Your contract most likely states that the lender can demand payment in full at anytime. This means they can repossess the vehicle after demanding you pay it off. If you are 5 days late, they could repossess it. There is no legal requirement for the lender to wait any amount of time before taking your vehicle.
No. Their terms and conditions were laid out for you in the contract which you signed when they financed your vehicle. If they do give notice, it's more as a courtesy, and also because they'd much rather you make your payment than to have to repossess your vehicle.
They usually repossess when you miss two or three payments. They seldom repossess if you've just missed one.
Legally, only one. But your contract will tell you more.
As soon as you have defaulted on the loan, a creditor can repossess your car. So 24 hours after you have failed to pay, they can repossess your vehicle without notifying you.
when repo man repossess the car and was in an accident before you can get it back, what happens
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.
For a better chance at getting the vehicle loan, increase your credit after the vehicle loan. Increasing your credit before may reduce the your vehicle loan amount.
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.
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.
Yes, the bank must tell you that your vehicle is being repossessed. The bank will usually try to reconcile the debt before the repossession takes place.
The state of Alabama is a self help repossession state, therefore a repossession agency is not required to notify you before they repossess your vehicle. Repossessors are under various state and federal laws and regulations and are prevented from breaching the peace among other things.
Unless it's explicitly stated in the fine print that they can't do any such thing, they have a right to repossess the moment the payment is rendered late, if they so wish. However, if you have documentation from the bank showing them explicitly giving you a deadline date, and they come to repossess before then, you may have grounds for a lawsuit. However, you would need to find out if it was the bank which had your car repossessed on that particular day, or if it was the repossessors jumping the gun and going forth with it before the date which they were specified to take possession of the vehicle.
Are/were you listed on the TITLE as leinholder? Do you have a written contract listing the vehicle as collateral? If no to these two uestions, you should call a local attorney NOW.
The buyer has the right to surrender the vehicle before he picks it up. Or pay for it.
Yes they absolutely can and will! Don't be foolish. Pay up before you have added fees and charges or lose the vehicle completely.
IF the lender accepts it you can.
I have NO IDEA, WHY look here if there is NO ANSERS
Yes. What happens is that they auction the vehicle. They can auction a vehicle 10 days after they repossess it, not before. They take that money, apply it to the loan. Whatever balance is left is what you are responsible for. One thing you can question, is what the vehicle is auctioned for. They have to make every reasonable effort to sell it for book, they just can't sell it for $10 if it is a $10K vehicle, if you know what I mean. There are guidelines that they have to adhere to.
Depends on what the contract you signed says. In most instances if you miss one payment then legally they can repossess the car.
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.
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.