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I didnt answer because I have never dealt with this b4. I hoped someone with experience would help you. From the banks viewpoint, I can see why they would want you to. But, your defense would be, does the contract you signed say anything about having to do so after a repo?? The contract is the basis for most actions between you and the bank. If the contract doesnt make it clear, call a local attorney for a free consultation. Good Luck

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โˆ™ 2015-07-16 18:11:02
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Q: Is it legal for the bank to make you requalify for the loan after repossession?
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Legal definition of a bank loan drawdown?

what is the definition of bank "drawdown"

Can you get a personal loan after a car repossession?

You might be able to get a personal loan after a car repossession. However, you would get the loan at a very high interest rate one the repossession is on your credit report.

Is it legal for Bank of America to demand the entire balance of a car loan be paid if the borrower is three payments late?

Yes, its known as an acceleration clause. It was in your contract. That enables the lender to begin the process of repossession.

What does i8 rating on credit bureau mean?

i = installment loan. 8 = repossession. i8 = repossession of an installment loan (like an auto loan).

When a car loan is in default what is the proper procedure for a legal repossession in North Carolina?

How can you avoid a repossession of a car?

Of course the best way to avoid repossession is to stay current with your payments. If that is not possible, don't just ignore it. Call you bank or loan company and explain the problem. Quite often you can reach an agreement that will forestall repossession.

When can a bank reposess a car?

A bank can repossess a car at any time the loan has defaulted. Many times a bank will wait until a payment is 2 to 3 months behind before repossession.

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The repossession stays on your credit report for 7 years.

Can you object to a repossession before car is taken?

Yes, and many people do object to their vehicles being repossessed, before and after the repossession. Unfortunately, your objection will have little effect. If you are delinquent or in default on your loan, and the vehicle was used to secure the loan, the vehicle will be repossessed. There are few legal options available to you to avoid this aside from paying the loan current.

Can you sell a car that the loan on the car is delinquent?

Yes, but they may need to requalify, or cash it out. The cash payoff, may be much lower than the loan amount, depending on the state. It will depend upon if the interest is figured into the loan, or not. Since you are paying off the loan early, that may eliminate some interest. Communicate with your bank. They do not want the car back, and will try to help you out.

How can you stop a vehicle repossession?

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What is the difference between a bank loan and notes payable?

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