As far as I know, they can sell it the same day they repossess, unless there is some provision in your loan contract. But the car actually is theirs. That is what repossession means. They have the title, because when you signed the loan contract, the loan company actually bought and comletely paid in full for the car from the dealer, and then allowed you to drive it while you paid them back in installments. The loan company actually completely owned the car from day one, you never actually owned it. So, when they repossess, they are taking their car back away from you. They can sell it anytime they want. If they are nice, they may give you the opportunity to catch up the payments, and drive it again. All that is completely up to them, providing there wasn't some clause in the loan contract that prevents them from doing that, but I seriously doubt that.Here is an interesting side note. Most loans require you carry full coverage insurance on the vehicle at all times. If you let that insurance drop, they can repossess the car, even if your loan payments are up to date.
WE'RE ON OUR WAY!!!!!
If it's repossessed, it's repossessed... there's nothing to report. As long as there's a lien on that vehicle, the lienholder is the rightful owner of it, and can reclaim their property.
any 24 - 7 as long as they find the car they can repo it.
As long as there is a lien on the vehicle the lienholder has the right to repossess the property
Possibly up to 7 years.
The car isn't damaged, the debtor's credit rating is. There is no permanent record of the car as a repossessed vehicle like there is for a salvaged title.
To determine how long one will have to be delinquent on a loan before a car is repossessed depends entirely on where the loan was taken from. Different places allow different payback requirements.
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.
It is probably stated in your finance or lease agreement that if you don't make your payments on time that the finance company has the right to repossess the vehicle. Consider yourself informed. Long story short, if you don't want your vehicle repossessed you need to make your payments.
As long as the contract is in DEFAULT, the collateral CAN be repossessed. One dollar or one day. Its a GAMBLE you take when you are in default.
I can can be legally repossessed no matter where it goes in the USA. As long as the repossessor can find the car and identify it as the one to be repossessed. It may not be cost effective if it is a long distance unless the vehicle is of greater value than the cost of returning it and paying someone to do that. They can also wait until you return.
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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.
Yes, repossessions can (and often do) occur on private property. There are limitations imposed on the recovery agents, and they know how to plan accordingly. IMO, better that car (which is actually the lien holder's, which is why it can be repossessed in the first place) be repossessed while you're at home than while you're out in public somewhere and left stranded.
The short answer is no. As long as you are making the payments the car will not be repossessed. When the co-buyer goes before the bankruptcy judge they can have the car included or excluded from the bankruptcy. If it's included then the car will be "voluntary" repossessed. If it's excluded then everything is "business as usual" for you. The key is to keep your payment current and on time.
How long you can go before your car is repossessed depends on several things. Generally, as soon as you default on your note, your creditor can "repo" your vehicle. The definition of default may depend on your loan contract, but usually just missing one payment can qualify. It is best to communicate with your creditor before you miss a payment to work out other terms, and avoid having your vehicle taken from you.
Every person's financing situation with their vehicle is unique. You'll have to call the people that repossessed your car (your bank, the dealership) to find out.
after 60 days they start the process. By day 75 it is repossessed
The car can be repossessed at any point where the recovery agents have the opportunity to seize the vehicle, so long as the repossession remains peaceful.
Legally search for WHAT?
This will usually be stated in the contract you sign when financing the vehicle. Some places, especially the "Bad Credit/No Credit" lots will attempt to repossess in as little as one day after payment is due. I don't see any financier letting it go for longer than 4 months with no payment be for they file for repossession.
Yes. How many names are on the title and/or the loan means absolutely nothing... so long as there is a lien on that vehicle, that lienholder is the sole lawful owner of that vehicle, and can repossess it as recourse for delinquent payments.
Depends on your luck
Yes, as long as it has some value