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What are the repossession laws concerning a title loan company and are they able torepossess a vehicle 2 weeks BEFORE the first payment is due?
BrandiLynneCorley
The repossession laws will vary with each city/state. A title loan company can't repo a car if the payment is not yet due unless the car is behind on payments.
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∙ 10y ago
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Can a repossession company keep your personal belongings for the storage fee in Wisconsin?
In most cases, a repossession can keep personal belongs for non payment. The company, however, must release them once payment is made.
What happens when you get call regarding repossession but no letter after making a payment?
One payment may not be enough to stop the progress of the repossession proceedings. You need to communicate with the mortgage company and arrange to make regular payments.
How late can a vehicle payment be in Virginia before repossession?
I am a repossession agent in Virginia it takes 2-3 months of not paying before the repossession status occurs.AnswerI am a repossession agent in Virginia it takes 1 missed payment then repossession status occurs.
What are the car repossession laws in Ohio?
In the state of Ohio, your car may be repossessed if you miss one payment. Your car may be taken any time of the day or night by the repossession company. The repossession company is not allowed to keep any items that you may have left in the car. The company must inform you as to what they are going to do with the car, including selling it, putting it in a car auction, or keeping it.
What will happen when a loan on a motorcycle has been defaulted and the finance company will not reprocess it?
If guess you mean "refinance" when you say "reprocess", the answer is repossession. Loans in DEFAULT are subject to repossession of the collateral and payment of the balance owed by voluntary or legal means.
Can repossession happen for being 10 days late on a payment?
Repossession can happen any time after a payment goes late; it all depends what the initial contract states.
Where can I find a sample letter to request skip car loan payment?
You do not need a letter, you need to call or visit the loan company and talk to them about this personally. Skipping a payment can result in the loan company starting repossession proceedings on your vehicle. This is something you do not want to happen so contact the loan company immediately if you are unable to make your payment on time.
If you make one payment when payments are behind can this stop the repossession?
Check your loan contract, but in most cases (99.99%) if the payment does not represent the total past due amount, or if you do not have arrangements with the lender setting asside repossession actions in lieu of payment arrangements, no; one payment toward a past due balance will not stop or delay repossession of the vehicle.
How will one be able to stop the repossession of a vehicle?
Sometimes one can negotiate with the company holding title to the automobile and work out a payment schedule to pay back the amount in arrears, but some companies will not negotiate at all. The easiest way to prevent a vehicle repossession is to ensure that all payments are made according to the payment terms.
When would a house be in danger of repossession?
Typically, a house can be repossessed after 90 days of non payment by the mortgage holder. However, it is not illegal for repossession to begin after a missed payment, though this is extremely rare.
Can a payment be made during a repossession?
No. They're not there to collect money, they are there to reposess.
How do you get the title to a car you've had 5 years is on your credit as a repossession but the company never physically repossessed?
contact the lending institution and offer to make partial payment in exchange for the title.
