Auto Loans and Financing
Repossession
Loans

How long does it take for the bank to write off a vehicle if they are unable to repossess it?

383940

Top Answer
User Avatar
Wiki User
Answered
2015-07-15 18:57:51
2015-07-15 18:57:51

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

001
๐Ÿ™
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
๐Ÿ˜‚
0

Related Questions


The cosigner becomes the target next. If you default, it is up to the cosigner to pay the bill or both of your credits are ruined and the bank takes their usual steps to repossess a vehicle.

Once the loan is in default the bank has the right to refuse payment and repossess the vehicle.

Not IF you reaffirmed the loan with the creditor.

Yes, the bank has the right to repossess the vehicle if you are in arrears on payments.

If the bank has an order from a judge to liquidate or surrender property to satisfy a judgment, then yes, they may.

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 repossess your vehicle.

The bank can repossess their (not 'your' vehicle until you possess the pink slip) vehicle at any point where it's accessible to them, including places of business.

The bank that you have the loan with hires repo men to repossess the vehicle

Yes, the bank must tell you that your vehicle is being repossessed. The bank will usually try to reconcile the debt before the repossession takes place.

Yes they can repossess everything that you got a loan for.

Read your contract. Likely the answer is YES. As long as you are in DEFAULT, they can repo.

The average price a bank pays to repossess a vehicle is anywhere from 200.00 to 400.00. The actual price will vary depending on the company and location of the car.

As long as the bank is listed as the lienholder on the title and as long as you owe them money and haven't paid they can repossess the car.

if they believe that your unable to pay or can cause a damage to the car that will caused the vehicle to lose its value (wrecking it) even though if your up to date on payment they can have the car reposses under the conditions of DUI, going into default, strange account activity.

If the car is financed through a bank, the bank is the only agency with authority to repossess the vehicle. The dealer, once paid by the bank, no longer has any claim to the vehicle.

If there is money owed to the lender with the vehicle used as collateral, the lender will be shown as a lien holder on the title and can if the contract is defaulted recover the vehicle according to the laws of the state in which it is registered. yes

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.

After they repossess the vehicle they will sell it for whatever they can get. You are then responsible for the difference in what they sold the car for and the balance owed on the loan. If you do not pay this amount they will take you to court.

If you aren't paying in full they can repossess the car. To a bank " some sort of a payment " doesn't count. Call them and make arrangements.

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 of 12% or higher.

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 had your car repossessed on that particular day, or if it was the repossessors jumping the gun and going forth with it before the date which they were specified to take possession of the vehicle.


Copyright ยฉ 2020 Multiply Media, LLC. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Multiply.