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If a person does not want a vehicle anymore and gives it back to the lienholder is it considered to be repossessed?
Wiki User
∙ 18y ago
Yes, voluntary repossession. Your credit will still suffer and the leinholder needs to sell the vehicle to get their money back. If they are unable to cover the loan fully, you are responsible for the difference.
Wiki User
∙ 18y ago
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Can your car be repossessed from the towing lot that towes your wrecked vehicle?
If there's a lienholder on that vehicle, yes, that lienholder can repossess it.
Can a vehicle that is without a lienholder be repossessed by a company before a lien is filed?
No
Is there a time limit in which a car can be repossessed?
As long as there is a lien on the vehicle the lienholder has the right to repossess the property
Can your car be repossessed for credit card debt?
Unless the credt card company is the lienholder on your vehicle, no.
How do i report a repossessed bike?
If it's repossessed, it's repossessed... there's nothing to report. As long as there's a lien on that vehicle, the lienholder is the rightful owner of it, and can reclaim their property.
If your car is going to be repossessed is it legal for you to sell it before the actual repossession?
Not without permission of the lender. A vehicle cannot be sold without a clear title of ownership. The lender is named on the title of a vehicle as the "lienholder" until the vehicle is paid for or otherwise released by the lienholder.
Can they repossessed the car if you just owe the last payment?
The lienholder has an option to repossess when you become deficient on your payments for as long as you owe money on that vehicle. If you skip your last payment, that car can be repossessed.
Can your car be repossessed from your garage on private property in CA?
A car that is actually YOURS cannot be repossessed, as it's paid off. If you have a vehicle being repossessed, they're able to do this because it's actually the finance company which owns that vehicle and possesses their title. A recovery agent can, on behalf of the lienholder, go onto private property in order to recover the lienholder's property - with limitations. They cannot cross a locked gate, and they cannot enter a locked building.
Can a car that's repossessed be entered by towing company without authorization?
The order of repossession is their authorization to enter the car. If your car is being repossessed, it means there's a lien on it, and the lienholder called for the repossession to be carried out. You don't own the car - the lienholder does, until you pay off the lienholder and they relinquish the title to you. So yes, that tow company doing the repossession has every right to enter the vehicle they're repossessing.
What is my liability as a lienholder on a motor vehicle?
The lienholder has no liability for any damage done by the buyers vehicle.
Can you get your stuff out of your truck that was repossessed like your speakers that are in a box behind the seat and amp clothes money and medicine?
Yes you are entitled to your personal possesions. Typically, the rule of thumb is that if it is INSTALLED in the vehicle, it stays in the vehicle unless prior arrangements have been mad with the lienholder or it states otherwise in your contract. If the speakers and amp are just sitting in there, it is considered personal property and they have to let you get them. However, if there is even one screw attaching them to the vehicle, they stay until the lienholder gives the ok to remove them. Best way to get it all back is to pay the lienholder off and get everything back at the same time.
Can a lender continue reporting late payment when th vehicle is already possessed and sold?
Yes. When a vehicle is repossessed, the lienholder has to try reclaiming what they can of the loan that was made for the vehicle. A repossessed vehicle typically gets sold at wholesale auctions, and the amount paid for it is typically substantially lower amount than what's owed on the lien. You as the lessee are still liable for the remaining balance owed on the vehicle, plus the fees for repossession, storage of the vehicle, auction fees, etc.
