Auto Loans and Financing
Repossession
Used Car Buying

How long after your car is repossessed can you get finacing for another vehicle without a large down payment or going to a buy here pay here place?

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2015-07-15 19:45:21
2015-07-15 19:45:21

This question can not be answered in months, days and hours, it depends on several things. How much do you consider LARGE,ect. how well you do at rebuilding your credit rating, how well you know the loan officer. Could be 6 months or 6 years.

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It depends on you locatily, but in general, yes, if you are behind on your payment, your vehicle can be repossessed.

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If you're asking whether the vehicle can be repossessed for non-payment, it can, regardless of who's supposed to be making payments. Whoever appears on the contract or paperwork for the car is responsible for the payment, regardless of what informal agreements may be in place.

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Under Texas law, a vehicle may be repossessed even if payment was only late for 10 days. This means that is payment was due on the first day of the month, and payment has not been settled on the tenth, then, vehicle will be repossessed on the eleventh.

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READ your CONTRACT. IF the contract is in DEFAULT, the collateral CAN be repossessed.

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The lienholder has an option to repossess when you become deficient on your payments for as long as you owe money on that vehicle. If you skip your last payment, that car can be repossessed.

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This is in reference to a vehicle being repossessed, usually due to non-payment.

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The car can be repossessed. The estate is responsible to return the vehicle and resolve the lease or loan.

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Read the fine print of your contract carefully. I have never heard of a vehicle leasing/purchasing contract NOT having a first payment default clause.

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Legally if you miss 1 payment you are delinquent and they can start repossession proceedings on their vehicle.

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A disabled person's vehicle can be repossessed just as any other person's vehicle can be repossessed. You must make all payments on your vehicle if you want to keep it.

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No, your down payment and any other payment you have made will be put to your subtotal for the car.

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Yes, a car can be repossessed even if another car is in front of it. The person in charge of repossession the vehicle can call the police to help them get the car.

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If you kept the repossessed vehicle, the lender could reposses it again and sell it. If this was just a contract to repay the debt, they could sue for money damages just like it was a promissory note.

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If there are two individuals listed on the title of a vehicle as primary and joint, they are both responsible for the payment of the loan. If the primary defaults on the payment, the joint owner is responsible for payment. If both parties default, the vehicle can be repossessed.

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It depends on how many times you've been late on vehicle payments. Most of the time though as long as you are making a payment of some kind on the loan your vehicle will not be repossessed.

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yes. When a vehicle is repossessed by the bank it doesn't mean that you stop making payments. You are still liable for the loan.

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The debt is not cancelled simply because the vehicle was repossessed. The borrower is still responsible for the existing amount of the loan (if any) after the vehicle has been sold at public auction.

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If the repossession occurred in a state that does not permit self-help repossession, report the car stolen; it cannot be legally repossessed. Louisiana and Wisconsin are two of these states. If you can show legal possession of the vehicle, and on time payment, report the car stolen. It cannot be legally repossessed in any state unless the debt is delinquent. If you do not wish to involve LEO's immediately, contact the private party who "repossessed" the vehicle and explain that if it is not returned within a reasonable amount of time, that you will report the vehicle stolen and give his name as the party responsible. There is no legal "personal reason" for repossessing a vehicle.

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Yes. When a vehicle is repossessed, the lienholder has to try reclaiming what they can of the loan that was made for the vehicle. A repossessed vehicle typically gets sold at wholesale auctions, and the amount paid for it is typically substantially lower amount than what's owed on the lien. You as the lessee are still liable for the remaining balance owed on the vehicle, plus the fees for repossession, storage of the vehicle, auction fees, etc.

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it doesn't matter if the pope takes over your vehicle payments. if he stops making them, your credit is damaged and the vehicle is repossessed.

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Yes. Most lenders give customers 10 to 15 days grace to make a payment or for a payment made to post. However, by the language of most car notes, anything past a certain period of time (usually two weeks) is considered delinquent, and the balance of the loan is owed. The lender at this point is not required to accept anything less than payment of the remaining balance. And, the vehicle can be repossessed at any time to secure payment of the remaining balance.


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