You need to persue this towards the lending institution first,since this is where the payment in question was sent. If the bank violated their loan agreement you have action against both the the bank and the repo company.
The question is, "Why would you worry about a missed payment when you have interest in the vehicle?" The money that you used as your down payment and any payments you have made total your interest in the vehicle. Why are people running from the repo man when in fact you can place the finance company on notice that, if your interest is repossessed, you will file criminal charges in federal court against the finance company and get triple what the car is worth. I guarantee you they won't take it. You can also put a mechanics lien on the vehicle to protect your interest in it.
can a finance company reposses your vehicle if you made your payment on the15 day
Fleet Leasing is a vehicle belonging to a group, or fleet of vehicles that a business is leasing from a third party leasing company. These vehicles are then used by the employees. Fleet management (usually offered by the leasing company) offers the company advice and recommendations on which vehicles to use for their company as well as payment options.
Depending on your contract with the lender or repossession forwarding company, they could be responsible for the storage fees and recovery costs. Ultimately the car's owner is responsible. If the fees have not been paid and you feel they will not be, and you have not released the vehicle yet, do not release it. The vehicle is the only security you have against payment.
Absolutely. The company performed a service with your vehicle, for which their is a fee. They release that vehicle once the fee is paid. It's the same anywhere else outside of California.
The finance company has the right to repo a vehicle the day after the payment is due if it is stated in your contract. they usually wait till you are 30-60 days past due.
If your lien holder repo's your vehicle, they can file a claim against your insurance for damage to the vehicle. The repo company itself would have no claim, because it's not their vehicle.
They can if they got a judgment on your possessions for non payment of debt, otherwise no.
You do not need a letter, you need to call or visit the loan company and talk to them about this personally. Skipping a payment can result in the loan company starting repossession proceedings on your vehicle. This is something you do not want to happen so contact the loan company immediately if you are unable to make your payment on time.
Comprehensive is the coverage that would pay for the theft of a vehicle. The policy spells out the insurance companies options on payment. On any claim, the insurance company has the option to repair, replace, or pay the actual cash value of the vehicle in the event of any loss. Generally they do not replace a vehicle but pay the actual cash value less your deductible then allow you to purchase a replacement vehicle. As a matter of full disclosure, I own and operate a small Independent Insurance Agency and have for the part 22 years. Before that I worked as an agent for a direct writer insurance company. As for the payoff of the loan on the vehicle, the insurance company will have to issue payment to the bank up to the amount owed on the vehicle. The amount they pay has nothing to do with the balance on the loan. If you owe less than the ACV then the balance will be paid to you. If you owe more than the ACV then you will have to pay the difference to the bank or finance company.
The recovery company should have left some information. If not contact your creditor. You have a right to know where the vehicle is and what options you have for recovery.
Auto Pawn USA is a company which will accept your vehicle as security for a loan. Money can be handed over immediately in return for handing over your vehicle and the title to the vehicle. The company also sell used vehicles and can arrange finance options for the purchaser.
Depends on the company. Average 2-6 months.
No, they cannot. Call the police.
No, they cannot take a vehicle which is occupied at the time they hook to it. However, if you jump into a vehicle after they've hooked it, then they can't leave, but they can take legal action against you.
Normally if a lien is in force on a vehicle the person(s) company will not release it until any monies owing have been settled in full and final payment. If the vehicle has been lawfully removed from the person(s) company, then the lien has been lost and has no effect. If you subsequently returned to the same company for an additional service, hopefully you would'nt, but if you did, the company cannot reclaim the vehicle for the previous lien. If therefore they withheld the vehicle from you, it would be unlawful with regards UK law. There are specific rules regarding lien, a company for example cannot hold a lien against your vehicle for things like carrying out an MOT Test, or completing a routine service, even if new parts have been fitted, they are not deemed to be an improvement service.
In Michigan, yes, although it might be against company policy.
You can get company vehicle insurance at www.iaai.com.
No a lien holder can not file a claim against the insurance company as they are not the named insured, you are. Although if there is a lien on the vehicle the insurance payment for damages to your vehicle will be in your name and the lien holder name. They then might require that you fix the vehicle so they can protect their interest in the vehicle. each lien holder is different. CORRECTION: If the lien holder is named on the policy and the vehicle has been repossessed, the lienholder has a right to recovery under that policy.
Regardless of the state, if you are not at-fault in an accident, you do not have to have your vehicle repaired, you can simply accept a check. Be careful though, because if you are involved in another accident the next company will not offer you such a large payment. The insurance company has an obligation to restore you to pre-loss condition and if you have existing damage on your vehicle they will not pay for that resulting in a lower payment in the future.
Can a vehicle be taken by the police for delinquent payments.
It depends of several factors. Stop payment orders are mostly governed by state laws and regulations, which vary by state and bank. Stopping payment on a check to avoid payment of a legitimate debt may be a criminal act of fraud, depending on state fraud laws. It Texas if you stop payment on checks to certain businesses they can retaliate. For example, if you refuse to pay a auto mechanic bill they can keep your car. If you pay with a check to get the vehicle, then stop payment on the check, the mechanic can repossess your car just like a loan company who isn't paid can.