The time frame depends upon the lender. Regardless of whether the repossession is voluntarily done by the borrower or a forced repossession by the lender the consequences remain the same. The borrower will be responsible for any deficiency between the amount that the repossessed vehicle is sold for at public auction and the remaining balance on the loan agreement including added fees and penalties. The respossession will also remain on the borrower's credit report for the required 7 years. Be advised, a lender has no legal obligation to recover the vehicle but can instead file a lawsuit against the borrower for the entire amount of the loan plus legal and other associated costs.
YES, if you are in default of the contract, the collateral can be repossessed. Read your contract again.
First, talk to the bank where your loan is and find out why a repossession was made. If they did not repossess your car, then you have a case of auto theft. If they took your car, you deserve to know where you messed up and can dispute it from there. You may have to get a lawyer.
A car can be repossessed if the payments are not being made. It really doesn't matter whether it was bought by one person or two. The car dealer just wants to be paid.
as long as you keep making payments the lender will probably not repossess the property. however, if you miss one payment the lender can repossess the property at any time.
Of course. The whole idea of "security" in your pledge of the car in exchange for the loan is that it is easier to repossess it than to sue you for non-payment, and that applies up until the very last payment is made.
No. Your car gets repossessed, it's on you. You don't get to pass that on to someone else.
Yes it can
The leasing agreement shows the payment terms, including the amount and due date. The lease should also have language pertaining to repossession. The owner of the car has to file a request to get permission to repossess the car and, once permission is granted, can engage the services of a repo agent. When the request to repossess is made to the court, the owner or leasing agent must show that payments are in arrears.
Yes, TVs can be repossessed in Texas. The television that is purchased on a rent-to-own plan or that is in the process of payments for ownership can be repossessed if those payments are not made in a timely manner.
Yes, you made a financial pbligation by signing the documents for the sale of this car. So, they can legally repossess that vehicle.