== Repossession== If they are accepting payments - that will reflect negatively on them if they try to take you to court on a deficiency balance, however they have the right to demand full payment of the loan at any time and take the car if you don't pay. Also - if you are just sending in partial payments that doesn't mean they are accepting them. They need to agree to the partial payments and how long it will go on. You can't stop them from repo by sending in some money every month. More input from FAQ Farmers: * Yes, I have found out that if you are in default (even if you are attempting to make payments), the bank at any time, can repo your vehicle...unless otherwise stated in your contract.
YESIFyou are not up to date, if you are behind on your payments they can repossess at anytime. In most loans, there's a statement about late and/or partial payments that basically says the bank can take them but isn't obligated to do so and that taking one late or partial payment does not mean that they have to continue to do so.So, if you owe $200 a month, and pay $100, the bank can accept that and still repossess the car. They do have to credit the $100 towards the loan.Also, banks are usually allowed to repossess for habitually late payments. Most of the time a bank will consider this to be more hassle than it's worth as long as you're eventually catching up, but if you're chronically making payments several weeks late, they might at some point decide "this guy is a flake, we should get out of this deal while we still stand some chance of recovering our money."
Yes, the bank has the right to repossess the vehicle if you are in arrears on payments.
yea they will come to your house and shoot you
Yes but it will also list that you are making payments!
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 you aren't paying in full they can repossess the car. To a bank " some sort of a payment " doesn't count. Call them and make arrangements.
Yes. The reaffirmation agreement allows you to continue to make payments on a secured loan and retain the secured property. The rejection of the agreement simply means the creditor can apply for relief from stay and repossess or foreclose on the property. If you have been making post-filing payments, the creditor may not bother and, in some states, under state law cannot proceed against the property.
You're pretty much out of luck. You'll need to find some money to have it fixed in addition to the payments.
Here are some reasons: If you are the one that has made all the payments and it's in your name then your mate has no right to it. If there are two vehicles during the time of the divorce you are each entitled to one of those vehicles. If you haven't been making payments on a vehicle and it's a joint loan your mate can take the car. If you and your mate owe debts, then the debts must be paid off and any banking instiution can repossess your house to your vehicles and other things of value to make up for that loan. This also includes the IRS!
If you fail to pay the mechanic for services then they can put a lien on your car and this has nothing to do with you making the monthly payments on time.
Usually Three. Could be less in some states. In reality, one should not be any payments past due - this will definitely harm ones credit ratings for the next 7 years!!
IN SOME STATES, YOU HAVE TO SEND A ROGHT TO CURE LETTER. IN ALL STATES YOU CANNOT BREACH THE PEACE. GO GET IT
Depends how the bankruptcy was set up and whether the car was listed. There should be some consideration in that case as to whether you can make the payments, or not.
Creditors will often take into account how responsible a person is in making payments on their loans and credit cards.Making payments on time, keeping your credit utilization low and establishing a solid payment history are some actions that can have a positive impact on your score.
Scenarios: 1. If you sold the car for cash, and the buyer paid you in full, you have nothing to repossess. 2. If you signed the title (aka pink slip) and the buyer had their name listed as Registered Owner, you no longer own the car - nothing to repossess. 3. If you sold the car and did NOT sign the title, and allowed the buyer to make monthly payments to you, AND the buyer has defaulted on making payments for some specified time, you MIGHT have some rights in regards to respossessing the vehicle. 4. If no written agreement was made (and properly signed) at the time of sale specifically stating the monthly payment arrangements - in other words a handshake deal - you MAY not have any recourse. Before proceeding, please consult legal help on this matter - Don't take what you may think is the law into your own hands.
If payments are current it would not be advantageous for a creditor to charge off an account nor in some cases legal. If there are arrearages on the account that is a different issue, as the account would be considered in default and property that was used to secure the loan could be seized.
Interesting question. If the person that took over the payments did not actually transfer the vehicle into his name (e.g.: you still owned it 'on paper'), unfortunately, yes. If the car was listed as an asset belonging to you, it could be seized.
You can only keep the vehicle under two circumstances: (1) sign a reaffirmation agreement and keep making payments; or (2) redeem the vehicle by paying of the balalnce. If you fail to do either, they lender can get permission from the bankruptcy court to repossess the vehicle. In some states, such as Missouri, you may keep the vehicle if you continue to pay on it.
There are some companies that will repossess kitchen cabinets if they are not paid for. If the cabinets are not paid for then the company can either repossess or take the owner to court.
If you have made no effort to contact any institution you owe money to and you have been missing payments several times, yes, they can repossess your car. That's why we sign contracts. I would meet with the Manager of the company and try to come to some agreement and then stick to your promise. Most companies don't want to repossess so you might get lucky. However, be warned, if the Manager gives you another chance you stick to it! Good luck Marcy
Your question seems a bit vague, but if I am understanding you, If you have "No" Credit, and want to start building credit, then the best way is to start making some small purchases on your credit card and paying them off over time. Maybe three payments worth. However, you want to be sure that the merchant you are making payments to, actually reports to the credit bureaus. That's the key element here.
Most of the time when a car get repossessed you will still have to still pay monthly payments. In some cases you will not have to continuing paying.
IF you still in DEFAULT of the contract in some other way(no ins.) yes it can be repoed. Depends... just payments no other fees etc. outstanding???
Report the car as stolen (assuming it is still in your name). You can even tell the police where the car is, most likely. Regardless of who's making payments - the name on the title is the owner of the car. You may wish to get some professional legal advice because this could get ugly.
Put an add in your local for sale and want adds, and advertise it as take over payments. BEWARE , there are some people who may say they will pay and wont but you will still be liable for the payments. Get the transaction in writing.