0
Is it true that your vehicle can't be repossessed if you pay 20 percent of the actual payment?
Wiki User
∙ 19y ago
missy, I have nver heard of such a law. Call your state AG office for better advice. Or any local legal aid office. Sounds like a debtors dream, doesnt it?
Wiki User
∙ 19y ago
Add your answer:
Earn +20 pts
What are your options if you owe 5K on a vehicle but have over 10K in custom paint and extras invested and now only have a few days to present full payment before repossession?
Your option is to make the payment or have the car repossessed. If you had 10K to put into a vehicle that carries you from point A to point B, maybe you should have put some of it away for actual car payments.
If your car is going to be repossessed is it legal for you to sell it before the actual repossession?
Not without permission of the lender. A vehicle cannot be sold without a clear title of ownership. The lender is named on the title of a vehicle as the "lienholder" until the vehicle is paid for or otherwise released by the lienholder.
Can a car be repossessed if there is a lien holder on title but there is no actual loan?
hi
How do you get a title on a vehicle that the owner don't have one?
If the title is in your name only, then the new buyer will not be able to put the title in his name. If it was repossessed, then the lienholder was able to sell it and the sale is valid.
What are your rights as a consumer in the US as related to repossessions?
* You have the right to possess any vehicle you do make payments on or have paid for. * You have the right to retain possession of said vehicle provided you continue to make contracted payments toward the unpaid balance of the principle. * You have the right to have your vehicle repossessed if you fall delinquent on your vehicle payments to the contracted lender. * If your vehicle is repossessed, you have the right to recover any actual private property that was in the vehicle at the time of repossession. * You have the right to pay fees for recovering your property that was in the vehicle at the time of repossession. * You have the right to pay all unpaid balances and fees accrued as a result of the repossession process. That's about sums it up. I confess I did substitute "right" for "responsibility" in several places.
What the procedure for getting your car back after being repossessed?
Contact the lender who repossessed the car. You will have to make up all back payments and pay all fees associated with the actual repossession.
What percent of a vehicle must be damaged in order to consider it totaled?
Here in Nevada at least the cost to repair the damage has to be at least 65% or greater than what the vehicle is worthAnswerIt varies by state, anywhere from 50-75% of the car's actual cash value.
How long can a repossession stay on your credit report?
This is tricky. There is no actual listing of the repossession on your credit report. There is a notation in relation to the debt owed. For example: say you borrowed the money for your car from ABC Bank. ABC Bank will then show as a credit action on your report. Next to that will be the balance of the debt, potentially the length of the contract, and a month by month code of your payment history in terms of thirty day payments. If the loan is defaulted, this will be noted. If the vehicle is repossessed, this will be noted as well. If no judgment is obtained, the notation will remain for seven years from the date of last payment. In the event of a judgment, it will remain for ten years.
Is the legal payment date the date the transaction is initiated or the date the payee receives the payment?
The legal payment due date is the date specified in the contract. The actual payment date is the date the payment is initiated by the payor unless specified otherwise in the contract.
What is 24 percent of 81 actual?
19.44
Average cost of a monthly car payment?
The average cost of a monthly car payment is $250. Of course the actual amounts will differ depending on the value of the car, and the amount of the down payment.
Does accrued interest include actual date of death?
No. because on that specific date you died. Payment is not based on actual time but dates.
