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I believe if you haven't paid in three months they can repossess your vehicle in Utah. *The state does not require a Right To Cure notice be sent to the borrower. The lender may recover the vehicle whenever the contract is in default. UCC laws apply, and the vehicle can be recovered by any means that does not constitute a breach of peace. The plates remain with the borrower/debtor.

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โˆ™ 2007-02-04 19:10:29
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Q: How much time must the lender allow the borrower before a vehicle is repossessed?
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If your truck is repossessed can you still be sued?

When a vehicle is repossessed by the lender it is sold at a public auction for as near the fair market value as is possible. The amount the vehicle is sold for is deducted from the balance of the loan and the borrower is responsible for the repayment of that amount plus any interest and additional fees. If the borrower is unable to make a payment agreement with the lender, the lender does have the option of suing for the amount owed and legal costs. It isn't possible to give a definite answer on if the lender will or will not sue the borrower for the debt.


When can the lender resell a repossessed vehicle?

a lender can do as he/she pleases with the vehicle after 31 days...in the state of Alabama


Can you take possession of the car if the borrower stops making payments even though they have been paying for a year?

Only if your name is on the title, and only if the primary borrower defaults and the vehicle is subject to being repossessed by the lender.


Can your vehicle be repossessed after you file Chapter 7 bankruptcy?

No. But they can ask to be excluded from the bankruptcy. Usually a deal can be made with the lender to keep a vehicle. If it is covered by the exemption and the borrower lives up to the contract agreement.


Can a vehicle be repossessed by the lien holder for not having insurance in the State of Maine?

Yes, if the contract requires that the borrower carry insurance coverage. If the borrower fails to adhere to any of the requirements stated in the written agreement the contract is in default and the lender has the legal right to recover the vehicle.


If your car is repossessed in Illinois and the lender wants full payment can you file for bankruptcy within a certain amount of days so that your able to keep your car?

Bankruptcy does not prevent a vehicle from being repossessed. If the debtor/borrower wants to keep the vehicle they must reaffirm the loan with the lender. Furthermore, new bankruptcy laws require the borrower to repay the entire amount of the loan and applicable fees rather than the discrepancy between the loan and the amount recovered in the sale of the vehicle.


How long does it take for a car to be repossessed after the request was made to repossess it?

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.


What happens when there is a voluntary repossession of a vehicle and you cannot pay the remaining 13237 debt because you are unemployed and looking for a job?

The borrower is responsible for any deficiency in the balance of the loan and applicable fees that remain after the sale of the repossessed vehicle. If the borrower cannot reach an equitable repayment agreement with the lender, the lender may decide to file a lawsuit against the debtor to recover the monies owed.


If you have a secured loan such as an auto loan can the finance company attach any other property?

If the vehicle is repossessed the borrower will be responsible for the deficiency between the sale of the vehicle and the balance of the loan. If an equitable payment agreement cannot be reached by the lender and borrower, the lender can file a lawsuit for monies owed and if successful execute the judgment against any non exempt property belonging to the debtor.


If your car is going to be repossessed is it legal for you to sell it before the actual repossession?

Not without permission of the lender. A vehicle cannot be sold without a clear title of ownership. The lender is named on the title of a vehicle as the "lienholder" until the vehicle is paid for or otherwise released by the lienholder.


If the cobuyer of a vehicle that was repossessed is going to reclaim the vehicle how does he get a clear Texas title without the other's name on it?

Make the idea known to the lender BEFORE you proceed. get it claer what is to happen.


What happens if you stop paying insurance on a vehicle that you have a loan on?

The loan could be called due in full; and, if not paid, the vehicle could be repossessed. But usually notice will be first provided, requesting proof of reinstatement of insurance coverage. The lender of the funds used to purchase a vehicle asks for a number of terms when offering a loan to a prospective borrower. The purchased vehicle is the collateral, or security, for the loan. Lenders reduce their risk, making the whole auto loan business possible, by reserving the right to take possession and ownership of the vehicle should the borrower default, or stop paying. One of the conditions the lender almost always places on the borrower is the requirement that the borrower insure the vehicle with "comprehensive" insurance at a level that protects the lender's investment in case of vehicle loss or damage. A lien in favor of the lender, recorded on the title, legally protects the lender. When the insurance is written on a vehicle purchased with an auto loan, the terms usually provide that payment upon a vehicle loss goes first to the lender. Thus the lender has and has record of a potential obligation to the lender. So when the policy holder stops paying, the insuror will usually notify the lender that coverage is no longer in effect. The lender will then likely notify the borrower that he/she must immediately reinstate insurance coverage and provide proof thereof. If proof of insurance is not quickly sent, the lender can consider the borrower to be in default of the loan terms, even though loan payments are continued. Depending on the specific terms of the loan agreement, the lender can call in the loan, requiring immediate and full payment--payment of the entire outstanding principal. Repossession could follow a refusal to pay.


Which states require the lienholder to give notification before repossessing a vehicle?

There are 7 states that require the lender to notify the borrower that the lender is asserting their "right to cure". Connecticut, Iowa, Kansas, Maine, Massachusetts,South Carolina and West Virginia. Wisconsin requires the lender to obtain a replevin order before the vehicle can be recovered.


Can a vehicle be repossessed if the borrower does not make a good faith payment to the lender?

Most loan contracts state that if you are late, they can call the entire amount due. If that has happened and you have not paid off the vehicle, they can take back ownership of the vehicle. Your only option is to pay it off, sell it or turn it back.


What happens after a vehicle is repossessed?

The lender sells the vehicle, sometimes at auction. They attempt to get whatever they can for it. Often the price the lender gets is less than the outstanding loan. If the lender gets less for the vehicle than the amount that is owed, the lender will seek the balance (the difference between what was owed and what they sold it for) from the borrower. So, lets say you bought a car for $1000. You quit making payments. You still owed $800 when the vehicle was repo'd. The lender sells the vehicle at auction and gets $500 for it. The lender will come after you for the remaining $300. That's pretty much how it works. Bottom line: make your payments. This is where aflac comes in handy.


How do you find out if someone elses vehicle has been repossessed?

"YOU" dont, the debtor does. call the lender.


Is the voluntary relinquishment of a vehicle by the borrower as damaging as a lender's repossession?

Yes, it is the same thing.


Do you have to pay on a repossessed car if not sold?

If it has been repossessed the lender will usually stop all collection activities until the vehicle is disposed of through sale. It is unusual but the lender could decide to keep the vehicle but should they do that than they waive their right to a deficiency.


Is potassium a lender or borrower?

lender


What is ordinary time in simple interest?

Any time that the borrower and lender agree to.Any time that the borrower and lender agree to.Any time that the borrower and lender agree to.Any time that the borrower and lender agree to.


Can you get your car out of the impound lot without paying.?

No. Tow charges and all applicable fees must be paid before the vehicle will be released. If the matter is not resolved in the time specified, the state's law may provide for the vehicle to be auctioned by the state or repossessed/sold by the lender and the borrower remaining responsible for all outstanding debt incurred including the loan agreement.


Can your car get repossessed even if it has been towed by another towing company for a parking violation?

Yes, the lender can recover the vehicle by paying the towing fee and other charges and then add the expenses to the loan amount the borrower already owes.


Is phosphorus electron lender or borrower?

borrower


If a co-signer has taken possession of a vehicle because the borrower became delinquent is the co-signer now responsible for all payments on the car?

If the primary borrower has defaulted on the vehicle loan, the co-signer will need to make regularly scheduled payments and any that have been missed. If the co-signer is unable to do this, the vehicle may be repossessed by the lender. In which case both the primary borrower and co-signer will be responsible for any deficiency and fees incurred when the vehicle is sold. The repossession will also appear on both person's credit report. It would be advisable to contact the lender to discover what options might be available pertaining to the specific circumstances.


Does a finance company who has repossessed your vehicle have any rights to your new car that is financed by another lender?

No

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