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.
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.
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.
Legally if you miss 1 payment you are delinquent and they can start repossession proceedings on their vehicle.
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.
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.
if you are behind at least 2-3 months behind in payments then they can come get it whenever they please
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.
Before doing that, you should go to your bank and explain your situation. They might be able to take over the loan at a lower interest rate. That way your payments may become smaller. If that doesn't work, maybe call whoever has your laon and explain your situation, see if there's anything they can do. * No. Bankruptcy should be the last resort for a debtor. Be that as it may, bankruptcy will not keep a vehicle from being repossessed or the borrower for being responsible for the loan. Secured property such as a vehicle are not dischargeable in bankruptcy.
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.
YES, very much so. If you cant get out of default, get your stuff out of the car.
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.
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.