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?
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.
If you are delinquent on payments and the debtor threatens repo and you bring the car current can they still repossess?
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.
Can you repossess a vehicle in which you are the co-buyer if the primary is not making payments on time and you already made a payment?
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…
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…
If you are up to date with your repayments then the finance company are unable to repossess your vehicle. If you have defaulted on your payments then they are able to repossess the car, the number of missed repayments which qualifies for repossession will be stipulated on the agreement you signed when you first purchased the vehicle.
Then they will repossess the wrecked vehicle, sell it for what they can get, apply that to the loan balance, and you will be responsible for the balance on the loan. They will sue you in court to get it and will win. Now if you continue to make the loan payments, then none of this will happen. Did you not have insurance on this vehicle?
When a debtor is behind on payments, NC law allows the lender to take possession of, or "repossess" the vehicle. A repo company on behalf of the lender can take the vehicle at anytime, anywhere that the vehicle is found and accessible. If the vehicle is in a locked fence or garage then the repo company cannot force entry to get to the vehicle.
I assume you took over the payments after the other owner missed payments. If you are caught up on all the payments then there would be no reason for them to repossess the vehicle. You need to contact the lender ASAP to make sure everything is fine. Failure to contact the lender may create a bad situation.
Yes. If you do not make your payments on time, the lender will repossess the vehicle. They could care less that you are on Social Security Disability. Talk to the lender and do not allow your vehicle to be repossessed if at all possible. Explain your situation and see if they can work something out.
Can your leased car be repossessed because of no insurance even if you are up to date with your payments?
Can your car be repossessed if there is not a lien on your car you were not behind on your payments?
If you have no lien on your vehicle then no one has a legal right to repossess it. If you're not behind on the payments there would be no reason for the lender to reprocess the car in the first place. It is hard to believe you have a loan on a car without a lien. The car stands behind the loan. If there's no lien on the vehicle then the car is not involved…
You can only keep the vehicle under two circumstances: (1) sign a reaffirmation agreement and keep making payments; or (2) redeem the vehicle by paying of the balalnce. If you fail to do either, they lender can get permission from the bankruptcy court to repossess the vehicle. In some states, such as Missouri, you may keep the vehicle if you continue to pay on it.