You need to contact a local attorney for state specific advice.
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.
not much, basically your hands are tied. when you pruchased the vehicle and signed a contract it was probably stated in there that if the vehicle is repossessed it will be sold at auction and the balance/credit of the debt is the responsibility of the purchaser
You may be confused. A repo is an act pursuant to a secured loan, wherein the vehicle is security for the loan. There is no need to use the word "repossession." A repo is only one remedy available to a lender on a secured loan.
This will usually be stated in the contract you sign when financing the vehicle. Some places, especially the "Bad Credit/No Credit" lots will attempt to repossess in as little as one day after payment is due. I don't see any financier letting it go for longer than 4 months with no payment be for they file for repossession.
It depends on local/state laws and what the original contract stated.
It is probably stated in your finance or lease agreement that if you don't make your payments on time that the finance company has the right to repossess the vehicle. Consider yourself informed. Long story short, if you don't want your vehicle repossessed you need to make your payments.
The finance company has the right to repo a vehicle the day after the payment is due if it is stated in your contract. they usually wait till you are 30-60 days past due.
When the parties bound by the contract perform exactly as the contract stated they should, so there is nothing more to do under the contract
A written contract is easy to enforce. You must follow any guidelines stated in the contract once the breach of contract has been done. If it is a simple matter of they have not paid for the car as stated in the contract you can demand payment in full and if they don't pay in full reposess it. If it is a case of sellers remorse then there's nothing you can do. You may need to file a lawsuit for breach of contract depending on how they breached your written contract. An attorney can help you make sure you are doing everything legally.
The state of Pennsylvania requires that any prepayment penalty be stated in the contract. When the prepayment penalty is stated in the contract it becomes legal.
Yes, unless otherwise stated in the new contract
An express contract is a contract in which the terms of the agreement are stated in words, (oral or written) while an implied-in-fact contract is a contract formed in whole or in part from the conduct of the parties.
if it's stated in your contract as part of your pay
no unless its stated in your contract
It all depends on what the contract has stated. Review your contract and try looking for: (refunds, Deposits and incomplete work) Most of the time they keep your deposit, but until they finish everything that has been stated in the contract, you don't have to pay fully. *Sometimes they can charge you for the amount of work that has been done. But in the end it all depends on what you've signed on, the contract.
When we cosigned a loan for our daughter we wrote up a separate contract which she signed. In the contract it stated that if she was one month late we had the right to reposess and she would also be responsible for all interest charges incurred for the life of the loan. We had insurance stipulaions as well. She signed the agreement and it is useable in court.
No doubt, the contract stated that if there was a significant change in the credit standing of either party that the loan could be called in. That's what they did, you can either pay for the vehicle or refinance it.
Signing two contracts regarding the same matter is fraudulent behavior, at the very least, on the part of the person who signed them both. Breaching a contract is failing to live up to the terms stated in the contract and the punishment for breach is generally stated in the contract. Whether or not a breach of contract has occurred is uncertain without seeing the documents in question. Fraudulent behavior is a crime, however, and the punishment will be decided by the laws of your state.
i belive its at the time of sale unless outher wise stated in your contract
Only if you get written permission from them in a well stated contract.
It all depends on their contract, it will be stated therein.
Express contracts means terms of the agreement are in writing. And it is a contractual term specifically stated to be part of the contract. Implied contract means the duties and obligation of both parties are not expressed but are implied by their acts or conducts. Both indicate by their conduct that they have a mutual agreement and need not express the agreement in words Improved Answer:An express contract is a contract in which the terms of the agreement are stated in words, (oral or written) while an implied-in-fact contract is a contract formed in whole or in part from the conduct of the parties. from Jay CCHS Class of 2013 (:
no, as it is stated in the contract. A deposit is for damages after tenant has vacated the premises.
Profits and losses are shared evenly Except otherwise stated in the contract.
Depends on the state. Unless expressly stated in the contract, generally no.