nan, it depends on what you and the LENDER agree on. You agreed to pay them so much a month before and didnt manage to do it, sooo they will be tougher the next time around.
I got a different loan to pay off the first loan, the interest was a little higher, but I figured I would still owe the first lender the difference of what the car was sold at at action. (Car was worth 16k, they would prob auction for 10-12k.) I would be held liable for the differnce. I would still be out a few thousand dollars, but at least this way I would have a car.
Call the loan company and ask them. If you are up to date on your loan you have a case against them.
Bank or loan company who repossessed it.
No. Absolutely not. Your driver's license cannot be suspended for not paying a loan or the balance of a loan, repossessed or not even if you get threats from the loan company.
If your car was paid off, then why was it repoed? Or if you mean you paid it off after it was repoed, then if the loan company accepted your money,then they have to give you the car and title back. I would call them and get it back or your money back.
Once a car has been repossessed, you as the owner of the vehicle have the obligation to repay any amount still owed on the loan. Once a car is repossessed, it is often sold in a repossessed cars auction by the finance company. The amount which the car was sold for will be deducted from the total loan amount and then the difference will be owed by yourself. So yes you would have to pay the whole vehicle off if it was repossessed.
yes they can...but it also depends on state laws too
YES, if you are in DEFAULT of the contract (NO ins. coverage) they can repo.
You need to read your loan agreement very carefully you may have given them that right.
YES YOU CAN BUT THERE IS A SHORT TIME FRAME TO RECOVER IT AND YOU MUST BRING THE ACCT CURRENT FIRST.
IF the loan is perfected, it can be repossessed. If you have signed a loan contract with the vehicle specified as collateral for that loan, it can be reepossessed if the loan is in default.
You need to have the title transferred to your own name and notify the loan company of the change in ownership. Then you will need to pay the balance of the loan or renegotiate the loan with the bank. If you don't pay the loan the car will be repossessed.
If a vehicle has been legally repossessed, then the bank has absolutely no obligation to give it back to you. Ever. But many banks will work with you in rder to get the loan repaid, but from a legal standpoint the bank has ownership at that point.
Yes, your car can be repossessed if the title loan is in collections. Actually, this is one of the most common ways for a defaulted title loan to be settled.
The one who BORROWED the money and/or the on who COSIGNED the loan.
The LENDER is responsible for every detail of a repossession. They may pass the costs of repair on to the repo company.
You can. They probably won't do anything. Call the loan company to see where you can get your things or they will mail them to you.
Yes, if the vehicle is repossessed and there is a deficit between the sale and the loan balance, (including fees and penalties)and the borrower cannot pay what is owed.
It will usually take anywhere from a month to two before you hear back from a loan office. If has been longer than this, you may want to call the loan company.
Depends on your bank and what the history is with the loan. They have the option to make you pay the entire amount of the loan. They can also allow you to just bring the loan current along with any other fees to get it back.
Yes, this is because the loan agreement was voided when you were late with one payment.The lender has decided to auction or sell the car even though you can bring the loan current,they can do this.
No you can't be sent to prison.You can declare bankruptcy .
PAY THE LOAN OFF. the loan NOT being paid was what damaged your credit so start rebuilding by paying it.
To determine how long one will have to be delinquent on a loan before a car is repossessed depends entirely on where the loan was taken from. Different places allow different payback requirements.