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Look at it from the lenders viewpoint. They can repo a car with 1500.00 owed that might sell for 2500.00 from you. OR, they can repo a car from Joe Doe with 35000.00 owed that might sell for 23000.00. Which would you repo first? The one you lose money(Joe Doe) on oe the one you break even on (you)??

2015-07-16 18:11:28
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You kept making car payments after discharged in chapter 7 if you stop paying and don't surrender the car can the lender go and undo your bankruptcy?

No. But, the vehicle will become a repossession if payments are not made.


Can you get your vehicle back after 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.


Can a lender help avoid you having to pay for a car you cannot afford?

When you bought the car, the lender paid the dealer for the car, and you are making payments to the lender, plus interest. The lender will not help you avoid paying him.


How do you get your vehicle repossessed?

By not paying the payments needed or by government seizure. Zaragotha (Zara)


Can you take possession of the car if the borrower stops making payments even though they have been paying for a year?

Only if your name is on the title, and only if the primary borrower defaults and the vehicle is subject to being repossessed by the lender.


What does it mean to redeem a vehicle?

Paying the amount owed to the lender plus any fees or penalties, in order to retain ownership of the vehicle.


Can you keep a vehicle after filing chapter 7 if they have not repossessed it?

You can only keep the vehicle under two circumstances: (1) sign a reaffirmation agreement and keep making payments; or (2) redeem the vehicle by paying of the balalnce. If you fail to do either, they lender can get permission from the bankruptcy court to repossess the vehicle. In some states, such as Missouri, you may keep the vehicle if you continue to pay on it.


If you have been late on payments and they want to repossess can you still catch up without paying the remaining balance of your loan?

That option is up to the LENDER. Call the lender ASAP for more info.


Can you stop paying on a auto loan because your vehicle has mechanical problems?

The answer to that is no. They can still take the car if you don't make the payments or keep it insured. The best bet is to call the lender andlet them know you're going to be late on your payments. Lenders would rather use repossession as a last resort.


If the cosigner has had possession of vehicle 15 months paying the payments does the primary have the right to the vehicle?

will primary on a auto loan have right to the vehicle if cosigner has been paying loan for 15 months and has possession of vehicle will primary on a auto loan have right to the vehicle if cosigner has been paying loan for 15 months and has possession of vehicle


If you are paying half of your car payment can they still repossess it?

My best suggestion is to contact your auto lender, and ask them the procedure for repossesions. Keep in mind that the bank can reposses your vehicle if you are 60 days late on your payments even if you attempt to only make half of your payments. Call them as soon as possible and work out a payment plan with them.


Can your lender foreclose on your mortgage if you are paying your principal and interest payments on time but not the PMI and escrow amounts?

Yes. Escrow and PMI all factor into your mortgage payment. If the payments are short, its as if they are not being made at all.


Is it illegal to drive your car if your lender wants to repossess it?

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.


What happens if you stop paying insurance on a vehicle that you have a loan on?

The loan could be called due in full; and, if not paid, the vehicle could be repossessed. But usually notice will be first provided, requesting proof of reinstatement of insurance coverage. The lender of the funds used to purchase a vehicle asks for a number of terms when offering a loan to a prospective borrower. The purchased vehicle is the collateral, or security, for the loan. Lenders reduce their risk, making the whole auto loan business possible, by reserving the right to take possession and ownership of the vehicle should the borrower default, or stop paying. One of the conditions the lender almost always places on the borrower is the requirement that the borrower insure the vehicle with "comprehensive" insurance at a level that protects the lender's investment in case of vehicle loss or damage. A lien in favor of the lender, recorded on the title, legally protects the lender. When the insurance is written on a vehicle purchased with an auto loan, the terms usually provide that payment upon a vehicle loss goes first to the lender. Thus the lender has and has record of a potential obligation to the lender. So when the policy holder stops paying, the insuror will usually notify the lender that coverage is no longer in effect. The lender will then likely notify the borrower that he/she must immediately reinstate insurance coverage and provide proof thereof. If proof of insurance is not quickly sent, the lender can consider the borrower to be in default of the loan terms, even though loan payments are continued. Depending on the specific terms of the loan agreement, the lender can call in the loan, requiring immediate and full payment--payment of the entire outstanding principal. Repossession could follow a refusal to pay.


When you buy a new car does the dealership have to turn in that information to your insurance company?

No, but unless you are paying cash for the vehicle the lender is going to want insurance coverage on the vehicle until it is paid for in case something happens to it. Therefore, the lender is going to want a policy number insuring their vehicle is covered.


Do you know how to pay off a morgage early?

If you are intersted in paying off your mortgage early, contact oyur lender. They will be able to give you specifics on how much interest you will save by paying the loan early and where to send payments.


If your loan is transfered to a different lender do you have to pay that month?

In most cases, you should continue paying your loan payments to your current lender of record until you have been formally notified as to how and when to pay the new lender. If you skip any payments, you run the risk of incurring additional interest and payment penalties. When in doubt, contact your old and new lenders to confirm the payment switchover.


Is the cosigner of a vehicle responsible for the negligent operation of the vehicle?

No. A cosigner is just responsible for paying it off if the negligent driver wrecks it and and can't work to make the payments.


Do you still make lease payments although the lease vehicle was totaled?

I was sued by my lease company eventhough my vehicle was totaled for not paying. I'm no expert but if I were you then I would because they have no hearts.


What is Missouri Law for paying off repossessed cars?

The laws for all US states are much the same. In MO. when a vehicle is repossessed by the lender due to a default in the terms of the contract the lender is required to sell the vehicle at public auction for the amount closests to its assessed value. If there is a discrepancy in the amount for which the vehicle is sold and the balance of the loan, the lender may pursue collection for that amount in the manner the law allows, which can include a lawsuit.


How does the mortgage balance get paid when you get a reverse mortgage?

Senior homeowners in US who have a lot of equity in their homes can qualify for these loans. Rather than making monthly mortgage payments to the lender, the homeowners can use the equity in their home to receive monthly payments from the lender. The borrower does not have the responsibility of paying off the loan till the time he lives in his home or expires.


Why are monthly payments usually higher when you buy a vehicle than when you lease a vehicle?

because when you buy it, it's yours. when you lease it, you give it back to the leasee. In the latter case you are just paying for the opportunity to use the vehicle.


Even if you are current with your car payments should you give back my automobile during chapter 13 bankruptcy?

The simple answer is no. If you are current on your car note, then this is not the issue that lead to the bankruptcy. That you are paying it current may have contributed to your financial situation, but on the surface it is not a reason to surrender the vehicle. Either do not list it or reaffirm it with the lender.


Can you get a reposession back after filing chapter 13?

No, once a vehicle is repossessed it is no longer your vehicle. The only way to get it back is to make some sort of arrangement with the financier for you to keep the vehicle. This is usually paying off the missed payments, or even paying off the full balance. What you have to do to get it back is dictated by the financier.


How do you get a repossessed vehicle back if the lender does not want to give it to you?

First of all you call the repo company. After that keep trying to call the bank. As long as they don't sell the car you can still get it back by paying the reinstatement amount. * A repossession agent/agency is contracted by the lender, they have no authority to release a vehicle unless the lender orders them to. The lender has no legal obligation to reaffirm the vehicle loan or make any other financial arrangements for the person to recover the vehicle unless state laws allow a time limit for redemption or other applicable remedies.