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How soon after defaulting on a car loan can a creditor repossess your vehicle?
Wiki User
∙ 14y ago
Initially the lender will send out a default notice requesting immediate repayment. There is usually a time frame of 14 days to make this repayment. If payments are not made, the lender can immediately apply to the courts for a repossession order and in theory they can take the car straight away.
In some cases this does actually happen and cars are known to be repossessed within days of the expiry of the default notice. In most normal repossession cases you can expect the car to be repossessed within a month or however long it takes for the repo man to find you and the car...
Wiki User
∙ 14y ago
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Can a cosigner coowner repossess a vehicle if the primary has not defaulted payment on the loan?
A cosigner or coowner cannot repossess a vehicle. That is something the leinholder does.
Is a cosigner's spouse responsible for the loan if he dies?
No you are not responsible but if your step daughter does not pay the loan they can still repossess the vehicle.
Does defaulting on a payday loan constitute check fraud?
Defaulting on a payday loan does not, in and of itself, constitute check fraud.
What can happen if car loans are not paid when there is no vehicle do to a wreck?
Then they will repossess the wrecked vehicle, sell it for what they can get, apply that to the loan balance, and you will be responsible for the balance on the loan. They will sue you in court to get it and will win. Now if you continue to make the loan payments, then none of this will happen. Did you not have insurance on this vehicle?
How many days must a vehicle loan be late before it is repossessed?
They usually repossess when you miss two or three payments. They seldom repossess if you've just missed one.
Can the bank repossess a vehicle even if the payments are current?
Not IF you reaffirmed the loan with the creditor.
Can the lien holder repo my truck when payments and insurance are current?
They will not repossess a vehicle unless you have defaulted on the loan. Defaulting on the loan is being late with the payments. Call the lender and talk to them.
If a creditor garnishes wages for debt can they take your car?
If the debt is on the car, or the car was used as collateral for the loan, YES they can repossess the vehicle!
How many days do you have to be behind in your payments in New York before they can repo your car?
As soon as you have defaulted on the loan, a creditor can repossess your car. So 24 hours after you have failed to pay, they can repossess your vehicle without notifying you.
After filing chapter 7 you did not reaffirm your car loan what happens now?
2 factors: 1. Are you current on your payments? - if you are not current on your payments the creditor will most certainly repossess your vehicle. however you will not be liable for any deficiency amount. 2. Who is the creditor? - Most creditors will gladly continue to accept payments on the vehicle and not repossess it. however some creditors such as Ford Motor company will repossess regardless of whether or not you are current.
Can a cosigner coowner repossess a vehicle if the primary has not defaulted payment on the loan?
A cosigner or coowner cannot repossess a vehicle. That is something the leinholder does.
What can a creditor do if you stop payments on a secured loan that was not reaffirmed?
Repossess or foreclose on the secured property if the agreement is in default.
If you default on a auto title loan can they report the vehicle stolen?
If you have signed the vehicle title over to them as security for the loan, or they hold some kind of legal paper giving them ownership, yes. If you don't pay back the loan, or fail to surrender the vehicle to them, legally the vehicle belongs to them. ----------------- No, it is a civil matter. They can repossess the vehicle, report as a default on your credit and sue you for defaulting on the contract. ------------------ READ YOUR LOAN CONTRACT! If you default, and then conceal the vehicle from them, or their repossession agents, you have "converted their asset to your own use" - which is the definition of larceny - which is a criminal offense.
What does foreclousre mean?
legal proceedings initiated by a creditor to repossess a house or another property due to a loan in default.
If you are in repossession status and are making efforts to pay on your late payments can they still repossess your vehicle?
Once the loan is in default the bank has the right to refuse payment and repossess the vehicle.
Is a cosigner's spouse responsible for the loan if he dies?
No you are not responsible but if your step daughter does not pay the loan they can still repossess the vehicle.
Can a title loan company repo a car that wasnot on the title loan agrement for nonpayment?
They can only repossess the vehicle which was on the loan agreement. Taking any other vehicle is theft.
