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
i = installment loan. 8 = repossession. i8 = repossession of an installment loan (like an auto loan).
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.
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).
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.
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 is the definition of bank "drawdown"
Yes, its known as an acceleration clause. It was in your contract. That enables the lender to begin the process of 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.
http://www.ncleg.net/gascripts/Statutes/StatutesTOC.pl
i = installment loan. 8 = repossession. i8 = repossession of an installment loan (like an auto loan).
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.
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.
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.
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.
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.
The repossession stays on your credit report for 7 years.
No, you have it wrong. The repossession guys found THE BANK'S car. Once the bank takes the right paperwork to the court, the vehicle is no longer yours and you have no rights to it. The bank may have hired a private investigator to find the vehicle, especially if there is enough value that they want to pay off some of the loan.