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Is it true that if a consumer does not make the first payment in 30 days they are not obligated to the contract and can return the vehicle?
Wiki User
∙ 17y ago
No, once the contract is signed by all the involved parties it becomes legal and binding.
Wiki User
∙ 17y ago
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Can a vehicle get repossessed if your first payment is 15 days late?
Read the fine print of your contract carefully. I have never heard of a vehicle leasing/purchasing contract NOT having a first payment default clause.
Can you cancel a vehicle sale contract and get your deposit back if the dealer did not get you to sign it?
Without a signature, there is no contract. If you want your money back the dealer is obligated to give it to you.
Do you have to sign a new contract when financing a vehicle to make the payment higher?
Whenever terms on a contract are changed, a new contract should be signed.
Can a vehicle be repossessed if the payment is 21 days late in New York State?
READ your CONTRACT. IF the contract is in DEFAULT, the collateral CAN be repossessed.
Can you lease your vehicle to someone if you still owe for it?
Provided it is not prohibited in the loan contract, probably. Keep in mind that the lender still holds lien on the vehicle and you are still obligated to pay the note. Should payment cease, the vehicle is still in all likelihood available for repossession, and the fact that another person holds it will not stop recovery, nor will it end your responsibility to the lender.
How many months without making a payment will the vehicle be taken?
The finance company has the right to repo a vehicle the day after the payment is due if it is stated in your contract. they usually wait till you are 30-60 days past due.
How long does a creditor have until they repossess a vehicle?
A creditor can repossess a vehicle at any time after a default(late payment, lack of insurance, etc.) occurs on the contract.
How many payment do you have to be behind before they can repossess in the state of MN?
It depends on the terms of the contract. Legally if you miss 1 payment you are delinquent and they can start repossession proceedings on their vehicle.
Can the car dealer let you take the car home make a down payment an now they want the car back?
Most dealers have you sign a "spot delivery agreement" (usually within the contract) that states if they cannot get the amount financed from the bank for any reason then you are obligated to pay the amount in full or return the vehicle.
Is it legal without notice to repossess a vehicle in Indiana for being 12 days late on one payment?
Depends entirely on what the contract you signed says. If you are 1 day late they may be able to repossess the vehicle if that is what the contract says and what your state laws are regarding repossessions. Read your contract.
How long before they can repossess you car in Virginia?
The lender can legally take the vehicle one day after the payment is due. That is, on the day the payment is late, the lender can begin repossession efforts. The day the payment is late, the contract is void.
If you bought a used vehicle today but you didn't drive off can you get your down payment back and forfeit the contract?
In most cases yes
