Pretty much, yes.
Absolutely not. You cannot be your own creditor.Absolutely not. You cannot be your own creditor.Absolutely not. You cannot be your own creditor.Absolutely not. You cannot be your own creditor.
In most states it is possible for the action depending on the exemption status of the vehicle and how it is titled.
If they are legally repossessing it, it is their truck and they can do what they want with it.
It's possible that you may have to give up your vehicle as collateral, although the creditor would more likely have you wages garnished.
It's more the same as repossessing a car.
What are the rights of a lienholder on a car title when it comes to repossion of a vehicle?
If they are repossessing the vehicle for the bank, Yes.
to just be wreck less and break the laws : )
Not sure what you are wanting. Do you need a vehicle repossessed?
If you transferred the vehicle to a friend or family member for less than fair market value in order to avoid a creditor the court can nullify the transfer and the creditor can place a valid lien on the vehicle.
Read the contract you signed when you purchased the vehicle.
A creditor can repossess a vehicle at any time after a default(late payment, lack of insurance, etc.) occurs on the contract.
The answer is yes, if the creditor brings you to court on the matter.
The amount you will owe the creditor will be the amount of your auto loan (including repossession fees, interest, and collection charges) minus the amount the vehicle sold for at auction. The creditor will notify you of the amount due in writing after they auction off the vehicle.
The wise course of action would be to hire a third party to take care of this for you. There are agencies and people who are professionals in recovering property in this situation.
A creditor can seize any asset.
The Utah vehicle exemption is $2,500.
In the state of Texas, yes the creditor can follow for the deficiency balance.
If the creditor is the loan holder of the vehicle a lien is already in place. The title will show the loan provider as the primary lien holder. That insures the vehicle as collateral and if default occurs the lien holder can repossess the vehicle without going to court. Except in the few states that require the creditor to obtain a replevin order before seizing the vehicle.
This depends on where you are.If you are in an area where it is illegal to hide the vehicle from the finance company you will get arrested, the vehicle will be impounded and the finance company notified.Added: If you have been concealing the vehicle from the creditor and at the same time not beein making payments, the creditor may well have filed a stolen vehicle report with the police.You have wrongfully deprived the creditor of their property (i.e.: THEY own it - not you). If the vehicle turns up in the police records as stolen they will not only confiscate the vehicle - you could be facing criminal charges as well.
Not IF you reaffirmed the loan with the creditor.
Yes, if the debtor's state vehicle exemption does not protect the vehicle from seizure and sale.
When you signed the contract to finance the vehicle, the creditor put a lien on the vehicle. In the rare event that this was not done, it can be done later in some cases.Also, a creditor can place a lien on an already financedvehicle if there is more equity in the vehicle than the amount of the original loan. Generally, a creditor who obtains a judgment lien against you can arrange to place that lien against any property you own in order to satisfy the lien.
A few basic guidelines:Repossession must be peacefulRepossessors may not enter any vehicle other than the one they're repossessing, even to move it out of the way in order to facilitate the repossession.Repossessors may not open locked gates or enter structures without permission.Repossessors must notify local authorities when they are repossessing a vehicle.