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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Related Questions
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?
http://www.ncleg.net/gascripts/Statutes/StatutesTOC.pl
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.
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.
How long after repossession can you get a car loan?
The repossession stays on your credit report for 7 years.
Can your car be repossessed if you have the title in your possession and the bank is not the lien holder?
Repossession occurs when the borrower fails to make payments on a loan secured by a vehicle. If "the bank" is not the lien holder then it has no authority to take possession of the car by repossession. However, if a bank obtains a judgment lien against you in court for a different debt, it can use the judgment lien to seize your car, or any other property, to satisfy the judgment.Repossession occurs when the borrower fails to make payments on a loan secured by a vehicle. If "the bank" is not the lien holder then it has no authority to take possession of the car by repossession. However, if a bank obtains a judgment lien against you in court for a different debt, it can use the judgment lien to seize your car, or any other property, to satisfy the judgment.Repossession occurs when the borrower fails to make payments on a loan secured by a vehicle. If "the bank" is not the lien holder then it has no authority to take possession of the car by repossession. However, if a bank obtains a judgment lien against you in court for a different debt, it can use the judgment lien to seize your car, or any other property, to satisfy the judgment.Repossession occurs when the borrower fails to make payments on a loan secured by a vehicle. If "the bank" is not the lien holder then it has no authority to take possession of the car by repossession. However, if a bank obtains a judgment lien against you in court for a different debt, it can use the judgment lien to seize your car, or any other property, to satisfy the judgment.
How soon can you purchase a car after a reposession?
if someone pays cash for a vehicle, they can purchase a car immediately after a repossession. if you want to finance...it's up to the bank if they want to give you a loan. there's no specific time limit if you can get someone or a bank to give you a loan.
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.
What is the difference between a bank loan and notes payable?
I think a bank loan is when money is borrowed from a bank with the expectation that it will be repaid, and notes payable is then the accumulation of all loan amounts expected to be repaid according to each note (the legal document with the stipulations).
What happens if you do not pay bank loan?
The bank can raise a legal complaint against you. If you have any property attached to the loan as collateral, the bank can take possession of them and try to recover their money from it. If you have any guarantors attached to the loan, the bank would approach them to recover their money from them. If nothing works out, finally they can have you jailed for defaulting on your loan repayment
What will happen when a loan on a motorcycle has been defaulted and the finance company will not reprocess it?
If guess you mean "refinance" when you say "reprocess", the answer is repossession. Loans in DEFAULT are subject to repossession of the collateral and payment of the balance owed by voluntary or legal means.
How long will a repossession stay on your credit report if you've made arrangements to repay the monies owed?
Normally a repossession stays on your credit rating for 7 years. If you are repaying the loan, talk to the bank and see if they have reported it. They may or may not have.
How can you get out of a car loan without a repossession?
Sell it for what you owe if it is possible. Pay off the loan, get the title and sign it over to the new buyer. If you cannot get what you owe, then get as much as you can. Get a personal loan from the bank to pay of the remaining balance. The personal loan is better than the amount you owe on the car.
How can you stop a vehicle repossession?
Pay off the loan.
What does repossession of car mean?
When a car is repossessed it usually means the owner is no longer able to make the payments. It is repossessed by the dealer or the bank in which to owner has the loan through.
What is easier to pay car loan or bank loan?
bank loan
Can you be threatened with repossession for having been arrested?
You being arrested has no bearing on your loan. As long as you make the payments on time there will be no repossession. The loan company does not care if you are in jail as long as they get their money.
What happens when you give an upside down motor home that you can't afford the payments on back to the bank?
The bank will sell the motor home for whatever they can get. You will then be responsible for the balance left on the loan. For instance if the payoff is $10,000 on the motor home and they sell it for $$7,500 then you will still have to pay the bank $2,500 plus any fees associated with the sale and loan. Your credit will then be ruined for 7 years. But this is better than a repossession where you would have to also pay repossession fees. Sit down with a loan officer at the bank and see if you can work something out. They do no want to repossess it anymore than you want to loose it.
Can a bank hold a title on a paid off auto loan because there is another older loan that is collections on another vehicle in Utah?
I have a car that is paid off. The bank is holding the tittle for colletaral for another car loan that was repo. Is this legal?
Can the creditor garnish your wages after a voluntary repossession?
YES The bank can file suit, receive a writ of judgment and execute the judgment pursuant to state garnishment laws to recover any deficiency or other monies owed relating to the repossession. However, if the debtor has an account at the same bank where the loan is held, the bank probably has the legal right to remove whatever amount is necessary from a savings or checking account w/o the regular lawsuit process. The majority of loans procured through a bank will have a "set off" clause in the contract which allows them to take this action.
If you are in repossession status and are making efforts to pay on your late payments can they still repossess your vehicle?
Once the loan is in default the bank has the right to refuse payment and repossess the vehicle.
