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Is it legal for the finance company to refuse to allow payments or payoff on a repossessed vehicle in the state of Ohio?

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2004-12-03 11:20:27
2004-12-03 11:20:27

Payments??YES. PAYOFF???NO My husband lost his job and had to take a different job making less money so our payments were late and the several were not made at all. At the time of the repossession I was in the process of trying to get a personal loan from a family member to just pay off what we owed. The vehicle was reposessed before I could get the money. The day after they took it, I called and asked what it was going to take to get my vehicle back. The woman was extremely nasty to me and informed me that with our payment history she was not going to give it back to me. She did not offer me a pay off amount or even let me get a word in. She had me in tears before she hung up on me. I could not afford an attorney so we just did nothing. The van has now been sold at auction. It sold for $1200 at auction. Now we are getting letters demanding the amount we owed plus $200 more even though they sold the van for $1200. I know they can legally expect us to pay for the amount of the outstanding debt, but I don't understand how they can refuse to let me pay before they auction it, then come up with a higher amount we owe than what was left on the loan AFTER they sell it. We couldn't afford to make the payments before and now I have used the personal loan from the family member to purchase a different vehicle. We have no money to pay for a vehicle we no longer have.......plus $200 more than we owed to pay it off. Is there nothing I can do?

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It is probably stated in your finance or lease agreement that if you don't make your payments on time that the finance company has the right to repossess the vehicle. Consider yourself informed. Long story short, if you don't want your vehicle repossessed you need to make your payments.

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Usually, they do not have to tell you what they are about to do to your vehicle. But, the procedure is is that they will sell your vehicle in an auction.

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Depending on the bank used to finance the car, after failing to pay 3-5 payments the vehicle will be repo'd.

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Surrendering a vehicle, in a financial sense, means that it is being repossessed and it is being given back to the finance company. The company will usually send someone to collect the vehicle.

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it doesn't matter if the pope takes over your vehicle payments. if he stops making them, your credit is damaged and the vehicle is repossessed.

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A disabled person's vehicle can be repossessed just as any other person's vehicle can be repossessed. You must make all payments on your vehicle if you want to keep it.

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no because the storage fee that the finance company charged you was what the repo company charged on the invoice. the finance company had no other reason to charge storage fee's they did not store it

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You still have rights to recover the vehicle. The finance company may help you look for it if they're desperate enough to get it back. Even if your car was insured, you would legally have to payback the finance company for the car since you broke a binding finance contract.

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The question is, "Why would you worry about a missed payment when you have interest in the vehicle?" The money that you used as your down payment and any payments you have made total your interest in the vehicle. Why are people running from the repo man when in fact you can place the finance company on notice that, if your interest is repossessed, you will file criminal charges in federal court against the finance company and get triple what the car is worth. I guarantee you they won't take it. You can also put a mechanics lien on the vehicle to protect your interest in it.

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Very little ! If you default on the payments, the finance company are quite within their rights to confiscate the vehicle. The camper does not become your property until you have made the final payment !

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Have the car voluntarily repossessed. Using this option means that you voluntarily return the car to the finance loan company if you are too far behind on your payments and can't recover. If you decide to return the car, the finance company may pick up the vehicle or it may require that you return the car to its location.

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Yes. A dirt bike is the same as a street bike or any other type of vehicle. if you miss the payments, and the financier wants to exercise his rights to seizure, he can do so. If you are behind on payments the best thing to do is contact your finance company and explain your circumstances to him. There are probably options available to avoid repossession. The last thing any finance company wants to do is repossess their property.

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If your car is repossessed and you want to get it back, you can contact the finance company and clear any outstanding payments. They may agree to return your vehicle to you if they have not already sold it but be warned that lenders try and sell repossessed vehicles as quickly as possible to try and recoup funds. The finance companies often sell the repossessed vehicles at a car auction. Here they can be sold "as seen" and at a lower price than market value, thus they can be sold quickly. It is often possible to find out which auction your car is being sold at and you can get your repossessed vehicle back yourself by attending the car auction and bidding.

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Ones on which the owners are late on the payments. :-)

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While most creditors will allow you to have your vehicle voluntarily repossessed, some lenders will not accept them. Your best resolution in this case is to contact the finance company and determine why they will not collect the vehicle. Ensure that they are indeed accepting the voluntary repossession. You will still be required to pay the remaining balance unless you are told otherwise.

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Usually through a bank or finance company check with your bank they can probably tell you who to contact also check the yellow pages for vehicle recovery companies

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Instead of having it forcibly repossessed, you call your finance company and tell them you're voluntarily having it repossessed. They may send a tow service to collect it, or they may ask you to take it to the repossessor. It'll be repossessed, auctioned off, and the amount they get from the auction will be deducted from the amount you owe. The finance company may offer a settlement at that point for an amount less than what you owe on that vehicle - that's up to the finance company.

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Once a car has been repossessed, you as the owner of the vehicle have the obligation to repay any amount still owed on the loan. Once a car is repossessed, it is often sold in a repossessed cars auction by the finance company. The amount which the car was sold for will be deducted from the total loan amount and then the difference will be owed by yourself. So yes you would have to pay the whole vehicle off if it was repossessed.

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

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If your vehicle has been repossesed then your best option is to no longer make payments until this vehicle has been resold; which takes place through an auction. Once vehicle is sold you will receive a final bill for the remaining amount that was left over. The final stage of this process is to settle for 30% or less on the remaining balance.

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Call the loan company and ask them. If you are up to date on your loan you have a case against them.

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They might be able to garnish your payments for the money that you owe them , but nothing more since vehicle has been repossessed.

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A reputable source for information on a Vehicle Finance Calculator is Carmax. Carmax is a reputable Company and they have alot of resources available to help you estimate everything about your cost, from monthly payments to the total cost of a vehicle.

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Yes. Doesn't matter if it has commercial plates or not. Doesn't matter how important it is to you. If you don't make your payments, your vehicle gets repossessed.


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