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Can your vehicle be repossessed even when the contract has been paid but you owe for interest late charges?
Wiki User
∙ 12y ago
Technically, it still belongs to whomever holds the paper.
If it has not been towed, you should IMMEDIATELY go to court and ask the judge for an injunction to give you time to get your head together.
If you are lucky, you just received the same letter that the finance company's computer churns out to latepayers every month so the likelihood of a tow-truck showing up is not high. Still, you don't want to take any chances.
Get an injunction and tell the finance company you have it (and call the local tow companies too, because it will be one of them that will come to get it, not someone from Chicago or Florida or Canada) and you want to talk about the balance.
Wiki User
∙ 12y ago
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Can a vehicle be repossessed if the payment is 21 days late in New York State?
READ your CONTRACT. IF the contract is in DEFAULT, the collateral CAN be repossessed.
Could a vehicle be repossessed without a written contract?
potentially, yes; consult a lawyer
Can a lienholder repossess a car if it is not in default but in the impound?
As long as you continue to make the payments, they would have no reason the instigate a repossession. When a vehicle is financed or leased, the creditor has an interest in the vehicle and rights under the contract you signed. If you are in default of the contract either by default in payment or otherwise (failure to insure or other terms) the vehicle can be repossessed.
When can a car be repossessed in Texas?
In most instances when you get behind on your payments. The exact details of when the lender will repossess the vehicle is listed in the contract you signed when you took out the loan on the vehicle. Read your contract with the lender.
Do you still owe title loan after vehicle is not working and repossessed?
YES! Including any interest.
If a buyer defaults on the contract but it isn't stated in the contract that the vehicle can be repossessed can it still be taken?
You need to contact a local attorney for state specific advice.
Can a vehicle get repossessed if your first payment is 15 days late?
Read the fine print of your contract carefully. I have never heard of a vehicle leasing/purchasing contract NOT having a first payment default clause.
Can your car get repossessed with only one payment due?
Yes. Always read your contract. The area under default will usually specify yourlien holders right to take possession. You can be repossessed for more reasons than just defaulting on your payments. Again check your contract. You can be repossessed for not keeping your lender updated with your full coverage insurance. If you are using the vehicle for illegal purposes or if you are not taking care of the vehicle- your lender can repossess the unit. Read your contract.
How long after a missed car payment does the finance company repossess the vehicle?
The question is, "Why would you worry about a missed payment when you have interest in the vehicle?" The money that you used as your down payment and any payments you have made total your interest in the vehicle. Why are people running from the repo man when in fact you can place the finance company on notice that, if your interest is repossessed, you will file criminal charges in federal court against the finance company and get triple what the car is worth. I guarantee you they won't take it. You can also put a mechanics lien on the vehicle to protect your interest in it.
Can a car be repossessed in California without a lien being placed on the title?
IF the loan is perfected, it can be repossessed. If you have signed a loan contract with the vehicle specified as collateral for that loan, it can be reepossessed if the loan is in default.
What are your rights to property in your vehicle once it is repossessed in NJ?
You rights are to GET IT BACK, PP is not subject to the security interest on the car.
Can your paycheck be garnished from a repossessed vehicle?
Yes. If the car's value at repo was under what you owed they can get the difference, court costs and interest.
