uninsured finance vehicle has been stolen Cancelled insurance because car was being repossessed by finance company?
You still have rights to recover the vehicle. The finance company may help you look for it if they're desperate enough to get it back. Even if your car was insured, you would legally have to payback the finance company for the car since you broke a binding finance contract.
