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Can a bank demand payment in full on an auto loan if the vehicle was repossessed for no insurance?
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.
Do you have to pay the balance of your car loan after it is repossessed?
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.
How can you buy a repossessed vehicle directly from the bank?
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.
What if bank did not notify you of the sale date on the repossessed vehicle?
They do not have to notify you. You have no legal rights regarding car.
How can you find a repossessed vehicle?
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
How much does a repossessed vehicle sale at action?
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.
Does a bank have to pay tickets on a car it has financed or leased?
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).
Is it typical for the bank not to notify you of repossession?
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.
In Washington state if you pay off the balance will you get your repossessed vehicle back the same day?
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
What if your vehicle was repossessed your mistake what is your recourse?
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.
How can you find out where your repossed vehicle is being auctioned at Too try an buy it back?
Bank or loan company who repossessed it.
How do you get car back after repossessed in the state of Florida?
call the bank, they are the only ones that can release the vehicle to you, good luck :)
