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://18.104.22.168/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.
No, they'd 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.
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