Best Answer

Laws on this vary by jurisdiction.

User Avatar

Wiki User

โˆ™ 2013-06-12 04:41:40
This answer is:
User Avatar
Study guides


26 cards

What is forfeiture

Which of these is the best description of delinquency

Which term is defined as property that is pledged as security on a loan

This is Paula's monthly budget What percent of her expenses is spent on insurance

See all cards
3 Reviews

Add your answer:

Earn +20 pts
Q: How many days does the financial lien holder have to wait after repossession to sell the vehicle?
Write your answer...
Still have questions?
magnify glass
Related questions

How long must a financial institution hold a vehicle after repossession before it can be disposed of?

im Missouri it is 10 days after repo, the title can be filed for repo by institution.

Are the repossession agent allowed to charge a storage fee and and a repossession fee in the state of Arizona?

If my vehicle was repossessed at 8:00 pm and I paid the lien holder the full amount to pay off the loan. Can the towing company charge two days of storage when I picked up my vehicle at 1:00 pm the following day?

When would a house be in danger of repossession?

Typically, a house can be repossessed after 90 days of non payment by the mortgage holder. However, it is not illegal for repossession to begin after a missed payment, though this is extremely rare.

What are repossesion laws in Missouri?

In short form, if a payment is missed, the vehicle is up for repossession. The company who owns the note may repossess the vehicle themselves, or may hire an independant company to repo it. Once repossessed, the company who owns the lein has to send a notice of repossession letter to the debtor, giving the debtor 10 days to either pay the car off in full, or catch up on payments missed. This is at the sole discretion of the owner of the note. The lein holder has to hold the debtors personal property for 15 days, and may charge the debtor a fee to retrieve the property. If the car is not claimed in ten days, the lein holder may sell the vehicle to the highest bidder. If the amount received exceeds the amount owed on the vehicle, the lein holder must refund the excess amount to the debtor, if the amount received is less than the amount owed, the lein holder may sue the debtor for the rest of the amount. A modest repossession fee may be applied to the total owed.

How long after a vehicle repossession does the bank or car company have to sell the vehicle and is there a maximum time limit in Tennessee?

30 days and 20 minutes dude

How many days do you have to get back your car after it has been repossessed?

In most states, you as the debtor have thirty days to redeem the vehicle after repossession. This can vary slightly from state to state, and most repossession agencies prefer to turn vehicles around as quickly as possible.

Can you reclaim your vehicle after it has been repossessed if you are willing to pay the full balance in Michigan your car was repossessed 2 days ago and Toyota financial is saying that they must auct?

technically, you have 20 business days to pay the balance owed plus all fees that were incurred during repossession.

What are the debtor's legal rights under a vehicle repossession?

You have 45 days to pick up your property from the vehicle. That's it. They can tow from your home, work or anywhere else they may happen to find the vehicle.

In Texas how many months before repossession?

No months. It will be more like weeks or days. In practice, you can be one day past due and the lender can send your vehicle for repossession. It might be months before the actual repossession happens; it will depend on how difficult it is for the agency to secure it.

How far behind in my car payments can I be, before I have to worry about repossession?

You can start to worry about repossession of your vehicle as soon as you miss your payment. Depending on the loan amount and the type of vehicle you have you may have up to 30 days from your last missed payment to risk loosing your vehicle. If you keep in touch with the lender of your car, you have a better chance of not loosing your vehicle right away.

Is it legal to reposes a car 8 days before the payment is due and five days after purchasing the vehicle?

That sounds odd, repossession is usually done when you've missed payments.

Can a co-signer take possession of a vehicle if the payments are a few days late?

It depends onwhat's in the contract. * The co-signer would need to be on the vehicle title as a co-owner or a lien holder before they would be able to take possession of the vehicle.

People also asked