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If the finance company does not have a lien on the title of a vehicle can they still repossess the vehicle?
Wiki User
∙ 12y ago
If they can demonstrate to the court that the loan was for the purchase of the automobile, they shouldn't have any problem getting the court to go along with them. If the loan was for something else, and lending institution is just going after ANY kind of assets to satisfy the loan, they may need to talk a little while longer, but they will probably win eventually.
The simple fact is, if you borrow money from a lending institution they are REQUIRED to have a contract which protects their interests. Even though they may not have a lien on the vehicle, if you read the contract you will no doubt find that they have protected themselves.
You originally agreed to pay the loan. You should find a way to meet that obligation unless your financial situation has degraded to the point that there is no way to satisfy that agreement short of bankruptcy.
Wiki User
∙ 12y ago
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What happens if you have a clean title and loan is secured can finance company still repossess?
Maybe
My car was in an accident and is still at the body shop which hasn't been paid yet he finance company wants to repossess the car. Can they repo it from the body shop?
Yes, the finance company can repossess the car from the body shop. They would likely wait for the car to be fixed before they repossess the car.
Can they repo a car once you have paid up to date but still owe 7000?
If you are up to date with your repayments then the finance company are unable to repossess your vehicle. If you have defaulted on your payments then they are able to repossess the car, the number of missed repayments which qualifies for repossession will be stipulated on the agreement you signed when you first purchased the vehicle.
What happens with car payments when you go to jail?
You still have to pay them. That answer is correct...but a slight explanation: Generally speaking, going to jail does not effect your credit or any loans you may have. If you go to jail, the payments are still due, and if you don't pay, the finance company will eventually repossess the vehicle.
Your vehicle was repossessed and the finance company charged you ''storage'' fee on the invoice to get your vehicle back can the repo agent still charge for storage?
no because the storage fee that the finance company charged you was what the repo company charged on the invoice. the finance company had no other reason to charge storage fee's they did not store it
What if car is impounded but all payment are current?
You still need to get the car out of impound. You have a limited time to do this before the impound lot puts a mechanic's lien on that vehicle. Once that happens, they'll be able to take possession of and sell your car, and you'll still be liable for the payments you owe to the finance company. If the finance company gets wind of this, they might repossess the car to avoid losing it over a mechanic's lien.
Uninsured finance vehicle has been stolen Cancelled insurance because car was being repossessed by finance company?
You still have rights to recover the vehicle. The finance company may help you look for it if they're desperate enough to get it back. Even if your car was insured, you would legally have to payback the finance company for the car since you broke a binding finance contract.
Can I still purchase another vehicle if I voluntarily repo my current car?
It may be alittle tough to find a finance company to finance the vehicle but you should be able to with some cash down.
If you are in repossession status and are making efforts to pay on your late payments can they still repossess your vehicle?
Once the loan is in default the bank has the right to refuse payment and repossess the vehicle.
Can a mechanic repossess a vehicle if money still owed?
if you owe them money they generally will not release your vehicle to you in the first place
Can you be charged a repo and insurance fee when the original owner never notifid you of the repo and drove the vehicle away herself?
I'm not sure what your question/situation is but... The Finance company can do what's called "forced insurance" meaning if you do not have insurance they will put insurance on the vehicle at a hefty cost to you. They can also repossess the vehicle even if you are up to date in payments but do not pay them their insurance rate.... and that money is still owed after the repo.
Does the vehicle have to be worth more than the amount owing in order to repossess it?
No. Vehicle can be resold, you still take the hit on your credit.
