answersLogoWhite
Auto Loans and Financing
Repossession
Loans

How long after a repo does the finance company have to let you know the location of your vehicle and remedy to recover?

333435

Top Answer
User Avatar
Wiki User
2015-07-15 19:12:18
2015-07-15 19:12:18

As far as I know, only 2 states require the lender/repo company to notify the debtor. The easiest way to find out the info is CALL THE LENDER.

1

Related Questions

User Avatar

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.

User Avatar

Yes, the lender can recover the vehicle any time after the lending contract becomes in default.

User Avatar

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.

User Avatar

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.

User Avatar

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.

User Avatar

Yes, a finance company or a bank is required to send the vehicle to an auction to dispose of it.

User Avatar

As long as the finance company holds the title, they effectively own the vehicle.

User Avatar

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.............

User Avatar

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.

User Avatar

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

User Avatar

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.

User Avatar

The cost for insurance will be determined by the location of the vehicle as well as the type of vehicle.

User Avatar

can a finance company reposses your vehicle if you made your payment on the15 day

User Avatar

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.

User Avatar

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.

User Avatar

It may be alittle tough to find a finance company to finance the vehicle but you should be able to with some cash down.

User Avatar

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.

User Avatar

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.

User Avatar

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.

User Avatar

state of Michigan automobile the has abandon for two yrs

User Avatar

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.

User Avatar

This will depend on the location you live in but generally the answer is yes. Most place legally require liability insurance in order to register a vehicle of drive on public roads. Secondly, if you finance a vehicle the contract will require that you obtain and keep physical damage insurance to protect the interest of the bank or finance company even if you don't care about your own loss if the vehicle is damaged.

User Avatar

A reputable source for information on a Vehicle Finance Calculator is Carmax. Carmax is a reputable Company and they have alot of resources available to help you estimate everything about your cost, from monthly payments to the total cost of a vehicle.

User Avatar

The question is, "Why would you worry about a missed payment when you have interest in the vehicle?" The money that you used as your down payment and any payments you have made total your interest in the vehicle. Why are people running from the repo man when in fact you can place the finance company on notice that, if your interest is repossessed, you will file criminal charges in federal court against the finance company and get triple what the car is worth. I guarantee you they won't take it. You can also put a mechanics lien on the vehicle to protect your interest in it.

User Avatar

That's not going to happen. Unless the dealership is doing the financing in-house, they're already paid for the vehicle, via the loan you took out from the finance company to get the vehicle. It's the finance company you'd answer to re: the payment, not the dealership. Thus far, I've never heard of any such thing happening - miss a certain number of payments, and the finance company sends repossession agents to collect the vehicle. However, it's not beyond the realm of possibility - vehicles with systems such as OnStar can be shut off remotely, and, although I have yet to hear of it happening, it is possible that a finance company could request OnStar disable the vehicle.


Copyright © 2020 Multiply Media, LLC. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Multiply.