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Does the vehicle have to be worth more than the amount owing in order to repossess it?
Wiki User
∙ 14y ago
No. Vehicle can be resold, you still take the hit on your credit.
Wiki User
∙ 14y ago
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Is it legal to repossess a vehicle for late fees and not regular vehicle payments?
Yes. Any amounts owing.
When an agency is hired to repossess a vehicle do they verify that there is in fact a legal signed contract that is in default?
Usually when an account is assigned to a vendor for repossesion certain documents are sent over with the order. These items usually show that there is a lien on the vehicle. Days past due and amount owing are usually included in the information provided to the vendor.
If you return the car what do they do to the cosigner?
THE VEHICLE WILL BE SOLD. IT IS USUALLY THE HIGHEST OF THREE BIDS AND THE AMOUNT IS OFTEN BELOW WHAT THE AUTO IS WORTH. THIS AMOUNT IS DEDUCTED FROM THE BALANCE OF YOUR LOAN. THE AMOUNT THAT IS LEFT OWING WILL HAVE TO BE PAID,IF YOU DO NOT PAY,YOUR COSIGNER IS RESPONSIBLE FOR THE BALANCE OWING. GOOD LUCK ROD.
How many payments can you be past due before a lender can legally response my vehicle in KY Only owing 600.00?
Depends on what the contract you signed says. In most instances if you miss one payment then legally they can repossess the car.
Repossession laws in Ontario?
To redeem collateral, the creditor sends a letter authorizing an employee or person to repossess the vehicle. The VIN number, as well as any amount owing must be displayed on the document. This way, if the client wants to pay the money owed he can do so. At that time, after paying all monies owed, the secured party can not repossess the vehicle, and the payment agreement continues for the duration. If not paid, after the vehicle has been seized, the police are notified that the vehicle has been repossessed. This way, if the person owned the car phones the police, the client is notified that it was repossessed. The vehicle is stroed for 30 days to give a chance for the client to pay off the amounts owed. If not paid, the vehicle is sold, and the creditor has to try to get full market value. If the vehicle is sold for less than the money owed, the client is on the hook. If sold more than the material value, then you receive any residual money left over after ALL creditors have been paid. I hope this answers your question.
How to buy a car that is leased when the lease is finished?
Refinance for however much is left owing on the vehicle.
If you give back a car on credit does this end the agreement?
IT DEPENDS ON THE BALANCE OWING ON THE CAR,THE RULES OF YOUR CONTRACT AND THE CONDITION OF THE CAR RETURNED. MOST FINANCIAL INSTITUTIONS WILL AUCTION THE VECHILE AND PLACE ANY MONIES RECEIVED FROM THE SALE TOWARDS THE BALANCE OWING. IF THER IS STILL AN AMOUNT OWING, YOU ARE STILL LIABLE TO PAY THAT AMOUNT.
What state has a white license plate with a red stripe on top of it?
Govt Official owing private vehicle
What is reducible interest?
Reducible interest is interest calculated as a percentage of the amount that remains owing on a loan.
What is the journal entry for Outstanding amount owing to Office Supplies?
debit office suppliescredit accounts payable
Explain the procedure to be followed when a customer whose debt has to be previously been written off as a bad debt subsequently pays the amount originally owing?
Explain the procedure when a customers has been previously written off as a bad debt subsequently pays the amount originally owing .
Does owing back child support prevent you from registering your vehicle?
It depends on the state. In most states, drivers license and vehicle registration privileges can be suspended or revoked if you owe back child support.
