Can your car be repossessed in Missouri if you are making payments but 45 days behind?
READ your CONTRACT. Its that simple. If you are in DEFAULT of the contract, they can repo the collateral.
Can a motorcycle be repossessed if you haven't made payments in 6 months and then started making payments again?
Can furniture be repossessed if payment has not been made in 6 months but you start back making payments?
Can a vehicle be repossessed if you allowed a military person to take over vehicle payments and he has not paid anything?
If a financed vehicle is contracted with another person who is not making payments can it be repossessed?
Yes, your truck can be repossessed even if you are using it to earn an income, however, you can tell your creditor that you are earning money with your truck, and that if the creditor does not repossess the truck you will use that income to make payments on your loan. Of course, if you are not making payments, and spending all of your income on other things, then the creditor has no motive to…
What is your recourse in Texas if you was paying for a car to an individual who was not making payments to his lienholder and the car was repossessed?
In the State of Texas, the answer would be "YES" as both parties signed for the car loan and both are responsible for the balance due. I was the primary signor but the cosigner had the car and was making the payments. Then she stopped making payments after owning the car for 3 years and the car was repossessed.
You can only keep the vehicle under two circumstances: (1) sign a reaffirmation agreement and keep making payments; or (2) redeem the vehicle by paying of the balalnce. If you fail to do either, they lender can get permission from the bankruptcy court to repossess the vehicle. In some states, such as Missouri, you may keep the vehicle if you continue to pay on it.
If you file Chapter 7 Bankruptcy can the lien holder on a car already repossessed that you are making payments on still collect?
Truck with loan co signer on it the cosigner is your soon to be ex husbands mom you live in Texas the cosigner made one payment you were behind and ex took the truck can he do that?
It depends on several factors including whose name is on the title. If you are behind in the payments and the co-signer is making them you may need to settle this case in court. It depends on several factors including whose name is on the title. If you are behind in the payments and the co-signer is making them you may need to settle this case in court. It depends on several factors including whose…
If you are not behind on your mortgage payments, most likely we will not be able to begin the Short Sale process. We never advise a homeowner to stop making payments. If you are current on your mortgage but are unable to make your payments anymore, contact your lender. This would be a good time to proceed with a Loan Modification. If you do, however, become behind on your mortgage payments, we can assist www…
Can you take possession of the car if the borrower stops making payments even though they have been paying for a year?
The short answer is no. As long as you are making the payments the car will not be repossessed. When the co-buyer goes before the bankruptcy judge they can have the car included or excluded from the bankruptcy. If it's included then the car will be "voluntary" repossessed. If it's excluded then everything is "business as usual" for you. The key is to keep your payment current and on time.
In Georgia can your car be repossessed if you are behind in payments but have been making up the arrearages?
Yes. Once you have failed in the conditions of the loan agreement, the lending institution can forclose if that is the remedy described by the agreement. The best option is to contact the lender directly to discuss available options. Please be advised, Georgia does not require a lensder to send a "Right To Cure" notice before taking repossession action.
If someone made payments to purchase vehicle then changed their mind are they entitled to a refund of payments?
Most states do not have a cooling off period. Witch means that if you buy a car and then change your mind you are still responsible for making the payments. If you fail to make the payments your vehicle will be repossessed and sold to satisfy the lean holder. So no you will not get your money back, in fact you may have to make up the difference if the car sells for less than…
If you've been making monthly payments on your car and and you are still a month behind can they repo it?
The lender has the right to receive all the payments. A co-buyer has no rights TO the payments. The co-buyer is equally responsible for making the payments. The lender has the right to receive all the payments. A co-buyer has no rights TO the payments. The co-buyer is equally responsible for making the payments. The lender has the right to receive all the payments. A co-buyer has no rights TO the payments. The co-buyer is…
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.
Seems pointless to even consider. If the primary signer didn't have enough funds to make the car payments, they probably will not have enough funds to pay any lawsuit you charge them with. Fact is, if the primary signer defaulted on payments, then the cosigner would be responsible for making them - If repossession occured, then it was due to the fault of the cosigner .. can't sue yourself.
Assuming they haven't actually repossessed the car yet, you should contact them immediately to find out what's going on and begin making up the missed payments. If they made an error, they should stop repossession proceedings and remove the ding on your credit report (you should probably also contact the credit bureaus in the meantime to dispute the report). If they HAVE repossessed the car... If the lender stopped processing your automatic payments without notifying…
What happens if you are paying less on a car loan because you lost your job but you are on time every month can the car company take your car?
Can a company repossess your car if you are making your required payments on time every month but were behind one payment from the year before?
Yes. They must be able to pay the loan if the primary borrower stops making their payments. Yes. They must be able to pay the loan if the primary borrower stops making their payments. Yes. They must be able to pay the loan if the primary borrower stops making their payments. Yes. They must be able to pay the loan if the primary borrower stops making their payments.
It will likely be repossessed and sold at auction, if not redeemed, with the proceeds being applied against the amount owed and subsequest repossession, collections, and legal fees. Keep in mind that you signed a contract. That contract is legally binding, and in most cases, you agreed to suspend many of your rights to property.