Vehicles cannot legally be "repossessed" due to a lack of insurance. Re-possession can occur only when there is a default in the payment contract and the original owner (the lender) recovers their property from the defaulter.
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.
Edit: They should replace it. Original: you win.
Maybe, if you have the original, but, it is ultimately up to the bank.
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.
The latest date, as you are effectively agree to changes to the original document
In most cases YES
It may depend on your state. In Oklahoma, the vehicle (if not retrieved) will eventually be sold at auction, and the original contract holders (husband and wife in this case) will be responsible for any amount below "payoff".
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.
Main function of internet is for sharing information, connected different computer.
IF you knew the original lease date, you might be able to backtrack thru the UCC listings in TX. OR you may be able to track the VIN in the same place.
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.
Answer this question… Different pieces of evidence may contradict the original information.
If the right to change the contract was in the original severance contract, yes. If not, no, a signed contract cannot be changed.
Michaels original contract with Pepsi in 1983 was for $5,000,000.
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
The new information or research will be either republished by the original scientist or sometimes a different group will take it and republish the scientific theory with the new information.
Repossession normally doesnt effect the warranty unless there is some clause in the contract stating otherwise, as long as the title stays in the same name(original warrantee)
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.
Put in an escape clause. If the other party proposes a counter-offer, then you can void the original contract.
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.
They have elasticity so they can lengthen, they have flexibility so they can regain their original shape, excitability so they can be made to contract, and they have contract bility so they can contract.