3 payments
Yes. The terms of the loan were defined when you signed the paper. Most loans state that they can repo the vehicle if the loan is in default and they can declare the loan to be in default at any time after you have failed to meet one or more conditions of the loan. When you didn't pay on time, you were in default. Once you were in default they can repo the vehicle and sell it to dispose of the loan.
From the credit application you filled out when applying for your auto loan
"charge off" is an accounting term that has nothing to do with collection or amount owed or anything like that. They can repo a car if a payment was recently made as long as you are behind.
A finance company could settle the auto loan. You simply need to get in touch with the company and make an offer. Be sure to get any agreement in writing.
2 payment
I do not understand how you can be in posession of the title when the vehicle is financed. The vehicle title is alwaysheld by the finance company until all payments are made and the loan balance is paid in full.As for locating the vehicle you will need to talk to your son, or let the finance company repo experts locate it and get it back then.
YES. Read your contract. Does it say the lender cant repo IF you have no other vehicle? I think not. Less than a month behind??? Some lenders will repo when you get 3 days late. Any time you are in DEFAULT of the loan, the lender CAN repo. They may not, but they can.
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.
I have a car that is paid off. The bank is holding the tittle for colletaral for another car loan that was repo. Is this legal?
Only if the truck, boat and trailer were all behind on payments and the lien holder for all of them assigned them all out for repo. If they weren't it's called conversion.
If they have collected the entire amount owing (all principal and interest on the original loan) they have no legal right to repo the auto. If they have only collected the past due amount and there's still a sum due, then they can repo the auto. It doesn't matter one bit if they've charged it off. That's just for their tax purposes. REPOMAN IN TEXAS: YES, THEY CAN WRITE IT OFF (CHARGE-OFF) AFTER A CERTAIN TIME WHEN THE PREVIOUS REPO COMPANY CAN'T FIND IT. LATER THEY HIRE A BETTER RECOVERY COMPANY TO FIND IT AND RECOVER IT.
The repossession laws will vary with each city/state. A title loan company can't repo a car if the payment is not yet due unless the car is behind on payments.