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If someone has not made a payment on a motorcycle for three months and it was repossessed what should they do if they do not what the cycle back?


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2015-07-16 18:17:46
2015-07-16 18:17:46

2 choices here.

  1. 1. Call the lender and tell them you dont want it.
  2. 2. Do NOTHING.

Same results either way.

Wrong the result is not the same by not taking action. Remeber you received a loan. The company didn't by a motorcycle they loaned you money. In the case that you do not want the bike back then let it be sold at auction. More than likely you will have a remaining balance which you will still need to pay to get you credit in some what good standing. Make sure and contac the lender and let them know what you want to do.


Related Questions

Yes, furniture can be repossessed if you start making payments again after 6 months, especially if the missed payments are not caught up. The creditor can refuse the payment if court proceedings are already in progress.

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.

A car cannot be repossessed until the owner has missed several car payments and the owner has been notified of late payments. In most states a car can be repossessed after three months of non-payment.

If they are accepting your payments, they probably won't take your car.

Sure it can, if that payment was not enough to fufill your end of the contract. A car wont be repossessed if it is only a month behind. If you are five months behind, and make one payment, you are still behind... even the next day, when you are only four months behind. One payment may not catch you up. When you purchased the car, the deal was, likely, that you get to drive the sellers car, (seller still owns it till the final payment is made), and the seller gets money from you at stated time intervals, likely once per month. If you broke your end of the deal, you no longer have a right to drive the car owned by someone else. Make those payments on time, then you need never worry about the repo man.

If you have a stable work history of at least 18 months and a high down payment, you may be able to get the loan.

About two months after one stops paying for the vehicle.

You can be sued and your car repossessed.

they can call you as many times as they need to. depending on your state. most laws require 3 months of non payment before they can send a tow truck to come get your car for repossesion

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.

Your car will be repossessed and your credit ruined.

Maybe, by Fedral law your car can get repossessed if you are ONE DAY past due on your car payment. I know many repo agents and they have a saying "Support your local repo man-- miss two payments" I wouldn't hold off much longer to pay them. You should call them and try to get a deferment or two.

call the mortgage holder and make payment arrangements

You have to be 18 to drive a motorcycle. and you also need to take new driving courses and you have to have a motorcycle permit to drive a motorcycle for 6 months. this is the Ohio law. others depend on state

READ your lease. The lender can repo as long as you are in DEFAULT. As long as there is money owed on a contract, the collateral can be repossessed IF the contract is in default. Subject to some state guidelines.

No once it's repo'd you either have to work it out with whoever financed the vehicle to get it back or your at a total loss. And banks will sell the vehicle at an auction to the highest bidder which most likely if you just got the car will be thousands less than what you just financed it for,which you'll also owe on top of your loss.

15;16 to get a license and you need to have 9 months with the permit

There's no time set if you default on your car loan, they will repo it.

No, but you could pay double the payment when it is due and not pay the following months payment.

This question can not be answered in months, days and hours, it depends on several things. How much do you consider LARGE,ect. how well you do at rebuilding your credit rating, how well you know the loan officer. Could be 6 months or 6 years.

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