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If you are paying half of your car payment can they still repossess it?
Wiki User
∙ 15y ago
My best suggestion is to contact your auto lender, and ask them the procedure for repossesions. Keep in mind that the bank can reposses your vehicle if you are 60 days late on your payments even if you attempt to only make half of your payments. Call them as soon as possible and work out a payment plan with them.
Wiki User
∙ 15y ago
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Can your car still be repossessed after you've paid half of your past due balance?
Of course. The whole idea of "security" in your pledge of the car in exchange for the loan is that it is easier to repossess it than to sue you for non-payment, and that applies up until the very last payment is made.
If separated does husband still owe half the house payment?
It all depends on whose name is on the house. If his name isn't on the house, then he doesn't have to pay half of the house payment.
Can a finance company repossess a car if more than half has been paid?
They can repossess with any amount owed if unpaid.
What can you do if the lender repossess your car and they get half of the loan and you cant pay the balance?
The lender will come after you for the remaining balance after the car is auctioned.You can either declare banckruptcy or work out a payment plan...or thelender can seek a judgment to garnish your wages.
Why isn't my annual payment cut in half when I cut the time I will be paying off a loan in half?
The reason your annual payment doesn't decrease is because you are paying off the principal amount at a faster rate. Here's an example to explain: Let's say your original loan amount is $10,000, and your annual interest rate is 15%. If you pay off the loan in 5 years (60 months), you will owe a total of $17,500. You will pay $7,500 in interest. Your annual payment will be $3,500. If you pay off the loan in 2.5 years (30 months), you will owe a total of $13,750. You will pay $3,750 in interest. Your annual payment will be $5,500. Because you are paying off the principal (the original $10,000 loan) at a faster rate, you are increasing the annual payment. Even though you are paying a higher amount annually, you still come out ahead in the end, because you are saving yourself the interest charged by taking twice as long to pay back the loan.
What options are there if spouse refuses to pay one half of mortgage payment?
The options include: stop paying the mortgage and let the bank repossess the house; pay the entire mortgage yourself; divorce the spouse and move out; divorce the spouse and stay, while your spouse moves out; find out why your spouse refuses to pay half of the mortgage and see if some agreement can be reached; seek cheaper housing; go on an extended backpack tour of Europe; enlist in the army. That's about it.
Can a car place repo your car if you have made half of your payment?
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.
What does prorated mean?
For the sake of argument, let us say you are talking paying rent. If rent is $100 a month, and you move in half way into the month, the prorated payment would be half the rent - or $50. Does that answer your question ?
Can the bank repossess a 30K dollar car when less than half is still owed and only 128 dollars is past due?
The bank can legally repossess a car at any time you default on the loan regardless of the vehicles value or the amount past due. If your car payment is due on April 1st and you don't pay than you are legally in default on your contract. If you make a partial payment (less than the amount you agreed to pay in your contract every month) and the bank didnt agree to this arrangement then you are still in default. The best bet would be to pay the $128 before the car is repossessed or to pay the back balance owed if it has already been repossessed.
What is Splitting a purchase?
One person paying half and another person paying half.
What splitting a purchase?
One person paying half and another person paying half.
Splitting a purchase is?
One person paying half and another person paying half.
