Each state has a statutes of limitations on loans. Check the following site for your state. http://www.creditinfocenter.com/rebuild/statuteLimitations.shtml Please know that the clock starts ticking on the date of the last activity on the account-- which should be the date the car was sold or auctioned off. If your state limitations are up--the creditor can start them up again simply by showing the date they received the collection. Fortunately or unfortunately, old accounts that were not collected seem to be great money makers for collectors these days. These accounts can be sold for as little as a penney per $100--any money that is collected is profit to them. If the account bounces from one agency to another, the date keeps changing so the accounts stays active. My advise--if the limitation on you loan is up --report the agency to the Federal Trade Commission. "The FTC works for the consumer to prevent fraudulent, deceptive and unfair business practices in the marketplace and to provide information to help consumers spot, stop, and avoid them. To file a complaint or to get free information on consumer issues, visit www.ftc.gov or call toll-free, 1-877-FTC-HELP (1-877-382-4357); TTY: 1-866-653-4261."
Call your finance company.
You can be sued by the finance company to recover any money still owed to them after they auction the repossessed mobile home.
no, they will sue you for the balance owed after the sale
Instead of having it forcibly repossessed, you call your finance company and tell them you're voluntarily having it repossessed. They may send a tow service to collect it, or they may ask you to take it to the repossessor. It'll be repossessed, auctioned off, and the amount they get from the auction will be deducted from the amount you owe. The finance company may offer a settlement at that point for an amount less than what you owe on that vehicle - that's up to the finance company.
yes because the finance company knows and if you know it may cause problems
You still have rights to recover the vehicle. The finance company may help you look for it if they're desperate enough to get it back. Even if your car was insured, you would legally have to payback the finance company for the car since you broke a binding finance contract.
no because the storage fee that the finance company charged you was what the repo company charged on the invoice. the finance company had no other reason to charge storage fee's they did not store it
4 years on promissary notes. A judgment occurs when a creditor takes you to court and sues you for money you owe them. They must do this before the statute of limitations has expired for the original debt.
If you are not making the required payments to the finance company that holds the lean on you car it may be repossessed. Proof of income is not required or relevant.
Usually, they do not have to tell you what they are about to do to your vehicle. But, the procedure is is that they will sell your vehicle in an auction.
You car can usually only be repossessed if you fail to make the payments to your finance company.
Not unless the creditor has a judgment order and executes it as a bank levy.
While most creditors will allow you to have your vehicle voluntarily repossessed, some lenders will not accept them. Your best resolution in this case is to contact the finance company and determine why they will not collect the vehicle. Ensure that they are indeed accepting the voluntary repossession. You will still be required to pay the remaining balance unless you are told otherwise.
My company doe's home improvements.Need a finance company to finance
Surrendering a vehicle, in a financial sense, means that it is being repossessed and it is being given back to the finance company. The company will usually send someone to collect the vehicle.
It depends if the loans are 'cross-collateralized". READ your contracts.
They usually take them to auction after a brief storage period either at the collection agencies or lending institutions yard.
No, what will happen is this: the finance company will pay off the mechanics lien (usually) and tack that on your loan balance, it would be considered a repo fee.
It depends on what you mean. Do you mean from someone (a third party) who purchased your car from the finance company after the finance company repossessed it from you? If so, there's not really too much you can do other than find the person and make them and offer.
This depends on where you are.If you are in an area where it is illegal to hide the vehicle from the finance company you will get arrested, the vehicle will be impounded and the finance company notified.Added: If you have been concealing the vehicle from the creditor and at the same time not beein making payments, the creditor may well have filed a stolen vehicle report with the police.You have wrongfully deprived the creditor of their property (i.e.: THEY own it - not you). If the vehicle turns up in the police records as stolen they will not only confiscate the vehicle - you could be facing criminal charges as well.
Susan, what state are you in?? Who was the lender?? Laws vary by state. Email if you need too. Thanks
No. They will sell the truck at auction and it will bring what it will bring. You are then responsible for the balance.