answersLogoWhite
Cars & Vehicles
Repossession

If you subleased a truck and the leasee is not making the payments can you hire a repossession agent to get the truck back for you?

495051

Top Answer
User Avatar
Wiki User
2015-07-16 19:26:48
2015-07-16 19:26:48

First off, you broke the law.

Unless it says you can sub lease, you have no right to. In most states it is illeagl to sub.

To answer your question, Yes you can but get your finance company involved. If you came to me to do the job, I wouldntr do it for you without the banks knowledge.. Keep in mind, That is the way I conduct business and might no be the way others do.

most importantly make sure they are insured.

1

Related Questions

User Avatar

You will receive notices that your payments have not been received, making your auto subject to repossession, but you will not receive a date and time of the repossession.

User Avatar

The most common type of repossession notice when a person has not been making loan payments for a car or truck. If the lender does not receive payments, the vehicle may be towed away.

User Avatar

If you do not make car payments you will default on your loan or lease. It will ruin your credit and end up with a repossession.

User Avatar

The first step is to contact your lender. They will have those answers. It usually involves making up past payments, and paying the repossession fee, and perhaps storage.

User Avatar

It's called repossession. The lender owns the property, the homeowner is making payments.

User Avatar

One payment may not be enough to stop the progress of the repossession proceedings. You need to communicate with the mortgage company and arrange to make regular payments.

User Avatar

Once the loan is in default the bank has the right to refuse payment and repossess the vehicle.

User Avatar

That would be pretty difficult to do. Because the action is a repossession, it indicates that the person has a poor record of making payments and an attorney is too smart to take the risk of not getting paid. They will want their money up front.

User Avatar

That would be at the lender's discretion. Call and ask. Banks don't like to repossess and if you are making an honest effort to correct the default they will probably go along with you.

User Avatar

That would depend on the repossession laws of your state of residency. Or if different, the state where the loan was procured for the vehicle.

User Avatar

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.

User Avatar

Gap insurance will not cover repossession in any state or territory of the US. Repossession is not a valid claim for insurance. In fact, it is possible your insurance could be cancelled as a result of the repossession, making you high risk.

User Avatar

You don't. If the cobuyer has possession of the vehicle and is no longer making payments, you as the buyer may take possession and either take up and make current the payments, or voluntarily surrender the vehicle. Failure to do so will result in repossession, and will adversely affect your credit.

User Avatar

No its perfectly legal and if you are still making payments on it, that increases values.

User Avatar

No, provided the contract was entered into legitimately by you, and in some states you do not attempt to hinder the repossession of the vehicle. In the event you entered into the contract fraudulently, you can be charged and arrested for fraud or attempted fraud. In the event you attempt to hide the vehicle or prevent repossession, you could be charged with hindering the lender, or in some instances for auto theft.

User Avatar

If you weren't making your payments yes. It would only be repossessed if you weren't making your payments.

User Avatar

It is not YOUR car if you have not fully paid for the car or, have not been making payments. You need to either catch up on the payments or return the vehicle soon. Driving it is not so much illegal as it is borrowing trouble. A repossession will save you from paying the total price of the car should it be ruined in an accident.

User Avatar

You can report it as stolen, but the police will more than likely not take it very seriously. It would be better to have a repossession agency or individual deal with it. Issues like this can escalate and become violent.

User Avatar

Yes, Orchard Bank online payments are legal payments. Making online payments is faster, easier, and often more secure for both the person making the payment and the bank itself.

User Avatar

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.

User Avatar

Repossession is something that happens when you aren’t able to make your payments. If you can’t pay the bank for whatever loan you took out, and if you are missing payments to them, they can come and take the property or items back. Using a loan or a credit card to make a huge purchase is good for you, because you are going to be able to purchase something like a house or a car, which you probably wouldn’t be able to afford otherwise. However, there is a problem that goes along with this. The bank has the ability to repossess the items, which means that they can come in and take whatever you used their money to buy if you aren’t making payments. So, you need to make sure that you know how to avoid repossession. There are many things you can do to avoid repossession. This includes selling or renting back your items, so they remain your items and you can remain in your home. Organization is the key, so you need to know how much you are going to have to pay and when each of these payments needs to be made. Being organized can mean that you’ll never miss a payment due to forgetting about it. You will feel more in control of your finances and feel better overall. Another way to avoid repossession is to keep the lines of communication open with the bank. If you are missing payments, or if something has happened and you are not going to be able to make your payments, you should contact the bank and talk to them about it. If repossession is threatened, the best thing to do is to contact the bank and pay whatever it takes for you to keep your possessions. This is going to allow you to keep your property, but is also going to keep repossession off of your record. No one wants to deal with repossession, and no one likes to admit that they can’t pay for what they have. However, most companies are willing to work out payment plans to help you, so make sure to tell them about your situation before just hoping it goes away.


Copyright © 2020 Multiply Media, LLC. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Multiply.