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be late with a payment and you have violated your loan agreement: at this point the lender can repo the vehicle.They usually wait about 30-45 days to give you a chance to catch up;remember they don't have to do this and some lenders don't.Also you must have insurance on your vehicle so if your ins.lapses that is a violation of your agreement and the lender can repo. Most lenders will call you to find out what the problem is.... TALK to THEM most will work with you to help you catch up. So in conclusion: Step 1)violate your loan agreement(variety of ways to do this the most common mentioned above) Step 2)Wonk pays you a visit(which isn't so bad because he's one of the nicer repo guys out there)
What else can I help you with?
Can a bank repossess if the borrower defaults and there is a cosigner on the vehicle?
The cosigner becomes the target next. If you default, it is up to the cosigner to pay the bill or both of your credits are ruined and the bank takes their usual steps to repossess a vehicle.
Can a cosigner coowner repossess a vehicle if the primary has not defaulted payment on the loan?
A cosigner or coowner cannot repossess a vehicle. That is something the leinholder does.
When can the creditors repossess your vehicle?
When you don't pay for it.
How long does a creditor have until they repossess a vehicle?
A creditor can repossess a vehicle at any time after a default(late payment, lack of insurance, etc.) occurs on the contract.
Do you need a license to repossess a vehicle in California?
Yes.
If you are in repossession status and are making efforts to pay on your late payments can they still repossess your vehicle?
Once the loan is in default the bank has the right to refuse payment and repossess the vehicle.
Do you have to have insurance to repossess a vehicle in South Carolina?
No, you dont even need keys to repossess a car in South Carolina
What do you need to repossess a vehicle in Nevada?
You have to posses the title on the vehicle and the documentation that there is a default in payments.
What is Texas law on repose can they repossess from me because i was rude being rude?
They are not going to repossess a vehicle because you were rude. They can however repossess it if you miss just one payment.
If a car that is being repossessed is at a residence of someone else and a vehicle is behind the car to be repossessed can they move it lawfully?
No. Absolutely not. If they enter a vehicle they do not have an order of repossession on, they've committed a crime. They may enter the vehicle they are there to repossess, and only the vehicle they are there to repossess.
Can they repossess a vehicle anywhere other than your home?
YES.
Can you repossess a vehicle that you sold to a friend if you have a written contract for the sale of the vehicle?
yes, you are in a legally binging contract if you are both over 18 years of age and are therefore able to repossess the car.
