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Is the lender or repossessor required to notify the borrower before taking the vehicle?
Wiki User
∙ 12y ago
It isn't needed for them to inform you. It depends on the Repo company really. Your loan bank, or "lender" pays to have your car repossessed, gives you a chance to buy it back for the either the amount that you owe (plus maybe a delinquency fee), otherwise the lender will give it to a dealership to sell it. If it doesn't sell at the dealership, the dealership CAN give it back to the lending bank, in which case they will put it up for auction somewhere.
So, they SHOULD notify you, but they CAN just take your car and wait for YOU to contact THEM to pay your amount before the try to get their money back for the car they paid for. But if you have some Jerk company the might not notify you and just try to sell the car immediatly.
Sorry, about your situation, but I hope that helped. I hope you didnt owe taxes because that is a whole other story!
-NeoMikeTx
Wiki User
∙ 12y ago
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What are your rights if you are a primary borrower of a vehicle and the seconday borrower is not paying the loan?
If the secondary borrower is not paying the loan, you must take the vehicle back from the secondary borrower before the bank takes back the vehicle and ruins your credit. You will learn from that not to cosign a loan.
Can you find my car by the VIN if it was stolen or repossessed?
There are certain strict procedures that an automobile repossessor must follow when he is repossessing your car. The repossessor must notify the police that such vehicle is being repossessed, you did before or after the repossession has occurred. In either case, the police should know right away that the vehicle was repossessed. If this is not the case, then the vehicles like to have been stolen.
How much time must the lender allow the borrower before a vehicle is repossessed?
I believe if you haven't paid in three months they can repossess your vehicle in Utah. *The state does not require a Right To Cure notice be sent to the borrower. The lender may recover the vehicle whenever the contract is in default. UCC laws apply, and the vehicle can be recovered by any means that does not constitute a breach of peace. The plates remain with the borrower/debtor.
If you repo'd a car and after the fact the customer's attorney called and notified you that the customer had filed for bankruptcy and you were required to return the vehicle do you have to return it?
Absolutely. Any creditor action including repossession cannot be taken after the filing of a BK and/or before the BK is completed and discharged. The vehicle will have to be returned to the borrower to await action by the lender such as requesting the BK stay be lifted or a reaffirmation agreement made between the lender and borrower.
Can you get your car back if you file a chapter 7 bankruptcy before it is auctioned off?
If the lender is willing to reaffirm the loan with the borrower then the vehicle can be returned. A vehicle is a secured debt and is not subject to chapter 7 bankruptcy laws.
Are a primary borrower and a secondary borrower on a car loan equally responsible for the loan?
Yes, the cosigner/co-borrower has the same legal responsibility to repay the debt/loan as does the primary borrower. If the primary defaults the creditor can attempt to collect from the co-borrower before the primary borrower.
Can you insure a new car before purchase?
In most states it is legally required that you have insurance on the vehicle before driving it off the lot.
Are you required to have an established business before you can qualify for a commercial vehicle loan?
Depending on the state you are in you may need to have an establish business first before getting the vehicle. You can always get a vehicle in your personal name and then sell it to your business name in order to gain access to your vehicle for business use.
Do you need auto insurance before you buy a car?
You are required to have at least Liability Coverage for the vehicle before ytou drive it off the lot!
Which states require the lienholder to give notification before repossessing a vehicle?
There are 7 states that require the lender to notify the borrower that the lender is asserting their "right to cure". Connecticut, Iowa, Kansas, Maine, Massachusetts,South Carolina and West Virginia. Wisconsin requires the lender to obtain a replevin order before the vehicle can be recovered.
Can a creditor get a warrant for vehicle repossession?
The creditor can obtain a replevin order from the court if it becomes necessary. Wisconsin is the only state which requires a replevin order to be in place before a vehicle can be recovered. All other states allow repossession under the UCC laws, although some do require the borrower to be notified and given a specified time to bring the account current before the vehicle can be seized..
How much muriatic acid can be transported in a non commercial vehicle?
Up to 1000, before a CDL with a hazmat endorsement is required, regardless of what class vehicle you're operating.
