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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.

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โˆ™ 2015-07-15 19:36:11
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Q: 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?
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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.


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.


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.


How can you regain ownership of a repossessed vehicle?

As you likely know by now, the lender has the right to accelerate the balance due when the car is repoed. Usually this is upon the 2nd repo or after X number of times in DEFAULT (late payments). It is at the lenders option. Read your contract again. It should be found where it says DEFAULT.


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.


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.


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.


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.


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.


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.


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.


What will a lender do if someone takes their car overseas and then stops making payments?

The lender will have the right to pursue a civil judgment in court for the outstanding debt. If not paid, wages can be garnished or a warrant for arrest can be issued.


What steps are involved in reposessing a car?

As soon as a lease expires on a vehicle that you have in your possession or you default on one of your car payments, the owner has the right to have your vehicle repossessed.


How long do you legally have to redeem your car after its been repossessed in Georgia?

Before your car payment is due, call the lender and ask for extra time. If you're at least a few months into the loan and haven't missed any payments, the lender will probably let you miss one or two months' payments and tack them on at the end. If you don't pay or make arrangements with the lender, the lender can repossess without warning, although many will warn you to give you a chance to pay what's due. If your car is repossessed, you can get it back by paying the entire loan balance and the cost of repossession, or, in some cases, by paying the cost of the repossession and the missed payments, and then continuing to make payments under your contract. If you don't get the car back, the lender will sell it at an auction almost always for far less than it's worth. In most cases, you'll owe the lender the difference between the balance of your loan and what the sale brings in. If you are far behind on your car payments and can't catch up, the truth is that you may not be able to afford the car. Under these circumstances, you should think about voluntarily "surrendering" your car before the dealer repossesses it. This strategy can save you expensive repossession costs and attorneys' fees. Because it also makes life easier for the dealer, you should try to get concessions from the dealer before you give up the car. A dealer will often waive its right to collect the amount left owing on the loan and/or promise not to report the default or repossession to credit bureaus. Try to get the dealer to agree not to report negative information to credit bureaus in return for your voluntarily surrendering the car. Negative information (such as a surrender, default, or repossession) will appear on your credit report for seven years, and will affect your ability to get credit in the future.


If you had a truck repossessed in Oregon and it took over 6 months for the lender to contact you what are your rights?

1. You have the right to appear at the court when they summons you. This will be your chance to convince the judge that you cant pay the money you owe the lender. IF you miss that, its all downhill for you. Good Luck


Can you go into foreclosure if you default on your second mortgage?

Yes. Your second mortgage is secured by your home, so if you default on payments, the lender has the right to foreclose.


What is a co-signors right to a car if he is making the payments?

IF the co-signor is listed on the title as co-owner, s/he has the right of possession. If NOT, just keep paying the payments. Talk to the lender about REMOVING the signor from the loan and giving you the car. Normal procedure.


Can the Lien holder repo a truck if there have been payments made by the driver within the last 96 days?

When even one payment is missed the agreement is considered in default, and the lender has the legal right to take whatever action they deem necessary to secure their financial interest in the property. Unless all missed payments and applicable fees are brought current and the creditor agrees to allow the borrower to continue with the agreement, the vehicle can be repossessed.


If you live in Texas and have two cars financed by different banks and you haven't kept up with payments on one of them can they take the one that is current on payments?

Don't know for sure about Texas, but in my state of Ky, they will repossess, the car the default loan is held on. They have no legal right to take the car that is not in default. You do not want to have your car repossessed. Talk to the lender and work something out, even if you have to sell one of these cars. Repo, is the worse thing that could happen. They will sell the default car for around wholesale, and you will be required to pay the difference in this and the balance on the loan. Plus, your credit will be ruined for 7 years. Bad idea!


If you are behind 1300 and you offer them 1500 to get your car back and continue making payments can they refuse?

READ your contract. It likely has "right to accelerate balance due" clause. Just as you have the right to pay the loan off early, the lender retains the right to call it due early. This depends on several factors, your payment history,if you are in default, ect. So, YES, they could refuse.


If the car was repossessed can the lender refuse to allow the cosigner to make the payments and insist that the full amount be paid?

Most loan contracts have a 'right to accelerate the balance due" clause to cover the LENDER if they don't think the signors can make the payments in a timely manner. This is very true, however if you ever find yourself unable to make the full payment on anything, the best thing to do is contact your lendor. Most lendor's would prefer to receive some payment rather than repossess and try to resell, they WILL loose money. So if you make arrangements with them they will most likely be willing to work with you. However, I really do NOT suggest making such arrangemtns and then not paying, because the lenders will NOT be happy, they WILL repossess and you WILL owe them the whole amount before they let you have the property back.


What happens if you fall behind on your morgtage payments after you have filed chapter 13?

The lender has the right to initiate forclosure proceedings. A chapt. 13 does not restrict the rights of a secured ldender.


When can your car be repossessed?

It can be reposesed the moment you miss any payment... even if only a day or two late. In practice, debtors look to your overall payment and credit history and to whether or not you have been creditworthy with them so far, and they usually resort to letter and phone calls to elecit the owed monies. In point of fact, thay would much rather have your payment than the car itself. However, if you have a bad credit history and a bad payment history, they are well within their rights under your finance agreement to pick up the car at their earliest convenience. If your missed payment is due on the 15th, they "could" pick up your car on the 16th. Again, and in practice even with the poorest payment history or credit history, they usually give a few days "grace" period to allow a tardy payment to show up in the mails or to allow a late payment to be hand delivered. But they do not have to. Your late payment breaches your contract and they are well within their rights to repo right away.AnswerConsumer Rights in Auto Repossessions Before a lender can repossess your car you must have used your car as collateral for the loan and you must have defaulted on your contract with the lender. Usually, when you borrow money to buy a car, you have to use the car as collateral. If you do so and get behind on your payments, your contract will say that you have defaulted and your car may be repossessed. Although your contract with the lender governs the default and the repossession, you still have certain rights under state and federal law.First, read your contract carefully, especially the part that talks about default. Usually, default is defined as the failure to make a payment when it is due, but many contracts also say that other things may be a default. The most common of these things are: taking the car out of state permanently without permission from the lender, or failing to keep insurance on the car, or damaging the car so that its value is reduced.Before the contract can be declared in default for not making your payment on time, you must be at least ten days late and the lender must send you a "Notice of Right to Cure" the default. This Notice gives you 20 days to catch up your payments.If you do bring the payments up to date, the default has been cured, and you can continue making regular monthly payments. You only have the right to get one "Notice of Right to Cure" for the entire term of the contract. So, if you get behind in payments again, the lender does not have to send you another "Notice of Right to Cure." If you do not bring your payments up to date after you have received the "Notice of Right to Cure," the lender can repossess your car. The lender can repossess the car in either of two ways: by using self-help or by filing a Claim and Delivery lawsuit. If the contract says that the lender can use self-help to repossess the car, he can tow your car from your driveway, the street or your place of work. The law allows the lender to use self-help in repossessing your car, but the law does require that the self-help be peaceful. If you see someone from the lender hooking up your car to tow it away, you can tell the repossession people to stop. When you tell them to stop, any further attempt to tow the car is not peaceful. If the repossession continues, the repossession people risk liability for wrongful repossession.Besides self-help, the lender can bring a claim and delivery lawsuit to repossess your car. Usually, the lender cannot repossess your car under a claim and delivery lawsuit until the papers are served on you. Also, you usually have a right to a hearing in court before your car is repossessed. However, if the lender has a good reason to believe that you may destroy or hide the car, he can get the judge to allow immediate repossession whether the papers have been served or not.If your car has already been repossessed, the lender must send you a notice of your Right to Redeem the car and a notice of what the lender intends to do with your car. Both notices usually are included in one letter. Although you have a right to redeem your car from the lender, he can require that you pay off the entire balance of the loan, plus any costs for repossessing your car. Usually you only have about ten days to two weeks to arrange to pay off the car. If you cannot do this, the lender can sell the car and apply the money to your loan.In the notice of what the lender intends to do with your car, the lender tells you that the car will be sold at private or public sale or that the car will be kept as full payment of the loan. If you have paid 60% of the original loan amount, you have a right to make the lender sell the car within 90 days of the repossession. This is important when you have nearly paid off the car before the repossession because if the lender sells the car, he must use the money received to pay costs of the sale and to pay off the loan. Anything left over must be paid to you.If your car has been repossessed when the loan is still rather new, sale of the repossessed car may not bring enough money to pay off the loan. The money that is still owed on the contract is called a deficiency balance. A lender can sue you for the amount of the deficiency balance. If the lender sues you for a deficiency balance, he may also be able to require you to pay attorney's fees, repossession costs, repair or clean-up costs, and court costs. If the lender gets a judgment against you for the deficiency balance, the judgment will appear on your credit to pay off the deficiency judgment.If a claim and deliver or a deficiency action is brought against you, you may be able to raise certain defenses. These defenses include the failure of the lender to give you one of the required Notices, the failure of the lender to sell the car in a commercially reasonable manner, or even a breach of warranty by the manufacturer or seller in some cases. If you do not have one of these defenses, you may still be able to file bankruptcy and keep your car until the bankruptcy court says otherwise. Even if you file bankruptcy, in order to keep the car, you must pay for it.Also if you pay every payment and you get to your last payment and you don't pay it then they can reposess it