Basically repossession is controlled under Federal Law, which says "If owner of the car misses continuous payments, the loaner has the right to repossess the Vehicle and wait for the payments to be caught up, or to resell it".
If they come to repossess it, and you claim to not know where it is, then the repossession agent will report it stolen. At that point, anyone found in possession of it is in possession of a stolen vehicle.
You have to posses the title on the vehicle and the documentation that there is a default in payments.
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.
Dealerships are not typically recognized repossession agents, however, if you bring in a vehicle for service, and a valid repossession order exists for that vehicle, the delareship may secure the vehicle for the lender so that repossession may take place.
In most states, yes. Provided the repossession company made a good faith effort to secure the unit, especially if their efforts motivated the borrower to make good on the bad debt.
No. Absolutely not. If they enter a vehicle they do not have an order of repossession on, they've committed a crime. They may enter the vehicle they are there to repossess, and only the vehicle they are there to repossess.
miss a couple of car payments and you will find out!
Not IF you reaffirmed the loan with the creditor.
No. They can, however, repossess your vehicle
Yes. Any amounts owing.
Yes you can repossess if you are the soul owner. If the person whom your repossessing the car from gives you trouble, have the police meet you to witness the repossession.
When a debtor is behind on payments, NC law allows the lender to take possession of, or "repossess" the vehicle. A repo company on behalf of the lender can take the vehicle at anytime, anywhere that the vehicle is found and accessible. If the vehicle is in a locked fence or garage then the repo company cannot force entry to get to the vehicle.
Present proof of your ownership and the lien contract to court and get a repossession order.
The lender can legally take the vehicle one day after the payment is due. That is, on the day the payment is late, the lender can begin repossession efforts. The day the payment is late, the contract is void.
If the repossessor is allowed in, yes. They cannot force their way into the community.
In Oklahoma, a loan company can repossess a vehicle when it is just 1 payment behind. These companies can also repossess a vehicle at any time of the day or night as long as they do not breach the peace.
The most common type of repossession notice when a person has not been making loan payments for a car or truck. If the lender does not receive payments, the vehicle may be towed away.
That is the only way you can repossess a vehicle. Repossession comes under the UCC which grants a lienholder the right to repossess but only if they have perfected their lien by filing it on the title. One caveate is in most states the lienholder can not repossess a vehicle that is under a mechanic's lien without first paying that lien.
Yes. A lienholder is the lawful and sole owner of that vehicle, and it doesn't matter where they repossess it from, so long as they do it in accordance with state laws for repossession.
Yes, late fees indicate that payments were not made on time, which renders the original agreement invalid and allows the lender to repossess the vehicle if they so choose.
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.
2 factors: 1. Are you current on your payments? - if you are not current on your payments the creditor will most certainly repossess your vehicle. however you will not be liable for any deficiency amount. 2. Who is the creditor? - Most creditors will gladly continue to accept payments on the vehicle and not repossess it. however some creditors such as Ford Motor company will repossess regardless of whether or not you are current.
If they just "threaten" you, and you bring it current, then no. But.. if they send you a letter threatening repossession and calling the entire note, and you do not pay the entire balance on the note, then yes they can take your vehicle.
The bank can repossess the car if payments are not made.