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.
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.
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.
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.
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.
A repo is a repo is a repo.
It's called repossession. The lender owns the property, the homeowner is making payments.
No. But, the vehicle will become a repossession if payments are not made.
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.
Once the loan is in default the bank has the right to refuse payment and repossess the vehicle.
It would depend on the contract you signed when you purchased the car.
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.
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.
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.
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.
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.
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.
They wont if you dont ASK or make the offer. Call 'em...
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.
No its perfectly legal and if you are still making payments on it, that increases values.
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.
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.
If you weren't making your payments yes. It would only be repossessed if you weren't making your payments.
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.
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.