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IF a car is repossessed in NY is it right for the lender to ask to pay off the whole balance and not just the payments past due?
Wiki User
∙ 8y ago
READ your contract. Find the part that deals with "DEFAULT". Most contracts have a clause called "right to accelerate the balance due". It is usually sooo general in nature that if the lender gets heartburn from eating tacos, it gives the lender the option of calling the entire note due at once.
Wiki User
∙ 8y ago
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Can a motorcycle be repossessed if you haven't made payments in 6 months and then started making payments again?
Technically you breached the contract with the lender if you did not make payments in 6 months. They actually have the right to NOT accept further payments from you. So yes, it can still be repossessed.
What are your rights as a consumer in the US as related to repossessions?
* You have the right to possess any vehicle you do make payments on or have paid for. * You have the right to retain possession of said vehicle provided you continue to make contracted payments toward the unpaid balance of the principle. * You have the right to have your vehicle repossessed if you fall delinquent on your vehicle payments to the contracted lender. * If your vehicle is repossessed, you have the right to recover any actual private property that was in the vehicle at the time of repossession. * You have the right to pay fees for recovering your property that was in the vehicle at the time of repossession. * You have the right to pay all unpaid balances and fees accrued as a result of the repossession process. That's about sums it up. I confess I did substitute "right" for "responsibility" in several places.
Can your car get repossessed with only one payment due?
Yes. Always read your contract. The area under default will usually specify yourlien holders right to take possession. You can be repossessed for more reasons than just defaulting on your payments. Again check your contract. You can be repossessed for not keeping your lender updated with your full coverage insurance. If you are using the vehicle for illegal purposes or if you are not taking care of the vehicle- your lender can repossess the unit. Read your contract.
Can your car be repossessed if there is not a lien on your car you were not behind on your payments?
If you have no lien on your vehicle then no one has a legal right to repossess it. If you're not behind on the payments there would be no reason for the lender to reprocess the car in the first place. It is hard to believe you have a loan on a car without a lien. The car stands behind the loan. If there's no lien on the vehicle then the car is not involved in the loan and cannot be repossessed.
Do creditors have the right to refuse monthly payments on a balance due on a repossessed car?
READ your contract. It should deal with that issue. If you meet the conditions set forth by the contract, YES, they can refuse.
Are you allowed to pay the arrears after your car has been repossessed in the state of Texas?
Not only that, but you are expected to pay the arrears payments, too. The loan is still outstanding and the lender has every right to collect from the borrower what was promised (in writing) by them to pay.
Does a co buyer have rights to the auto loan payments?
The lender has the right to receive all the payments. A co-buyer has no rights TO the payments.The co-buyer is equally responsible for making the payments.The lender has the right to receive all the payments. A co-buyer has no rights TO the payments.The co-buyer is equally responsible for making the payments.The lender has the right to receive all the payments. A co-buyer has no rights TO the payments.The co-buyer is equally responsible for making the payments.The lender has the right to receive all the payments. A co-buyer has no rights TO the payments.The co-buyer is equally responsible for making the payments.
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.
How do i know if my car is in danger of getting repoed?
If you have missed 1 payment, it may be in danger of being repossessed. Depends on the agreement you signed when you borrowed the money to buy your car. Read the agreement you signed. If you have missed 2 payments you can be sure repossession is a distinct possibility. If you have missed 3 payments, they are more likely than not looking for your car right now. Do not allow your car to be repossessed. Once they repossess your car they will sell it for what they can get. Usually less than it is worth. You will then be responsible for the difference in what it sells for and the balance on the loan. You may also be required to pay the repo fees. Your credit will be ruined for 7 years. Talk to the lender and work something out. They do not want to repossess your car, but you will force them to do so, if you do nothing.If you have missed 1 payment, it may be in danger of being repossessed. Depends on the agreement you signed when you borrowed the money to buy your car. Read the agreement you signed. If you have missed 2 payments you can be sure repossession is a distinct possibility. If you have missed 3 payments, they are more likely than not looking for your car right now. Do not allow your car to be repossessed. Once they repossess your car they will sell it for what they can get. Usually less than it is worth. You will then be responsible for the difference in what it sells for and the balance on the loan. You may also be required to pay the repo fees. Your credit will be ruined for 7 years. Talk to the lender and work something out. They do not want to repossess your car, but you will force them to do so, if you do nothing.
When you try to catch your payments up to current do they still have the right to keep the car from you?
Yes, as with most retail contracts, once you the borrower has defaulted on the contract, the full balance owed is due. The lender no longer is bound to take partial payments of any kind. The lender may elect to reaffirm the contract, but in doing so, it is in the best interest of all parties to resign paper.
You signed a contract saying that you should pay a motorcycle for two years but wasn't able to pay on time for 6 months is that Breach of Contract?
It's a breach which may be a curable breach under the loan documents. The question really becomes was the breach cured. In other words, did the person ultimately pay. If the loan documents state that the Lender doesn't waive the right to declare untimely payments a breach then a breach could be called a default and the motorcycle could be repossessed. If the Lender accepts the payments late and the language doesn't preserve the right to call a default then the payments and acceptance are a waiver of the right to declare a default.
What do you do when you stop making payments on a car and you've asked the car company multiple times to pick it up haven't paid them in over a year but the car's still sitting in the driveway?
The car company is not who you should be speaking to. The lender who loaned you the money to purchase the car is the lien holder and the entity that actually owns the car. That is who you need to contact. Something is not right here. Normally the lender would not hesitate to repossess the car when you miss a couple of payments but an entire years worth of payments is unheard of. First off, know that once the car is repossessed they will sell it for whatever they can get. You will then be responsible for the difference between the balance on the loan and what the car sells for. Example: The balance on the loan is $8,000 and they sell the car for $5,000. You will have to pay $3,000. You will also have to pay the repossession fees. Your credit will also be ruined for 7 years. All of this is to be avoided if possible. My advice is to contact the lender and see if something can be worked out to avoid repossession.
