Yes. Once the lending agreement is in default the lender may take whatever action they choose in recovering the monies owed. It is a misconception that by making a partial or token payment the creditor will not be able to assert their legal rights. The lender can accept the payment, still repossess the vehicle or pursue litigation.
No, and why would they? If the payments are up to date and have been made on time, there would be no reason for the dealer to repossess the vehicle.
Depends on your jurisdiction. If you're late on a payment for just 1 month, it's legal for the car dealer to repossess your vehicle, but 27 days seems a bit uncalled for.
YES, if you are in default of the contract, the collateral can be repossessed. Read your contract again.
http://184.108.40.206/colorado/lpext.dll?f=templates&fn=fs-main.htm&2.0 start here
Your car can definitely be repossessed because of nonpayment. The bank can actually send a company to repossess your car.
Yes they can re-possess at any time, terms and conditions state, the vehicle belongs to the HP company until full payment is received that you borrowed, however they must send you a NOD (notice of default) and give you 14 days in which to pay, and then a TERM ( TERMINATION OF YOUR RIGHTS) THEY CAN THEN REPOSSESS
A dealer will never repossess, UNLESS they are also the financier. most dealerships sell the loan to a bank, whom you make payment to... this bank will be the "reposseser". Now, that's not to say that the bank will not notify local dealers to be on the lookout for a car they are actively chasing to repossess, but most of the time they will just come to your residence to serve the repo. I have never heard of a dealership doing so, because most banks have folks that can get your car by other means if they want it back bad enough.
No, they'd repossess your car.
The car dealer is not required to collect a down payment. The finance company is the one who usually asks for it. If they desire a down payment, they will contact you to get it.
btw the dealer never got deal bought by a lender because down payment was not paid is partial deposit refundable?
Yes i will release the car back to the dealer even if i did made a first payment. Sandile
i cannot afford my truck payment can i sell it 2 dealer and get cheaper car
If the dealer holds the lien and is the one that loaned you the money to purchase the vehicle he can repossess the vehicle if you fail to make your payments on time. Otherwise the selling dealer has no claim on the vehicle whatsoever.
Why would a dealer ask for a car back? If you are referring to how long he has to repossess the vehicle after you stop making payments, the answer in most states is immediately.
A dealer cannot just "take your car back" which is quite simply, "REPOSSESSING THE VEHICLE" for no reason. There would have to be some kind of violation of the terms of sale/payment for them to repossess it, & they would still have to file some kind of legal action or go to a COURT and obtain approval and paperwork authorizing them to repossess the vehicle. If this had been the case, you would have been served notice that you had to appear in court to admit/dispute the dealer's claim, and would have been given the opportunity at that time to work out an agreement with the dealer over the dispute, & the court would have sanctioned either the agreement between you & the dealer, or ruled in favor of you or the dealer. Any way that the court ruled would have been entered as a court ordered judgment and entered in the court records and both parties to that action would have been given a written copy of the ruling. If none of this occurred, and the dealer cannot show written proof that he obtained the legal right to repossess your car, quite simply, the dealer has STOLEN your car. If that is the case, call your local Police Department and file a stolen car report, and give them all the information as to where the vehicle was taken from and if you have spoken to the dealer and know for a fact that they have the car (as in they admitted to you that they took the car) and the car's location.
How long a dealer will hold a car with a down payment depends on the dealer. It is a good idea to get a time frame in writing. Some dealers will sell a car within a couple of days if you do not complete the transaction.
If you did not disclose the lien to the dealer then you committed fraud! At this point it is a fraudulent deal and everything can be unwound. The dealer can repossess the unit or sue you for the difference. In jurisdictions it is possible the dealer could get a warrant for your arrest for credit fraud
Returning the vehicle will not relieve you of the responsibility for the debt. Typically your lienholder will sell the vehicle and charge you for the deficiency balance. However, if you cannot pay for the car the lienholder will repossess it and follow the same procedure. Also, unless the dealer provided "in house" financing they probably have no further interest in the vehicle. You are now obligated to pay the bank or finance company. In this case the dealer may not allow you to return it to the lot.
It means that the dealer might accept your car as a part of payment but of course the dealer and you have to agree on a price for your car.
no it can't because the used car is used
NO! , he defenetely cannot do that. you at least have to be 3 months past due.
Used, on ebay, craigslist, a dealer who accepts trade-ins....
A dealer can do whatever they want, they are not legally obliagted to sell you any car.