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Repossession

If the lienholder repos car due to default and you never missed a payment and continue paying off car is that no different than a regular repo?

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2015-07-15 19:47:56
2015-07-15 19:47:56

When it gets to your CR, a repo is a repo is a repo. Theres only one.

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As long as you continue to make the payments, they would have no reason the instigate a repossession. When a vehicle is financed or leased, the creditor has an interest in the vehicle and rights under the contract you signed. If you are in default of the contract either by default in payment or otherwise (failure to insure or other terms) the vehicle can be repossessed.

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legally: ONE Banks like to try to get you to pay up and continue on but can foreclose as soon as the first payment is late.

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Her account went into default for non-payment

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It means if you had a loan payment and you missed the payment. That means your loan is in default. It also means an accepted outcome, i. e. "The default setting for my computer's firewall is medium."

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No. You must make your full payment to avoid being in default unless you make other arrangements with the lender.No. You must make your full payment to avoid being in default unless you make other arrangements with the lender.No. You must make your full payment to avoid being in default unless you make other arrangements with the lender.No. You must make your full payment to avoid being in default unless you make other arrangements with the lender.

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Yes. in support with your bankruptcy lawyers experts.

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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.

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The likelihood that the issuer will default on payment

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The lienholder will sign off on the title and send it to you when they receive your last payment.

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No. Not unless that is a special feature of your contract with your mortgagee. Otherwise, skipping a payment will result in a default.

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An example of a debtor's default would be failing to make payment as specified in the loan document/contract.

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The co-signer has guaranteed the loan, therefore the bank will go after the co-signer for payment. If the loan is in default the default will go on the co-signer's credit record and if they don't pay the balance if will be on their record as a defaulted loan.The co-signer has guaranteed the loan, therefore the bank will go after the co-signer for payment. If the loan is in default the default will go on the co-signer's credit record and if they don't pay the balance if will be on their record as a defaulted loan.The co-signer has guaranteed the loan, therefore the bank will go after the co-signer for payment. If the loan is in default the default will go on the co-signer's credit record and if they don't pay the balance if will be on their record as a defaulted loan.The co-signer has guaranteed the loan, therefore the bank will go after the co-signer for payment. If the loan is in default the default will go on the co-signer's credit record and if they don't pay the balance if will be on their record as a defaulted loan.

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To avoid payment on a debt is referred to default. This will, in most cases, attract more charges as a form of penalty.

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READ you contract. Likely not on a 1st payment default.

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$26,000 annually for a first time payment or early default payment. The payment will still depend on the location and size of company that one is working for in the auto industry.

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A first payment default , is when a bank calls the loan on your car because you are late on the first payment, 30 days or not, actually acording to your service agreement you are late like 4 days after the due day. they take it as a personal insult when you miss the first payment, also as a sign of things to come. usually if the repossess your car for a first payment default they will not give it back if you catch the payment. they will call for the full balence on the note and send the car to auction. Check out www.stoptheRepoman.com for other answers like this.

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No, once the loan is in default, the only way to assure that you keep your stuff is to pay off the loan in full.

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PLACING SOMETHING OF VALUE DOWN AS A GUARANTEE OF PAYMENT ,WHICH YOU WILL LOSE IF YOU DEFAULT .

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Yes it will continue unless you call and cancel the policy.

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1The answer depends on several circumstances, none of which you mention, so the answer has to be that it could be yes or no. Years ago I used to be an auto insurance adjuster. The policy of the company I worked for was this:1. IF the vehicle was NOT paid for [had a lienholder, like a bank or finance company], we had to make the draft out to our insured, AND to the body shop that was going to do the repair, OR If the insured requested, the names of our insured and his LIENHOLDER.This basically forced the insured to get the vehicle repaired, or at least to contact his lienholder and report the damaged vehicle. It was then between he and his lienholder whether he used the funds to repair the vehicle.2. On the other hand, IF our insured's vehicle was PAID OFF, and the insured wanted the draft made payable to himself only, then that's the way we wrote the draft.3. IF the draft was to a third party claimant, regardless of lienholder or not, we wrote the draft to the claimant only.

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READ your contract. If you are in DEFAULT of the terms, you can get repoed.

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Not making the entire payment is still a default on payment. You will be charged the late fee and you will need to make it right with the bank or they will start the process of repo.

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You should contact the lender and make arangments if you are short on a payment, they may be able to offer alternatives that will not put you in default.


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