buy selling it for more than you owe on it .or pay the finance company the difference if sold for lees than the balance owed.
Actually a company can reposses your vehicle without notice. When the terms of a finance contract is broken the company has all rightd at that time. They are under no obligation to notify you.
It is probably stated in your finance or lease agreement that if you don't make your payments on time that the finance company has the right to repossess the vehicle. Consider yourself informed. Long story short, if you don't want your vehicle repossessed you need to make your payments.
They can take it and then try to collect the balance due on the contract.
Yes, a finance company can call to verify employment if they deem necessary.
Absolutely. Here's the thing of it - as long as they hold a lien on it, it is not YOUR vehicle - the finance company is the sole legitimate owner of it until you pay off that lien. When a vehicle gets impounded, there's a limited window in which it can be reclaimed before they auction it off - the priority of the state collecting on a debt outweighs those of private institutions, and they can sell the car with the purchaser being free and clear the moment they buy it and effectively break the finance company's lien on the vehicle. The finance company isn't going to be keen to let this happen, and will take steps to ensure that it doesn't, including repossessing a vehicle they fear will be lost in impound.
At the time South Canterbury Finance was the largest local finance company in New Zealand. The company started it's collapse in the summer of 2010 before collapsing August of 2010.
Before that, you have to know what is outstanding finance. It does not belong to you. It belongs to the owner of the vehicle. So, buying or selling a car having outstanding finance is unlawful anywhere.
It depends on where you are. Here in Tennessee, there is no "cooling off" period. Once you sign the paperwork, the car is yours. The only way to change it is if the dealership and/or finance company agrees.
Selling a car under finance ( also known as a secured or mortgaged goods) is possible however many factors must be taken into consideration before doing so. Reviewing the terms of the finance contract are essential given that a number of car financiers and banks may have clauses that require you to disclose the intent and have the vehicle released from its charge. Legally ownership is not transfered without the agreement of the security being released by the finance company where the loan was secured and only after the loan has been settled. Resale values will affect any sale of a car. Depreciasion and condition are the most obvious which will leave you with a shortfall being an outstanding balance, to clear the finance on the vehicle. Private sales are most likely to gain the best sale price but wuill still leave you with a balance on the finance and therefore a liability. By selling the car you do not transfer the ownership of the vehicle. This means that a finance company could reposess the vehicle if you default on the payments or do not pay the balance on demand, regardless of who you sold it to.
Welcome finance is a loan company in which they have a limited amount of loans. They are fair and helpful so if you have the chance of joining I recomend you do before they no longer have space.
The only time the purchaser can cancel auto financing is in the begining of the loan during the "interview" with the finance company. That is one of the reasons the dealership will not tell you who the finance company is before they get "funded" by the bank. If you knew who the finance company was before the dealership gets funded then you can cancel the financing. The other issue you have is the contract signed with the dealership. They can still say they will be the bank and stick you with the car and the financing.
No you can't. I'm having the same problem! In Michigan the Secretary of State requires a vehicle to be insured before you can register it but my insurance company requires the vehicle be registered in my name before they will insure it!
You agreed to such action(s) when you signed the contract for the services or items.
You still need to get the car out of impound. You have a limited time to do this before the impound lot puts a mechanic's lien on that vehicle. Once that happens, they'll be able to take possession of and sell your car, and you'll still be liable for the payments you owe to the finance company. If the finance company gets wind of this, they might repossess the car to avoid losing it over a mechanic's lien.
Yes. Prior liens must be paid off before you take title to the vehicle.
Call a local attorney for state specific advice.
Yes. The company should be checking the validity of a persons drivers license before letting them drive any motor vehicle.
Absolutely! The dealer is not supposed to let the vehicle out of the lot unless proof of insurance is shown.
Laws vary by jurisdiction, but typically, it is at least expected of them, if not required.
No, you can get a commercial policy for a commercial vehicle. If it's for a company you work for, I would make sure they had proper insurance before you drove the vehicle.
Really? Do you check what you have written before you send a question????
Absolutely. The finance agreement that you sign when you purchase a vehicle states that you agree to carry full coverage on the vehicle and to list them as the leinholder. By them being listed as leinholder they get notified of any cancellations, late notices, and renewals on the policy. It also gives them some special rights such as a 20 day notice before cancellation instead of 10 days. You pay for the extra 10 days notice. The finance agreement also states the maximum deductible that you can have on the policy. Remember that the finance agreement is a legal contract. if you break any part of the legal contract they have the right to repossess the collateral (the vehicle). The agreement also states that you are responsible for a repossession fee in order to get the car back. There is probably storage fees involved as well.