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How do you repossess a vehicle in Texas when the purchaser has sold the car to a third party before payments were made in full and are now delinquent?


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2015-07-15 19:12:12
2015-07-15 19:12:12

Are/were you listed on the TITLE as leinholder? Do you have a written contract listing the vehicle as collateral? If no to these two uestions, you should call a local attorney NOW.


Related Questions

Can a vehicle be taken by the police for delinquent payments.

You have to posses the title on the vehicle and the documentation that there is a default in payments.

As long as the loan is valid, the car is collateral. They are able to repossess the vehicle.

Not IF you reaffirmed the loan with the creditor.

Once the loan is in default the bank has the right to refuse payment and repossess the vehicle.

Yes, late fees indicate that payments were not made on time, which renders the original agreement invalid and allows the lender to repossess the vehicle if they so choose.

If they just "threaten" you, and you bring it current, then no. But.. if they send you a letter threatening repossession and calling the entire note, and you do not pay the entire balance on the note, then yes they can take your vehicle.

2 factors: 1. Are you current on your payments? - if you are not current on your payments the creditor will most certainly repossess your vehicle. however you will not be liable for any deficiency amount. 2. Who is the creditor? - Most creditors will gladly continue to accept payments on the vehicle and not repossess it. however some creditors such as Ford Motor company will repossess regardless of whether or not you are current.

No, and why would they? If the payments are up to date and have been made on time, there would be no reason for the dealer to repossess the vehicle.

No. You are the primary borrower and are honoring your financial obligation.

Yes, the bank has the right to repossess the vehicle if you are in arrears on payments.

Legally, only one. But your contract will tell you more.

They usually repossess when you miss two or three payments. They seldom repossess if you've just missed one.

Legally if you miss 1 payment you are delinquent and they can start repossession proceedings on their vehicle.

They will not repossess a vehicle unless you have defaulted on the loan. Defaulting on the loan is being late with the payments. Call the lender and talk to them.

It depends on the terms of the contract. Legally if you miss 1 payment you are delinquent and they can start repossession proceedings on their vehicle.

Legally if you miss 1 payment you are delinquent and they can start repossession proceedings on their vehicle.

Not legally, but if you bought the car from Barney's backyard sales & mower repair, maybe.

It appears you co-signed so you are out of luck. You are then considered the lender and took the responsibility of the loan. Legally, if this person kept up their payments there is nothing you could do because the vehicle is theres. However, they are delinquent on keeping payments up, so go to the banking institution or whomever you dealt with and tell them you want to continue payments, but want the vehicle. They will advice you on what course of action to take. It depends on how the vehicle is registered/titled. If you are listed as an owner, you have the right to have the vehicle picked up. In most cases, the co-signers are not listed so hopefully you were smart enough to be listed as an owner.

No. Unless the cosigner is also a title holder they have no legal rights to the vehicle.

As soon as you have defaulted on the loan, a creditor can repossess your car. So 24 hours after you have failed to pay, they can repossess your vehicle without notifying you.

Not if you are on the title to the vehicle and own it. Whoever holds the loan on the vehicle can repossess the car however if you are late with payments. Contact the lender and work something out. You do not want your car repossess. Credit will be ruined for 7 years, and you will still have to pay the repo fees plus the difference in the balance on the note and what the car brings when they sell it.

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