Yes. A bank repossesses a vehicle for nonpayment. If your vehicle was taken for being on a public roadway and not having insurance, it was impounded. When a vehicle is impounded, a lien is placed on it by the agency which ordered the impound. The interests of government agencies override those of the bank, and they can sell your vehicle to recoup impound costs if you do not reclaim it within a specified period of time. In this case, the bank receives nothing from the sale, and you still owe the bank the remaining balance.
yes you do so the bank or dealer wont report it to creditors. When a vehicle is repossessed it must be legally sold for the fair market value, or as near as possible to that price. The amount obtained by the sale is applied to the remaining balance of the loan. The borrower is responsible for any deficit amount plus applicable fees. A repossession is almost always entered on a credit report.
Banks often keep repossessed vehicles in their parking garages. or in an appropriate storage area a reasonable distance from the bank. Walk into the bank and ask for the person in-charge of repossessed vehicles. Once onto the right department, state that you wish to purchase a particular repossessed vehicle when the title has cleared with the bank...and don't be intimidated into thinking you can't bargain, you can. Good luck.
I heard if you surrender your car back to the bank the loan is from, they will auction the car to get money back, if they DONT get the whole amount of what you OWE on the car... They will bill you the balance.T
They do not have to notify you. You have no legal rights regarding car.
Usually through a bank or finance company check with your bank they can probably tell you who to contact also check the yellow pages for vehicle recovery companies
Truthfully a repossessed vehicle sells for what the bank is trying to get out of it and that is usually what is owed on the original loan and sometimes they will accept less for a number of reasons just to get rid of it and that would be damage to the vehicle, age and mileage.
No. Tickets must be paid by the driver or the individual leasing the vehicle, and not by the bank. However, once the vehicle has been repossessed, the bank is then responsible for the vehicle (including any tickets which may accrue).
They would normally send you statements reminding you that your balance is past due, and the vehicle could be repossessed if the matter isn't settled. The creditor normally won't inform you of when the order for repossession actually is sent out, and you won't normally be informed that your vehicle is being repossessed until the repo man shows up to claim it.
My suggestions are that if the car is a good car and you want it back and you have money now, call the bank with an offer to bring the note current, and ask about refinancing the remaining balance under more favorable terms. There will be additional charges for the towing and storage. If they will not cooperate with you, have your attorney write a letter to them saying that your remaining debt on the car was satisfied when they repossessed it. If you still want the car, find out when the repo house will auction it. You may be able to get the car back for less money than you owed. This is not legal advice.
depends on how long it takes the bank to clear the check you have sent to them. if you send a personal check it may take up to 10 days to clear depending on the amount of the payoff balance
yes. When a vehicle is repossessed by the bank it doesn't mean that you stop making payments. You are still liable for the loan.
Bank or loan company who repossessed it.
call the bank, they are the only ones that can release the vehicle to you, good luck :)
When your car is repossessed from the bank, the bank will sell it, usually at an auction. You are responsible for the difference of the selling price and what you owe on the car.
Repossessed cars are typically cleaned up and resold on a dealers lot. However, if the lienholder (the person who repossessed it) feels that it will cost too much to restore the vehicle to a sellable status, they will just put it in an auction and take whatever they can get for it. Repossessed cars are first examined fully to determine the remaining value of the car. If the car is suitable for repossession, it will be resold to another person for a discounted price.
Yes, the bank must tell you that your vehicle is being repossessed. The bank will usually try to reconcile the debt before the repossession takes place.
Depending on the bank used to finance the car, after failing to pay 3-5 payments the vehicle will be repo'd.
It means the bank, or whoever loaned you the money for the car, will send people out to take it back.
When your car is repo'd and it is auctioned off you are to pay only the balance of what you owe on the loan. So if you owed 10,000 and is sold for 8,000 you pay the balance of the loan whic is 2,000. If you have collections on your credit report call and have it investigated this way they cant keep renewing it for 7 years.
A repossessed vehicle is sold at auction to repay the lending institution. After the vehicle is sold, any money will be used first to pay the auction company, the repo agency and then all remaining funds will be applied toward the amount due on the loan. If anything is left over, you should get it. If there is a deficit, the bank will contact you to make arrangements for collection of the amount owed. You typically don't get any money "back", but usually end up owing the bank.
You have two choices:1). Pay the balance in full.or...2). Walk away and hope the vehicle retained enough value to meet or exceed the unpaid balance.Any balance that remains after the vehicle has been sold at auction is still your responsibility to pay, in addition to any fees that have accrued as a result of the repossession, transportation, and storage of the vehicle, and any legal fees that may have been involved in the lender attempting to recover the vehicle.
It will most likely go to a wholesale auction where only licensed dealers are allowed to bid.
Unless you contact the bank and work out a solution, they will sell the car. You will then be liable for the difference in what the car sells for and the balance on the note.
the bank will sell the motorcycle normally at auction what ever it sells for is taken of what is owed and you pay that balance if it makes more then is owed a refund is payed