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.
If you weren't making your payments yes. It would only be repossessed if you weren't making your payments.
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.
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.
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 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.
Yes but it will also list that you are making payments!
If you keep on missing payments on your auto loan, there is a high chance that the vehicle may be repossessed by the bank.
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.
You will have to ask your bank about that. They are in control now.
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.
READ your CONTRACT. Its that simple. If you are in DEFAULT of the contract, they can repo the collateral.
A repossessed boat is a boat that the bank or company has taken back from you because you neglected or were unable to make payments to legally own the boat. A normal boat would be a boat that's owned by a person who's either making the payments on time or already has it paid off.
Your car can be repossessed at any time without any warning if you aren't making your payments. It is probably in your paperwork in the fine print what happens when you don't make your payment.
Depending on your state... a car that is included in a Chapter 13 Bankruptcy cannot be repossed. The Bankruptcy laws protect you from repossession. Just as long as you are in Chapter 13 and are making payments to the Trustee, your car cannot be repossessed.
Yes, your truck can be repossessed even if you are using it to earn an income, however, you can tell your creditor that you are earning money with your truck, and that if the creditor does not repossess the truck you will use that income to make payments on your loan. Of course, if you are not making payments, and spending all of your income on other things, then the creditor has no motive to let you keep the truck.
Do you have anything in writing??Cancelled checks???Your only recourse is to sue the individual who took your money.
In the State of Texas, the answer would be "YES" as both parties signed for the car loan and both are responsible for the balance due. I was the primary signor but the cosigner had the car and was making the payments. Then she stopped making payments after owning the car for 3 years and the car was repossessed.
IF its filed properly,NO. Why not ask your B/K attorney this question??? That's what you pay them for.
Repo'ed carContact the lender that had the lien against the car, and they will tell what steps need to be taken to get it back (i.e. making all overdue and/or current payments on the vehicle).
Only after making all of your back payments, otherwise your SOL...
The lender has the right to receive all the payments. A co-buyer has no rights TO the payments.The co-buyer is equally responsible for making the payments.The lender has the right to receive all the payments. A co-buyer has no rights TO the payments.The co-buyer is equally responsible for making the payments.The lender has the right to receive all the payments. A co-buyer has no rights TO the payments.The co-buyer is equally responsible for making the payments.The lender has the right to receive all the payments. A co-buyer has no rights TO the payments.The co-buyer is equally responsible for making the payments.
Only if your name is on the title, and only if the primary borrower defaults and the vehicle is subject to being repossessed by the lender.
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.
Assuming they haven't actually repossessed the car yet, you should contact them immediately to find out what's going on and begin making up the missed payments. If they made an error, they should stop repossession proceedings and remove the ding on your credit report (you should probably also contact the credit bureaus in the meantime to dispute the report). If they HAVE repossessed the car...If the lender stopped processing your automatic payments without notifying you, and you did in fact have the funds available to make the payments had they tried to process the automatic payments, then you might want to consult an attorney; it sounds like you probably have a case against the lender.If they did notify you that they would no longer be accepting automatic payments, or if they notified you of a failed attempt which you would need to pay manually and you didn't bother to do it, then it's a lot more obviously your fault instead of theirs and there's not going to be much you can do about it.