0
In the state of Georgia how long does a repo search for a vehicle that someone is hiding and do the finance company ever write it off as a charge off if it is not found?
Wiki User
∙ 18y ago
They can stop the vehicle from being licensed. They can declare that the vehicle is being held fraudulently and if you drive it you could be arrested. You signed an agreement and gave your promise to pay for the vehicle when you took out the loan. Is your promise worth anything? If you don't pay this loan you will probably have difficulty getting any future loans. You might be better off just contacting the lending institution and finding a way to pay off the loan, then the vehicle is yours and you don't need to look over your shoulder for the repo man.
Wiki User
∙ 18y ago
Add your answer:
Earn +20 pts
What is surrendering your vehicle mean?
Surrendering a vehicle, in a financial sense, means that it is being repossessed and it is being given back to the finance company. The company will usually send someone to collect the vehicle.
Who is the lessor vs lessee in auto registration?
The Lessor is the finance company. The lessee is the person leasing the vehicle from the finance company
Who owns a car when the finance company refuses to pick it up?
As long as the finance company holds the title, they effectively own the vehicle.
Does a finance company have to auction a repossed car in Florida?
Yes, a finance company or a bank is required to send the vehicle to an auction to dispose of it.
Is it illegal for a finance company to use a financed vechicle as collateral?
you cannot use it as collateral because you need to hold title of the vehicle however in this case the finance company has the ownership of the vehicle not you.............
Your vehicle was repossessed and the finance company charged you ''storage'' fee on the invoice to get your vehicle back can the repo agent still charge for storage?
no because the storage fee that the finance company charged you was what the repo company charged on the invoice. the finance company had no other reason to charge storage fee's they did not store it
Can a finance company change your registration when trying to repossess your car?
Is it legal to? NoIs it possible to? NoThe finance company does not have possession of the vehicle so can do nothing with the paperwork on that vehicle until the do secure possess of it.
Uninsured finance vehicle has been stolen Cancelled insurance because car was being repossessed by finance company?
You still have rights to recover the vehicle. The finance company may help you look for it if they're desperate enough to get it back. Even if your car was insured, you would legally have to payback the finance company for the car since you broke a binding finance contract.
In pa when a vehicle is repossessed does the finance company have to tell you what their doing with the vehicle?
Usually, they do not have to tell you what they are about to do to your vehicle. But, the procedure is is that they will sell your vehicle in an auction.
How can a person take a car away from someone who doesn't have auto insurance?
I assume you mean a repossession of a vehicle if you let your insurance cancel. When you purchase a vehicle and finance the cost of the vehicle you sign a legally binding contract. One of the terms in the contract is always that you must carry physical damage auto insurance payable to the finance company if the vehicle is a total loss or damaged. If you fail to keep this insurance you have broken the contract and the vehicle is subject to repossession and you may be sued for additional damages if the value of the vehicle is less than the amount owed to the finance company.
Can a finance company go on your property to retrieve a vehicle for repossession in NJ?
Yes
Can you go to jail for selling a vehicle that has a lean hold by a finance company?
yes
