you have to first be liscenced as a reposessor in most states, you need reposessor insurance as well. not a cheap thing to get. if you were to go and repo a vehicle and the cops are called without the proper license, insurance, and the documentation from the lender including a copy of the title you aren't walking away fom it.
Legally, ONE day. As long as you are in DEFAULT of your contract, the lender CAN repo the collateral. Read the contract for more on DEFAULT.
Read your contract. One day. As long as you are in default of the contract, the lender can repo the collateral. That could include no ins. coverage.
Yes, if the Lien Holder of the vehicle gives them permission to repo.
Yes, they can repo your vehicle if it is even one day late. Check your contract, though. It might tell you how long exactly you have. If it gives you a time period of, say, two months and they repo it after one month, then you may be able to get your car back because they breached the contract. However, if there is no guaranteed grace period, that probably means they can repo it anytime you default on your loan.
Yes, If your auto finance contract requires you to have insurance on the vehicle and you fail to meet that obligation they can certainly repo the car for violation of your contract terms.
IF they are in DEFAULT of a contract, you can repo the collateral for that contract,IF the contract specifies repossession as a penalty for DEFAULT. If the contract doesnt specify the penalties for default, then you should go to the replevin process. Consult a local attorney with your contract for state specific advice.
If you did not comply with the terms of the contract, they can repo the car. If you DID comply with the terms of the contract they are in violation of the law if they try to repo the car. It all depends on the terms that you originally signed. If it was a DUI wreck or anything else that willfully contributed to the wreck, you may have violated a condition of the contract. You may need to dig out the old contract and have a lawyer look at it for you.
Yes. If you set it up in your contract with leinholder.
READ your lease. The lender can repo as long as you are in DEFAULT. As long as there is money owed on a contract, the collateral can be repossessed IF the contract is in default. Subject to some state guidelines.
NO, a lease is simply a contract like a loan. DEFAULT of either calls for repossession.
You may be confused. A repo is an act pursuant to a secured loan, wherein the vehicle is security for the loan. There is no need to use the word "repossession." A repo is only one remedy available to a lender on a secured loan.
As soon as you are in default of the contract.
As long as you are in default of the contract, they can repo.
with a tow truck or a key.
it is the best time for them to do so
READ your CONTRACT. Its that simple. If you are in DEFAULT of the contract, they can repo the collateral.
Check your contract for anything special, but I see no reason why they cant.IF you are in DEFAULT, YES, they can repo. no you were more late then your saying I bet. Legally, a lender may contract your vehicle for repo at midnight the day youre payment is due. Most wont, but legally they can reposess your vehicle the day after your missed payment
NO, but you can get it repaired. Do you have any proof that it was the repo that damaged it?
Although it's bad business to do so (banks lose money on most all repo's), they can repo at one minute past midnight the day after your due date. Technically, it's a breech of contract. -Matt
WHY are you even paying notes to someone who has no secutiry interest in your vehicle?? You can be ONE day late and be in default of whatever "contract" you have that convinced them to loan you money. Be Real
yes If you are on the title as lien holder. If not, you will need to go to court and show that the person with the car has defaulted on the contract.
IF the debtor is in DEFAULT of the contract (any one of the conditions) and the contract states the the lender will repo when in default, then go for it. Just a bit of CYA. Send them a reminder letter about the insurance default and give em 5 days to cure it.
1st repo?? Pay the arrears and repo fees, have ins. coverage 2nd repo??? Most likely have to payoff the loan unless the lender is in a really good mood. Read your contract
YES, If the note is not paid on time they can. If you want to know what they can and cant do read your contract (all of it) It spells out what would cause them to repo.
The same thing. A repo is a repo. Your breaking the contract.