In Virginia, the law states a lender must submit notice in writing at least 10 days before a car is to be repossessed. Therefore, car payments that are late can be subject to repossession at anytime, provided notice has been given.
If you have no lien on your vehicle then no one has a legal right to repossess it. If you're not behind on the payments there would be no reason for the lender to reprocess the car in the first place. It is hard to believe you have a loan on a car without a lien. The car stands behind the loan. If there's no lien on the vehicle then the car is not involved in the loan and cannot be repossessed.
Your car can be repossessed if you miss one payment. Not likely they would do that but it is possible.
The best way is not to fall behind with your payments.
If you do not want your car repossessed, then you need to keep up with the payments on your car. If you are behind on payments, then your car could be taken away from you legally.
Yes, your car can be repossessed by a company if you are behind on payments. However, it has to be a licensed repossess to be able to do this.
Legally if you miss 1 payment you are delinquent and they can start repossession proceedings on their vehicle.
Depending on how many payments your behind. If you are behind a great margin I think they would to try to make back the money lost but if you're one or two payments behind they will give you a chance to catch up and if you fail to make any payments after they contact you they will sell.
READ your CONTRACT. Its that simple. If you are in DEFAULT of the contract, they can repo the collateral.
Make a deak with your finance co to pay off the payments you are behind. Caution...Don't refinance for lower payments or they will stick you for high interest added. Negotiate with the lender.
If they are accepting your payments, they probably won't take your car.
Yes it can.
Yes. Once you have forfeited on the contract, it is void. The lender at that point can legally expect payment in full. Toward that end, they may take the vehicle and sell it to pay a portion of the balance.
Technically yes - the vehicle can be repossessed if you are 'in default' of your obligations under the contract. So while the usual way to default on the contract is by missing payments, it is possible for you to be in default by another way, outlined in the contract you agreed to.
In most instances when you get behind on your payments. The exact details of when the lender will repossess the vehicle is listed in the contract you signed when you took out the loan on the vehicle. Read your contract with the lender.
I'll take a guess, since you posted this under reposession: It's hiding a vehicle so it would be repossessed, done sometimes when people are behind in their car payments.
legally, you only have to be behind one day. Usually a lender will try to work wityh you for 30-60 days to let you catch up. They dont want the car, they want the money. HEY GUYS TRY WWW.STOPTHEREPOMAN.COM TO KEEP FROM LETTING YOUR CAR BE REPOSSESSED
It depends on you locatily, but in general, yes, if you are behind on your payment, your vehicle can be repossessed.
No, it cant.
Typically a person is given three months or approximately 90 days to miss car payments before a car is subject to repossession. Usually the bank or credit union that issued the loan will call to try and arrange payments with the car owner.
Read the contract again. What part of it are you in DEFAULT on? There is a clause in most contracts that says the lender can accelerate the balance due for a number of reasons.
It depends on what you consider harassment. They can demand that you pay your mortgage if you are behind in your payments.It depends on what you consider harassment. They can demand that you pay your mortgage if you are behind in your payments.It depends on what you consider harassment. They can demand that you pay your mortgage if you are behind in your payments.It depends on what you consider harassment. They can demand that you pay your mortgage if you are behind in your payments.
Generally you would have to sign paper work if the bank had approved a refinance agreement . In that case you could take legal action . They could however reposses the vehical if you fell behind again on your payments after sighing the agreement. Guess what......... banks and lenders LIE !!!!! If it is not in writing then there is no agreement so you don't have any recourse. Unfortunately you learned the hard way.