yes they can do it
No - just the loan. BUT! The seller may repossess and sell the damaged car for $500.00 to apply to the loan rather than maybe $2000.00. So it's about the same anyway. You lose.
Absolutely, name exists on title therefore you are part owner.
A private auto sale is considered a contract. As such, if the buyer isn't paying as agreed, he's in breach of ths contract and subject to civil remedy, such as a law suit. Unless specified in the contract or allowed by your local law, you can't take the property back. That places you in breach as well and could be considered auto theft.
Read the contract you signed. They very well may be able to repossess the car if you are 30 days late. Depends on the contract and your state laws. Legally you have defaulted on the agreement if you are 1 day late.
Make them a REASONABLE offer. All they can do is say no.
That's dependent on the conditions of your loan. Realistically, they can legally repossess it after one payment is missed, if those terms are stated on the conditions of the loan.
Disability does not negate the responsibility to pay for a loan. A defaulted loan can damage your credit and yes, the creditor still expects the money. Sometimes an attorney or Consumer Credit Counselor can help smooth the way when dealing with a creditor.
As far as the auto loan you cosigned for, nothing will happen as long as the person who actually borrowed the money makes the payments on time.
One day past the grace period is permissible.
Your mom will be responsible for the debt and if she does not pay it could affect her credit, she could be placed with a collection agency or sued in court.
From my experience, you would have to re-finance the suto loan with the new co-signer.
They can take whatever the security for the loan was. For example, if you have an auto loan, they can repossess the auto. If you have a home loan, they can repossess the home. If the loan was a recourse loan and the value of whatever was repossessed was less than the amount still owed on the loan, they can get a deficiency judgment in a court of law. If the court grants a judgment, they can they take other assets.
NO, you cant steal your own car. You might ATTEMPT TO HINDER A SECURED CREDITOR.
They sell the vehicle for what they can, then charge the remainder to you. They usually sell that debt to a collection agency, and the agency starts calling you for that money.
Since it was caused by the vehicle, the vehicle insurance should cover it. Most home owners insurance companies would probably make a claim against the auto insurance company, if they covered it.
You start getting letters from a collection agency then guys like me buy out your contract & repossess you if and when seen.
Yes. However, if you default on your loan, they are legally entitled to repossess and sell it. Always be careful before committing to anything!
If you have defaulted on the loan, you must sell the vehicle, pay off the loan you have, receive a lien release on title from the loan company and sign it ovet to the buyer. This is bad situation as most people will not pay for a vehicle with out receiving the title at the time of purchase.
Not without a court judgment and a Sheriff Deputy present. If they try otherwise, call the police and have them arrested for trespassing.
High risk auto loans could refer to the driver signing for the loan or the type of vehicle that is being purchased with the loan. If an individual has defaulted on a previous loan they may need to have a co-signer guarantee payment.
Depending on the state of residence, it is possible for a lender to still repossess your car if you get caught up on the payments. Certain states allow a lender to request full payment of an auto loan when borrowers fall behind, even if they have caught up on past due payments.
The company repossessing the car has no authority to negotiate terms with you. They are simply there to repossess the car. You must negotiate with your lender. Hopefully, you will do this before the the repossession order is submitted by the lender.
The cosigner's credit isn't affected one ioto unless the person who was responsible for the loan payments defaulted, then and if the cosigner also defaulted. In other words, just being a cosigner does not affect ones credit ratings.