A GUY I KNOW PERSONALLY AND VERY WELL, WHO OWNS A CAR DEALERSHIP ANSWERED THAT VERY QUESTION FOR ME WHEN I ASK. HE RESPONDED SAYING 96+% OF DEALERS WILL WAIT AFTER 3 MONTHS NO PAY BEFORE REPOSSESION OF A VECHILE However it is strictly up to the lender. If financing is through the autommbile company (Chrysler, etc) it is their call over the dealer's. If you are dealing with a "Buy-Here-Pay-Here" lot, it can be as short as 3 days! Caveat Emptor (Buyer Beware)
Yes, and many people do object to their vehicles being repossessed, before and after the repossession. Unfortunately, your objection will have little effect. If you are delinquent or in default on your loan, and the vehicle was used to secure the loan, the vehicle will be repossessed. There are few legal options available to you to avoid this aside from paying the loan current.
Before doing that, you should go to your bank and explain your situation. They might be able to take over the loan at a lower interest rate. That way your payments may become smaller. If that doesn't work, maybe call whoever has your laon and explain your situation, see if there's anything they can do. * No. Bankruptcy should be the last resort for a debtor. Be that as it may, bankruptcy will not keep a vehicle from being repossessed or the borrower for being responsible for the loan. Secured property such as a vehicle are not dischargeable in bankruptcy.
The short answer is no. As long as you are making the payments the car will not be repossessed. When the co-buyer goes before the bankruptcy judge they can have the car included or excluded from the bankruptcy. If it's included then the car will be "voluntary" repossessed. If it's excluded then everything is "business as usual" for you. The key is to keep your payment current and on time.
While I am not familiar with this "30 day hold," but the lien holder of a vehicle may take possession of the vehicle at any time after the loan has been defaulted. That is if you the borrower go delinquent on payments, and the vehicle is impounded (potentially for parking violations or excess unpaid tickets), the lien holder will receive notice. Actually they receive notice of impound even if you are not delinquent. If the lien holder pays the outstanding impound and storage fees, they may take possession of the vehicle.
There are certain strict procedures that an automobile repossessor must follow when he is repossessing your car. The repossessor must notify the police that such vehicle is being repossessed, you did before or after the repossession has occurred. In either case, the police should know right away that the vehicle was repossessed. If this is not the case, then the vehicles like to have been stolen.
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