It will be sold at auction at a lower price than the dealer will sell it for.
If the finance company has been paid in full, then why would the dealership (or the finance company) want to repossess your car? If the loan hasn't been repaid and is long overdue, then the dealer and finance company will probably decide who actually repossesses the car. Either way, it's up to them, not you. Best thing to do is check the fine print in your loan agreement (which you signed when you bought the car) and see what it says about overdue payments, repossession, etc. If you've lost it, call your dealer and ask for a copy.
who the hell noes that?
usually called FRAUD
GOOD question. Read the contract. Were you in default of it?? Why didnt you TAKE the car back? Why did they have to come get it?
Yes, you can return a used car to the finance company in Canada. However, you also can consider returning it to the dealer you bought it from as well.
You're talking about the repossession agent, not the car company or dealer. And no, they have absolutely no authority to detain you. If they try this, file a police report.
No, you cannot just return it to the dealer. The dealer has nothing to do with this unless the dealer is also the lender. You must return it to the entity who loaned you the money to buy the car in the first place. It is their car until you pay for it. This is called a voluntary repossession. You will be required to pay the deficiency. That is the difference in what you owe on the vehicle and what they sell it for at auction or private sale. Your credit will also be ruined for 7 years. You will save repossession fees by turning it in voluntarily.
Nope. The dealer is completely unaware of your financial situation.
If the creditor will not take it back in lieu of the money owed then you need to sale the bike and pay them their money. Unless the dealer is willing to buy the motorcycle you will still owe the money. Not every creditor will do a voluntary repossession.
Contact the dealer or finance company, whoever has the title, and ask them to send it to you. If they refuse, you may have to contact an attorney.
The car dealer is not required to collect a down payment. The finance company is the one who usually asks for it. If they desire a down payment, they will contact you to get it.
That's not going to happen. Unless the dealership is doing the financing in-house, they're already paid for the vehicle, via the loan you took out from the finance company to get the vehicle. It's the finance company you'd answer to re: the payment, not the dealership. Thus far, I've never heard of any such thing happening - miss a certain number of payments, and the finance company sends repossession agents to collect the vehicle. However, it's not beyond the realm of possibility - vehicles with systems such as OnStar can be shut off remotely, and, although I have yet to hear of it happening, it is possible that a finance company could request OnStar disable the vehicle.
Then he's a total plonker!The finance company will chase you for it, they won't miss a thing, believe me.
find out another dealer who can finance your car.
(A): "Can you sue the repo man if he takes your truck after you filed bankruptcy?" (B): The answer is "No". The truck is the property of the dealer, or finance company, until your final payment to them is made, and the receiver in bankruptcy may not seize property of which title belongs to a second party (dealer or finance company). Chris
There isn't anything you would need to do. You still owe the money and will need to continue paying. A bank or something similar may buy the rest of your loan from the dealership. If that happens it will be their job to notify you.-------------------------------------------------------------------------------------------------It is not usually the dealer which actually provides the finance, it is a finance company that is separate from the car dealer.When you purchase the car and take out finance, the finance company pays the dealer in full what he is owed and you then repay the finance company.If you look at your finance documents closely, they should tell you this.You should therefore continue to pay for your car as you were doing before the dealer went out of business. However, for your own protection make sure that you get a receipt (proof) that you have made each payment. If you are notified in writing to change your payments to a new company do this if the paperwork matches what you had before.If you are in doubt at all, go and see an attorney (lawyer).
Yes Ford Credit will Finance Non-Ford vehicles. If the dealer told you they won't it may be beause that brand has their own financing company also to go through.
yep, do it!
The way to become a finance manager is to start as a salesperson and then become an assistant manager and then become a finance manager.
There is no such thing as a "Voluntary Repo". You borrow money to buy something , you owe the money period. If you turn the item over to the bank or finance company it doesn't take you of the hook. The bank or finance company will auction the car and you will still be responsible for the difference in the amount it sold for and the amount you owed, plus handling and fees. Even then you credit is still shot to He-- . It is not the finance companies problem that the car broke down . Your beef would be with the dealer you purchased it from. I suggest you continue to make your payments and work hard to repair the car so you can get some use out of it.
The bank/finance company. The dealer has already been paid for the vehicle
You signed a contract and drove it. It is not new anymore. Returning it would be a voluntary repossession and you would probably owe several thousand dollars. Yes, it would hurt your credit.