If they have called in the note and you have not paid in full, they have the option of selling it or holding it for you. Once you've paid the full note and they mark it "paid in full" they are obligated to get both the vehicle and the title to you immediately.
Yes, a finance company or a bank is required to send the vehicle to an auction to dispose of it.
The Lessor is the finance company. The lessee is the person leasing the vehicle from the finance company
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.............
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
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.
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.
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.
yes
Yes
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.