How long does it take for the bank to write off a vehicle if they are unable to repossess it?
I think it varies on how long and who the finance company is but the last time I made a payment on my truck was November of 2007 and its January of 2009 and im sill driving it
Your driver's license is an instrument issued to you individually by your state government. Your bank has no bearing in its status. What your bank has is a lien to your vehicle which essentially means that upon your failure to pay, they have the right to repossess the vehicle and sell it to recover the money that they are owed. So while your registration won't be suspended, your bank may send a tow truck to…
What is the average price a bank pays a recovery company for the repossession of a vehicle in the state of Mississippi?
Can your car be repo'd by the dealer if you still owe on the downpayment even if your payments are on time to the bank my payoff on my trade was more then what i knew now they are charging me?
Only if the vehicle was used as collateral to secure the loan/debt. If the issue is strictly credit card account default, the bank cannot arbitrarily cease the vehicle. However the bank can file suit against the debtor and if awarded a judgment execute the judgment as a lien against any of the debtor's real or personal property, including a vehicle.
If the bank sent you a title without a lien holder on it can you stop making payments on the loan and keep the car?
Your obligation to repay the loan is based on the promissory note you signed, and has nothing to do with a lien on the vehicle. Without a lien on the vehicle, the lender will be unable to repossess the vehicle, but they can still collect on the debt. They can also impose substantial penalties. Without a vehicle lien as collateral, most lenders will convert your auto loan into a signature loan at an interest rate…
I don't think so. The co-signer is not the registered owner and has no claim to the vehicle. Only the bank or the loan company (which lends the buyer the money and holds the vehicle title until it's paid for) can repossess. The co-signer just guarantees the loan. If the buyer defaults, the bank will come after him to make payments.
Unless it's explicitly stated in the fine print that they can't do any such thing, they have a right to repossess the moment the payment is rendered late, if they so wish. However, if you have documentation from the bank showing them explicitly giving you a deadline date, and they come to repossess before then, you may have grounds for a lawsuit. However, you would need to find out if it was the bank which…
Things may differ state to state, but in MI the lien holder basically owns the vehicle. I have the title to my truck, but it's got a big stamp on it from the credit union. The right to repossess the vehicle is in the paperwork that was signed at the closing of the loan, which also lists the vehicle as collateral for the money that was borrowed. If you can't pay the money back they…
Sure. Just let the bank know where you're moving to and keep up the payments or they'll default the loan and repo the vehicle. (Repossess) That'll cause you serious credit problems and loss of vehicle that you still have to pay for. The bank will track the vehicle by the VIN (Vehicle Identification Number) and you'll end up with more headaches then the car is worth.
If a bank does not hold the title to a vehicle and no bank lien is shown on the title can the bank repossess the car if payments are behind?
Your son gave you a truck as a gift you are on the title vehicle is insured and registered in your name He is in default on his loan Can the bank repossess your vehicle?
in most cases they will sell the vehicle at dealer auction, then bill you for the rest. example: you owed $13,000 at time of repossion. and the bank got $5000 for the car at auction, you would legally still owe the bank $8,000 . at this point you may be able to work out a payment plan with the lender, but failure to pay will result in a lawsuit.
If a bank has been advised that you are filing chapter 7 bankruptcy in Ohio but will reaffirm the car loan can they still repossess the vehicle?
If your car was going to get repossessed but you caught up on your payments can they still repossess your car even though it is all caught up?
A dealer will never repossess, UNLESS they are also the financier. most dealerships sell the loan to a bank, whom you make payment to... this bank will be the "reposseser". Now, that's not to say that the bank will not notify local dealers to be on the lookout for a car they are actively chasing to repossess, but most of the time they will just come to your residence to serve the repo. I have…