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How many days do you have to pay for your repossessed car before they sell it?
Wiki User
∙ 10y ago
None. The lienholder may dispose of the vehicle as soon as they physically receive it (and probably will do so as soon as they can; they're not in the car storage business). The time to worry about paying for it was before it was repossessed.
This might be different if your finance contract says otherwise, or if there's a specific law in your state requiring the lender to hold the vehicle for a certain time.
That said, you might get lucky. Call them as soon as you discover it's been repossessed and see if you can work something out. If they believe you have a reasonable chance of paying them in full in a short time, they're more likely to wait and see.
Wiki User
∙ 10y ago
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How long dues the Car dealer ship legally have to hold the repossessed vehicel before legally selling it?
is it true that a dealer have to hold a car for twenty one days before they can sell it after it has been repossed
How do you buy repossessed tractor trailers?
Repossessed tractor trailers can be purchased from some tractor trailer dealers. If the rig was previously financed by a bank, the bank repossessing it will try to sell the tractor trailer to a dealer before selling it to the public.
What do banks do with repossessed motorcycles?
Sell them for very cheap prices.
Can i sell my car so it can be taken out of the impound before the 30 days are up?
If I sell my car while it's in the impound can the new regesitured owners get out before the 30 days
Can you still owe money after your car is repossessed because of the recall?
If it is repossessed, you will owe the difference between the loan amount and what they sell the vehicle for.
When a car is repossessed If you were told that you have ten days to get the car back before it is sold. Is that ten working days or ten days counting the weekend?
It's ten calender days, however the bank still needs to sell the asset. I 70% of the cases if you can acquire the funds before the bank can sell the asset they will return it to you (bird in hand vs. two in the bush you know) that is unless you payment history was just terrible.
Does a lender need to notify you before they sell your car they repossessed?
Yes, they also have to send you official letter from auction at the price they sold it to deduct from the amount you own to the bank.
If the creditors repossessed a motorcycle and then DID NOT sell it at an auction do you still owe?
No you don't still owe; once the motorcycle has been repossessed, it is no longer your concern. Whether the creditor sells it or fails to sell it is the creditor's problem, not yours.
After your car gets repossessed and you pay the outstanding amount how long do you need to wait before they give you your auto back?
Depends on your state. In AZ, they cannot liquidate the collateral for ten days after repo. If it has been longer than 10 days, they can sell it and you would still be liable for the amount due (minus what they made off of the sale of the vehicle).
Can you sell your car after the car has been repossessed?
No. A car is repossessed because you failed to finish paying for it. Since you never fully paid for it, it's not yours. No. You do not own the car once it has been repossessed. To sell the car you would need the title, which is in the hands of the finance company. After a repossession, usually 30 days later the finance company places the car in an auto auction. There it is sold to the highest bidder. In the rare case that the net proceeds from the sale exceed what you owe for the car (plus interest, penalties, repo fee, etc.) the finance company has to send you a check. If you can redeem the car by paying the full past due amount plus interest before they place it in the auction sale, then you can sell the car.
When a car is voluntarily repossessed legally do they have to wait 21 business days to sell it at auction or just 21 days?
Dunno. What state are you in? That could make a big difference. UCC only says they have to do it in a "commercially reasonable manner". I'm in South Carolina
If your car has been repossessed and you cannot pay what you owe should you let them sell it?
You have no choice.
