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If you pay partial on your car loan can they repossess your car?
Wiki User
∙ 16y ago
Yes, the lender/lending institution is not legally obligated to accept partial payment on a contract. Likewise the lender can accept the payment, apply it to the debt accordingly and still file suit, although once the suit has been filed the lender cannot continue to accept the borrower's money unless the lender dismisses the suit. Any lender can sue for debt owed when the original contract is defaulted upon. The laws of the debtor's state determine procedures for creditor vs. debtor civil lawsuits.
Wiki User
∙ 16y ago
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What happens if you don't pay your car loan?
The repossess the car, can get a judgment against you and your credit is badly damaged.
If you don't pay the first payment for your loan can they repossess the car and still collect the amount the car is worth from you?
Yes.
You can't pay for the car but the company won't come get it?
The bank that you have the loan with hires repo men to repossess the vehicle
How many days do you have to be behind in your payments in New York before they can repo your car?
As soon as you have defaulted on the loan, a creditor can repossess your car. So 24 hours after you have failed to pay, they can repossess your vehicle without notifying you.
Can the bank repossess your car after the loan matures and you still owe?
If you still owe on the car (whether matured or not), the bank can take it if you don't pay. It belongs to them until the loan is paid and the title is sent to you.
If you are gifted a car in a will that is not paid for how long does the estate legally have to give you to pay off lien?
If you inherit a car that is subject to an outstanding car loan you need to keep up the payments with the LENDER according to the terms of the original loan. If you default on the loan payments the loan company can repossess the car.
If i didn't pay my title pawn and they don't come get my car what can i do about the title?
Assuming you used the car's title to guarantee the loan - IF you fail to repay the loan, they can repossess your car ANY time they want to ! The title of the car remains the property of the loan company until you repay your debt.
Can you repossess a car that you cosigned for if the primary has not defaulted on the loan?
To repossess something, you must have had possession of it at one time or it must be collateral on a loan that you are the lender on. To co-sign only means that you agree to pay the notes if the primary buyer doesnt. Collateral for a loan that is NOT in default cannot be repossessed by the lender.
What can you do if you can't afford to pay for the car anymore and want to give it over and you can't even have it refinanced?
Whatever you do, do not allow this car to be repossess. Find someone who will take over the payments, even if you are upside-down on the loan and have to pay them something to do so. Defaulting on the loan will ruin your credit for 7 years and you will still have to pay the difference in what the lender sells the car for and the balance on the loan, plus repossession fees. A very, very bad thing for you. Do whatever it takes to avoid it being repossess.
Can a bank sue you after repossesion of a car?
After they repossess the vehicle they will sell it for whatever they can get. You are then responsible for the difference in what they sold the car for and the balance owed on the loan. If you do not pay this amount they will take you to court.
Can a bank repo a car after the contract has expired and you still owe money on the loan?
A contract for a car loan does not expire. A borrower must pay the balance on the loan in full, according to the terms, in order to take ownership of a car. A lender can repossess a car at any time due to a default on the loan, even if there is only one payment left.
Is a cosigner's spouse responsible for the loan if he dies?
No you are not responsible but if your step daughter does not pay the loan they can still repossess the vehicle.
