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This is best answered by a loacl attorney who knows all the details and can relate state specific laws to each.

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โˆ™ 2005-01-11 13:02:08
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Q: What are the proper steps to take to repossess a motorcycle in Texas for non-compliance of details in a privately drawn up agreement?
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What are the proper steps to repossess a motorcycle you financed for a friend?

depends on what state you are in.


Can a bank repossess a motorcycle?

Yes, unless there is a another previous lien holder.


How long does a company have to wait to repossess a vehicle?

This would be determined by the terms of the loan agreement and the applicable local laws. Within the loan agreement there should be reference to the action that can be taken to repossess the car should non-payment arise.


What can a creditor do if you stop payments on a secured loan that was not reaffirmed?

Repossess or foreclose on the secured property if the agreement is in default.


You have paid your car payments but have late fees can they repossess the car?

Yes, late fees indicate that payments were not made on time, which renders the original agreement invalid and allows the lender to repossess the vehicle if they so choose.


Can a car dealership repossess your car if they say you owe them more money for a down payment?

A dealership can only repossess your car if you do not pay in accordance with the sale agreement. If you did not pay the agreed down payment, the car may be repossessed.


How does a private party registered owner in CA repossess a motorcycle from someone who is living in another state?

re-run. see above post


Can a cosigner repossess the car if other party is unable to pay?

Co signer does not have the right of subrogation. ( the power to recoup the losses). His agreement is only with the lender who will demand payment in case the principal borrower fails to pay. He has to honour the agreement. If he pays to the lender, he can have a legal remedy through court and can repossess the vehicle only if the court orders so. ( This is on an assumption that there is no agreement entered into between the principal borrower and the cosigner. Even if there is an agreement it can be enforced through a court only.)


What happens if they repossess the wrong motorcycle?

Call them up and straighten it out. They will catch on anyway and it is best to be able to give them the right one. Otherwise if an "act of God" happens, you are covered.


What happens to a person if they hide motorcycle that is being repossessed?

Nothing will happen to a person if they hid a motorcycle that is being repossessed. Eventually, the company that is trying to repossess will either give up or find you. They will use all tools at their disposal depending how much is owed at the time.


If I default on my personal loan agreement, can they repossess my collateral?

Your property can be subject to repossession if you default on a loan. This can be the case if you put up part of your collateral as a guarantee for your loan.


You got a auto loan for your friend who agreed to completely pay off in full she failed to do so and now the bank wants to repossess will a written agreement between her and you hold up in court?

If you have a written agreement to show in court it cant hurt. It depends on what is in the agreement. Take this to court with you it may help.


Can a credit card company suzuki reposses a motorcycle if the title has no liens?

If you bought the bike on credit and miss the payments, they can and will repossess the bike and sell it at auction. Just like a car.


Can i Legally repossess a motorcycle that is in my name legally?

To repossess vehicles one must be licsenced to repo, check your state laws. Some law enforcement entities can be of help if the bike is in your name. But to go and take it yourself opens up a world of legal problems if the party you take it from wants to pursue the issue.


Can an original buyer repossess a car after a verbal agreement which is in the first month of default for nonpayment?

IF your name is on the TITLE as buyer or cobuyer, you have the right to POSSESSION. Do you know where the car is? Do you have a key?


Is a motorcycle considered nonexempt property?

Yes. A judgment creditor can execute a forced sale of the motorcycle to recover monies owed. If there is still a loan lien on the cycle a forced sale would be very difficult. Also, the loan holder/lender can repossess the motorcycle under the same laws that apply to other vehicles if the borrower defaults on the lending contract.


If you sell a boat privately and the buyer does not pay can you repossess it if you have the title?

You can repossess the boat if it has not been paid for. It will help if you have signed documents concerning the sale and when and how it was to be paid for. And beware of the physical dangers involved if you try to repo it yourself. Experienced repo men have been killed by people mistaking them for thieves and by people who are just plain mad at being repo'ed.


Can they repo a car once you have paid up to date but still owe 7000?

If you are up to date with your repayments then the finance company are unable to repossess your vehicle. If you have defaulted on your payments then they are able to repossess the car, the number of missed repayments which qualifies for repossession will be stipulated on the agreement you signed when you first purchased the vehicle.


Can a bank in the state of Ohio hold the title or repossess an automobile that is in a spouse's name who did not sign the loan agreement?

Yes, if the vehicle was purchased during the marriage it is considered community property.


Can a title loan company repo a car that wasnot on the title loan agrement for nonpayment?

They can only repossess the vehicle which was on the loan agreement. Taking any other vehicle is theft.


If the lien holder was supposed to repossess a motorcycle but never did can you sell it and how do you obtain a title?

No. A vehicle cannot be sold without a clear title and the only way to obtain such a document is through the lien holder.


What should you do if the lender obtained a judgment to repossess your motorcycle eight months ago and they have yet to pick up the motorcycle and you are in Wisconsin and the lender is in Texas?

Nothing..... it is the responiblty of the lender to arrange someone in your state to repo the bike (or car). Keep your insurance on the bike just in case something happens to it in the meantime.


Can you repossess a motorcycle from your daughter in Texas after three missed payments but the title has been changed over to her estranged husband?

IF YOU HAVE THE ORIGINAL TITLE YOU CAN.IF THE GUY THAT HAS IT HAS ANY LEANS ON IT,THEY WOULD HAVE TO BE PAID OR THE CREDITOR CAN REPO.


What is Texas law on repossession procedures?

Can the police repossess your car? Can the police repossess your car?


How do you use repossess in a sentence?

Hey Hun, if you do not make the payments they will come to repossess your car.