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If a car has been repossessed does the person that went into default have any rights?
Wiki User
∙ 12y ago
YES, limited they may be BUT you DO have rights. First, you should get any personal property back that was in the car at time of repo. That PP was NOT covered by the security agreement. Next, you have rights as to how the lender sells the car. It must be sold in a "commercially reasonable" manner. That means the lender cant sell it to a cousin for $300.00 when its worth $3000.00. MOST lenders use a wholesale auction to sell the cars. In some states you have the right to buy the car at a public sale. The lender may get a judgment for the balance due after it is sold. You SHOULD attend that hearing. It will beyour only chance to convince the judge that you cant pay the balance.http://www.usacreditrepair.com/creditrepair/rights.htmlhttp://www.Phil.frb.org/consumers/creditrights.HTML
Wiki User
∙ 12y ago
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When a car is repossessed what do you do with the insurance?
When a car has been repossessed the person paying the insurance should cancel it.
What can you do legally if your camper has been repossessed without anyone notifying you?
Very little ! If you default on the payments, the finance company are quite within their rights to confiscate the vehicle. The camper does not become your property until you have made the final payment !
Can a loan company in California have your car repossessed if you haven't been able to carry car insurance?
YES, if you are in DEFAULT of the contract (NO ins. coverage) they can repo.
Does having the title to a repossessed truck give you any legal rights?
NO, the truck probably has been sold already and the lender got a repossessed title to sell it with. Of course they do make mistakes. LOL
Can a title pawn sell your car after its been repossessed without telling you?
Yes. Once you default on your loan, it's their car. They're not obliged to tell you anything.
Can a car be repossessed if you are late making the remainder of the down payment but have been on time making the car payment?
YES, making the down payment is part of the contract and you are in default on it.
What should a person do if their Chapter 7 Bankruptcy has been discharged but a vehicle that was to be surrendered has not been repossessed by the bank?
A person immediately contact their lawyer to assist on issue.
Can you get your car back after it has been repossessed in the state of Iowa?
Yes, there are some instances that a person can get a repossessed car back in the state of Iowa. If the person pays all the money owed plus a repo fee, the car may be returned.
What are your options if your car was repossessed by your cosigner even though you have never been late on your payments?
Were you in DEFAULT of any other part of the loan contract?? INS?? Illegal activity?? ect??? If not, you have equal rights to the car. You can repo it back, let them keep it(probably best) OR call a local attorney for state specific laws.
What do you do once your car has been repossessed?
I have a welding machine on the truck they repossessed can they keep that?
Can your car be repossessed if your insurance incorrectly told the lender your policy had been cancelled?
IF the ins. co. told the lender the policy was canceled, then you were in DEFAULT and the lender will repo.The lender and the ins. co. will have to get that straightened out.
What are the rights of a person whose house has been repossessed?
Once your property has been taken by a foreclosure procedure you have no rights in the property. An exception would arise if the foreclosure procedure or the mortgage was found to be invalid. Those factors may become more an issue as the sub-prime mortgage crises evolves and lenders are sued for deceptive, fraudulent and outright illegal lending practices.
