Pay it. negotiate with the lender for reduced payoff.The lender can get wage garnishment.ect. They will hound you till you pay.
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 you can. Just notify the lender where you dropped it off. No need to let it sit at a dealership for 2-3 months doing nothing waiting for the lender to locate it. That will save you a lot of phone calls from the lender also.
The Oregon Trail was 4-6 months
If the dealer calls you after the car has been repossessed, then you should inform them that you no longer have the car. They can contact the finance company to verify the information.
About two months after one stops paying for the vehicle.
The Lender may or may not want to repo a wreck. Bankruptcy, same deal. Call the lender, tell them what the car looks like, and let them decide. ___ File bankruptcy if you are buried in unsecured debt, not to save the car. Especially a wrecked car. ___ "Repossession" looks slightly better (not MUCH better) on a credit report than a Chapter 7. Let it get repossessed.
The depends if the cause is a result of denial of access by the other parent.
You can be sued and your car repossessed.
READ your lease. The lender can repo as long as you are in DEFAULT. As long as there is money owed on a contract, the collateral can be repossessed IF the contract is in default. Subject to some state guidelines.
The pioneers arrived in the oregon territory in september or october. It took 6 months to get to the oregon teritory
The vehicle was repossessed for non-payment of the lease, correct? You still owe all the money to the lender, even though you no longer have the car. You signed a written agreement with the lender promising to pay a certain amount each month for how ever many months were in the lease. You breached that written contract by not paying the monthly lease - Just because the car is taken away from you does not absolve your financial responsibility to pay for the remaining parts of the lease.
Make up the payments ... like right now. If one is unable to do so, then they need to contact the lender (should have done this 2 months ago) and explain the circumstances of why they are breaching a written contract (punishable by law). Sometimes things can be worked out - you may have to return the car to the lender, as they ARE the owner of that vehicle, not you!
The balance remaining after a repossession will remain due for a minimum of seven years after the vehicle was repossessed or ten years in the event of a judgment. Also in the event of a judgment, an additional ten years can be requested by the lender. Here is another secenario: the vehicle is repossessed and the debtor refuses to pay. The lender can opt to seek a judgment for the outstanding balance, or the lender can wait for 6 years, 11 months before doing so. This in essence give the lender 17 years to collect the debt. Now say the debtore continues to refuse to pay; the lender can then seek that ten year extension, given them 27 years to collect. In addition to the unpaid balance, the lender can add on repossession fees, collection fees, court costs, and legal fees, and in some states simple interest. That $1000.00 you owed when the vehicle was repossessed can quickly turn into $20,000.00 or more. The lender is not going to sit by and let that remain uncollected. Once the judgment is obtained, the rules for collecting change as well. With the judgment, the lender can attach your bank accounts, garnish your wages, place liens on other property, petition the court for forced sale of other property, and attach your income tax returns.
A car cannot be repossessed until the owner has missed several car payments and the owner has been notified of late payments. In most states a car can be repossessed after three months of non-payment.
Three months of non-payment
i am two months behind on my mortgage. can the lender refuse to take one payment?
I believe if you haven't paid in three months they can repossess your vehicle in Utah. *The state does not require a Right To Cure notice be sent to the borrower. The lender may recover the vehicle whenever the contract is in default. UCC laws apply, and the vehicle can be recovered by any means that does not constitute a breach of peace. The plates remain with the borrower/debtor.
It took about 6 months to travel the Oregon trail. It was the same for the trail to California as well.
The length of time depends on the lender. If you do not intend to keep the house, then you need to make plans to move out on short notice when it comes. If you do not want to wait for that day, contact the lender. Some lenders are not responsive, but others are and you might get the help you need that way.