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If you can't make full payments on your car but do attempt to pay by making reasonable payments can it be repossessed?
Wiki User
∙ 18y ago
Yes. It is an absolute fallacy that a creditor/lender has to accept any payment other than the full amount that was agreed upon in the original contract. Many consumer's are under the impression that as long as they make a payment of some type to a credit card issuer or lending institution, respossession or legal action is not possible; that is totally false. As soon as a borrower misses a scheduled payment the contract has been defaulted on and unless there is a "grace" period, the creditor can take any action deemed necessary. Additonally, the lender can continue to accept lesser payments and apply them to the interest and penalty fees and be within their legal rights to file a lawsuit, repossess a vehicle or begin foreclosure proceedings.
Wiki User
∙ 18y ago
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Can a vehicle be reposessed for late fees on the loan?
It depends on how many times you've been late on vehicle payments. Most of the time though as long as you are making a payment of some kind on the loan your vehicle will not be repossessed.
Can co-signing a car loan affect your credit score?
It can have a negative effect if the primary borrower doe not make their payments on time. When you co-sign for a loan you are making a guarantee to the lender that the loan will be paid. If you decide to co-sign for someone else you need to make sure you can pay the loan if they stop making payments and you should also make certain the payments are being made on time. Late payments and missed payments will be reported to your credit record as well as that of the primary borrower.
Are orchard bank online payments legal?
Yes, Orchard Bank online payments are legal payments. Making online payments is faster, easier, and often more secure for both the person making the payment and the bank itself.
A temporary postponement of payments or making smaller payments while interest is still accruing is called?
deferment
If you cosign for a student loan does it show up on your credit report before or after the student starts making payments?
It shows on your credit report even before they start making payments.
Can your car be repossessed if it was in an accident and nearly totaled?
If you weren't making your payments yes. It would only be repossessed if you weren't making your payments.
Can a motorcycle be repossessed if you haven't made payments in 6 months and then started making payments again?
Technically you breached the contract with the lender if you did not make payments in 6 months. They actually have the right to NOT accept further payments from you. So yes, it can still be repossessed.
Can furniture be repossessed if payment has not been made in 6 months but you start back making payments?
Yes, furniture can be repossessed if you start making payments again after 6 months, especially if the missed payments are not caught up. The creditor can refuse the payment if court proceedings are already in progress.
Can a vehicle be repossessed if you allowed a military person to take over vehicle payments and he has not paid anything?
it doesn't matter if the pope takes over your vehicle payments. if he stops making them, your credit is damaged and the vehicle is repossessed.
If a financed vehicle is contracted with another person who is not making payments can it be repossessed?
If you're asking whether the vehicle can be repossessed for non-payment, it can, regardless of who's supposed to be making payments. Whoever appears on the contract or paperwork for the car is responsible for the payment, regardless of what informal agreements may be in place.
Should I keep making payments in a VW diesel car?
If you keep on missing payments on your auto loan, there is a high chance that the vehicle may be repossessed by the bank.
If a car is repossessed and you agree to make some kind of payments ever month will they still list it on your credit as a repo?
Yes but it will also list that you are making payments!
Can you still owe money on a car that was repossessed and resold to another buyer?
yes. When a vehicle is repossessed by the bank it doesn't mean that you stop making payments. You are still liable for the loan.
Can you get your repossessed car back if you file Chapter 7 bankruptcy and start making payments?
You will have to ask your bank about that. They are in control now.
Can your car be repossessed by the car dealership if you never gave proof of income?
If you are not making the required payments to the finance company that holds the lean on you car it may be repossessed. Proof of income is not required or relevant.
Can your car be repossessed in Missouri if you are making payments but 45 days behind?
READ your CONTRACT. Its that simple. If you are in DEFAULT of the contract, they can repo the collateral.
My husband died a year ago. Can the finance company repossessed my deceased husband's vehicle although I have been making timely monthly payments?
no
