One could contact CARFAX.
It is not outside the realm of possibility; however, it would need to be a provision in the original sales contract. Since all of the US states require insurance of some sort on all vehicles, it is possible that a lender has written this in to the contract. It would protect their collateral in the event insurance lapsed.
It depends on whether both sides gave new consideration (something in exchange for something). If only one party did something different under the contract, then it is gratuitous and only the original contract is legitimate. If both parties offered something new to the contract then there is a new contract formed and the old contract is thrown out.
As soon as you are out of compliance with the original contract, the bank is allowed to protect their interest in accordance with the original agreement. If that means repo and sell the car and that's in accordance with the original agreement, they are no doubt obeying the law. Many banks will work with you, but nothing requires that they do so. In a few US states an letter of "Right To Cure" must be sent to the borrower before repossession can occur, in the majority of states a vehicle can be repossessed under UCC laws. Wisconsin is the only state that requires a replevin order.
I wanted to add to my original question...Our car was repossessed by the finance company because they said they found out someone else was using the car because of car payments being sent from a different address. AND, they stated that they wanted to see the condition of the car. I thought a car would only be repossessed if you were late on payments? I have never heard of this, so I don't know what is going on.
You are still responsible for the balance of the contract, in addition to repossession, collection, and legal fees. Added to this can be transportation costs, storage costs, auction fees. The car should be sold and the sale amount deducted from your contract balance. What ever is left is called a deficiency balance and your are still liable for it. Keep in mind that most repossessed vehicles are sold at a substantial loss (much less than for what is owed) and the additional fees can result in a higher balance than the original payout on the vehicle.
A contract of guaranty is a collateral undertaking, and presupposes an original contract; while a contract of indemnity is original and independent. In a contract of indemnity, the undertaking is to make good and save harmless the person, with whom the contract is made, upon an obligation of such person to a third person; while, in a contract of guaranty, the obligation is to answer for the debt, default, or miscarriage of another to the person with whom the contract is made.
There are 3 kinds of informationPrimary, Secondary and Tertiary InformationPrimary Informationcan be defined as Original material that has not been interpreted or analysied.i.e Research articlesSecondary Information :Created from primary material, interpretating original materiali.e.TexbooksTertiary Information:Acts as a tool in understanding and locating informationI.e. Databases
Sorry but yes they can. In the original contract there was a clause about what actions could be taken if you defaulted on the agreement and one of those actions is that the account could be turned over to a collection agency. So, even though you didn't directly enter into a contract with the collection agency you agreed to abide by the contract and the collection agency now legally owns the contract. It works the same way as when you purchase a house. At some point the original lender on a house may sell the contract and you will be paying a different lender.
Yes. The co-signer should insist on having an original copy of the contract, and any other documents they signed, since they are a party to the contract and the provisions are legally binding on the co-signer.Yes. The co-signer should insist on having an original copy of the contract, and any other documents they signed, since they are a party to the contract and the provisions are legally binding on the co-signer.Yes. The co-signer should insist on having an original copy of the contract, and any other documents they signed, since they are a party to the contract and the provisions are legally binding on the co-signer.Yes. The co-signer should insist on having an original copy of the contract, and any other documents they signed, since they are a party to the contract and the provisions are legally binding on the co-signer.
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