Yes, a finance company or a bank is required to send the vehicle to an auction to dispose of it.
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.
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.............
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.
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
While most creditors will allow you to have your vehicle voluntarily repossessed, some lenders will not accept them. Your best resolution in this case is to contact the finance company and determine why they will not collect the vehicle. Ensure that they are indeed accepting the voluntary repossession. You will still be required to pay the remaining balance unless you are told otherwise.
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.
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.
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.
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.
Not required, but most companies want the advertising.
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.
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.