GOOD question. Read the contract. Were you in default of it?? Why didnt you TAKE the car back? Why did they have to come get it?
call the finance company and tell them that you want to do a voluntary repossession and they will take it from there.
find out another dealer who can finance your car.
You DO NOT have to take it back, but it will save you some money if you do. They will come pick it up if you tell them to.
If the creditor will not take it back in lieu of the money owed then you need to sale the bike and pay them their money. Unless the dealer is willing to buy the motorcycle you will still owe the money. Not every creditor will do a voluntary repossession.
In GA Can you get your car back after a repossession if you file chapter 13 bankruptcy
You have to look at the papers that you sign with the car dealer. Typically they make you sign an agreement to bring the car back in the event that they can not get you financed. If they did not have you sign something, then they will probably hold the note themselves and then you have to pay the car dealer. But the short answer is yes, you can not keep the car if you can not pay for it.
Sending a car back and ceasing paying is the same as a repossession. It will have an extremely negative impact on the credit score and the ability to borrow money in the future.
There is a possibility that you licenses could be suspended. If you are hiding the car from repossession, you technically are stealing the car. The finance company can contact DMV and have the registration revoked and report it as stolen. Give the car back. Nothing good ever came out of hiding one from the repo man. They WILL get it eventually.
Yes. Repossession is about you not paying the bills - nothing else. The fact that the dealer wasn't honest with you doesn't give you the right to be dishonest with him. If you discover a hidden flaw in the car you must first give the dealer the chance to set things right. If the dealer can't fix it you can ask for (most of) your money back, or another car. But holding back paying isn't an option.
Make your car payments.
After a repossession, you will need to pay a fine usually. For example, if this was a car being repossessed, you would have to pay a certain amount to get it back.
Is is common knowledge that the concept of repossession is the taking back of property by a lender or seller from the borrower or buyer, usually due to default.
repo and say they didnt? NO, not legal. Bought back and given back to dealer?? Never heard of it. Call a local attorney for a consultation. Smells fishy to me.
can my car be repossesed from my locked back yard
Yes, but you have a very limited amount of time to do it in.
Repossession is generally used to refer to a financial institution taking back an object that was either used as collateral or rented or leased in a transaction.
It is sooo SIMPLE, you CONTACT the LENDER for further instructions.
Of course you can send it back, but it will be termed a "voluntary repossession" and will still impact your credit as if a repo-man came to your door. It will also limit your ability to find another good car for a payment less than you already cannot make.
No. The dealer (or bank that financed it)technically owns the car til it's paid for. If it's become a hard-ship for you, simply give it back. It becomes a 'voluntary repossession' for the person incarcerated, but that sounds like the least of their problems. Good luck. FYI, a repo is going to damage the borrower's credit terribly.
she got ill and on her way back from englan she couldnt take sea sickness.
Bank value postings can be in both banking and finance
Repossession is when something is returned to its original owner. An example would be when a car payment is not made, and the owner of the car's title repossesses (takes back) the car.
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.
If it was repossessed legally then he is guilty of theft
he couldnt remember even if you brought him back coz hes that much of a stoner