You still have rights to recover the vehicle. The finance company may help you look for it if they're desperate enough to get it back. Even if your car was insured, you would legally have to payback the finance company for the car since you broke a binding finance contract.
Yes, the lender can recover the vehicle any time after the lending contract becomes in default.
Have the car voluntarily repossessed. Using this option means that you voluntarily return the car to the finance loan company if you are too far behind on your payments and can't recover. If you decide to return the car, the finance company may pick up the vehicle or it may require that you return the car to its location.
Any information you give the lender or the lender obtains in the attempts to recover the vehicle by repossession is legal to use for that purpose.
Is it legal to? NoIs it possible to? NoThe finance company does not have possession of the vehicle so can do nothing with the paperwork on that vehicle until the do secure possess of it.
Yes, a finance company or a bank is required to send the vehicle to an auction to dispose of it.
As long as the finance company holds the title, they effectively own the vehicle.
you cannot use it as collateral because you need to hold title of the vehicle however in this case the finance company has the ownership of the vehicle not you.............
Usually, they do not have to tell you what they are about to do to your vehicle. But, the procedure is is that they will sell your vehicle in an auction.
no because the storage fee that the finance company charged you was what the repo company charged on the invoice. the finance company had no other reason to charge storage fee's they did not store it
Surrendering a vehicle, in a financial sense, means that it is being repossessed and it is being given back to the finance company. The company will usually send someone to collect the vehicle.
The cost for insurance will be determined by the location of the vehicle as well as the type of vehicle.
can a finance company reposses your vehicle if you made your payment on the15 day
No, it's 100% legal. That finance company is the lienholder. What that means is that, until you've paid that vehicle off and have acquired the title, the lienholder is the rightful owner of that vehicle, and has every right to reclaim their property when the conditions of the contract are not met by the lessee.
Yes, Almost every Auto finance contract requires the buyer to carry Full coverage auto insurance for the term of the finance note. Failure to company with the terms of the finance contract you signed is a default on the part of the buyer and subjects the vehicle to repossession and other remedies at the disposal of the finance company.
It may be alittle tough to find a finance company to finance the vehicle but you should be able to with some cash down.
This depends on where you are.If you are in an area where it is illegal to hide the vehicle from the finance company you will get arrested, the vehicle will be impounded and the finance company notified.Added: If you have been concealing the vehicle from the creditor and at the same time not beein making payments, the creditor may well have filed a stolen vehicle report with the police.You have wrongfully deprived the creditor of their property (i.e.: THEY own it - not you). If the vehicle turns up in the police records as stolen they will not only confiscate the vehicle - you could be facing criminal charges as well.
They are very unlikely to have that information until the finance company locates your vehicle and advise the PD that they will be doing a repo at your location.
buy selling it for more than you owe on it .or pay the finance company the difference if sold for lees than the balance owed.
state of Michigan automobile the has abandon for two yrs
If you call the Bank; Finance Company and let them know that you are going to return the vehicle to them. They tell you where you can drop the vehicle off and you deliver it to that place. That is a voluntary repossession. The only other thing would be if the Bank; Finance Company agrees to pick the vehicle up at your residence at no charge.