Once a car has been repossessed, you as the owner of the vehicle have the obligation to repay any amount still owed on the loan. Once a car is repossessed, it is often sold in a repossessed cars auction by the finance company. The amount which the car was sold for will be deducted from the total loan amount and then the difference will be owed by yourself. So yes you would have to pay the whole vehicle off if it was repossessed.
only the last one counts
No. Only when the vehicle is repossessed and always once the licence plates are turned in.
Yeah - you'll be charged with theft of some form. If the vehicle has a high enough value, it could amount to Grand Theft. When there is a lien on your vehicle, you don't actually own it - the lienholder does. If you fail to make your payments, the lienholder has a right to repossess what is already their property. You try taking it back, you're committing theft. You've lost any and all rights to that vehicle, and it is no longer yours in any sense of the word once a repossession agent takes possession of that vehicle.
Mary, the answer is NO. You will have to pay the balance due after the sale price has been deducted.
Once the agent takes possession of the vehicle, they are responsible for any damages which occur.
Banks often keep repossessed vehicles in their parking garages. or in an appropriate storage area a reasonable distance from the bank. Walk into the bank and ask for the person in-charge of repossessed vehicles. Once onto the right department, state that you wish to purchase a particular repossessed vehicle when the title has cleared with the bank...and don't be intimidated into thinking you can't bargain, you can. Good luck.
Once your property has been taken by a foreclosure procedure you have no rights in the property. An exception would arise if the foreclosure procedure or the mortgage was found to be invalid. Those factors may become more an issue as the sub-prime mortgage crises evolves and lenders are sued for deceptive, fraudulent and outright illegal lending practices.
I have a welding machine on the truck they repossessed can they keep that?
PA is the only state I have seen with that law. There may be others.
You can quit claim your rights to the property. However, that doesn't quit claim your spouse's rights to the proprty. Once married the spouse in most states has rights to the property.
Yeah - you'll be charged with theft of some form. If the vehicle has a high enough value, it could amount to Grand Theft. When there is a lien on your vehicle, you don't actually own it - the lienholder does. If you fail to make your payments, the lienholder has a right to repossess what it already their property. You try taking it back, you're committing theft. You've lost any and all rights to that vehicle, and it is no longer yours in any sense of the word once a repossession agent takes possession of that vehicle.
A car is "moveable" property which can be seized and returned to the lender.. Once plumbing is installed it is "fixed" property and although it cannot be repossessed and removed, a lien can be filed against the property owner in whose building it is installed.
Once they have the vehicle, they can do what they want with it. Making it immobile so that it can't be stolen seems prudent.
Not usually, once you are the owner of a vehicle and the previous owners name is not on the title, they will usually have rights to that vehicle.
You have no rights to recover the car. Once it has been repossessed the lien holder has every right to sale the car any way they wish to settle the loan.
No. Tickets must be paid by the driver or the individual leasing the vehicle, and not by the bank. However, once the vehicle has been repossessed, the bank is then responsible for the vehicle (including any tickets which may accrue).
When cars are financed, they're usually financed by a bank or some other type of lender. Once the car is repossessed, and the person it's repossessed from fails to recover the vehicle, the vehicle is sold at auction. Dealers attend these auctions, and bid on those cars. Once they've placed a winning bid and paid for the vehicle, it's theirs to sell. Now, if a dealer is the one who financed the car, they'll be the ones to repossess it. Once they've determined the person it was repossessed from isn't recovering the vehicle, they have every right to sell it. Hate to break it to you if this was your car, but it was never yours - so long as there's a lien on that vehicle, the lien holder is the rightful owner of the vehicle. Once they've given up on you reclaiming and making further payments on that vehicle, they can do whatever they want with it - because it belongs to them, and always had, from the moment they became the lienholder.
More often than not, repossession agent do like to be bothered with personal property and vehicle tags. It just creates a lot of extra paperwork, and takes away time that they would rather use looking for the next vehicle. So, often, the agents will make contact once the vehicle is secured on the truck hook, and give the borrower time to collect his belongings in exchange for the vehicle keys.
YES, you should get a notice from the lender outlining what ya need to do.
There is no way that you will be able to get that care back. Once a vehicle has been repossessed the company holding the car is in the process of auctioning that vehicle. You will have a balance once this vehicle has been auctioned out. You should receive a statement in the mail withing 60-120 days stating what you owe. Sometimes if you are lucky you will end up owing anywhere from 50-75% of the sales price of that vehicle. If you are not that lucky, and you are left with a full balance that you owe, your best bet is to negotiate with the lender or collection agency that has that account.
Alot of repo guys do drive the repoed vehícles, But be assured If they drive Your reposessed car that Most compañys have a million dollars worth of coverage..to clarify once a car is repossessed it is no longer "your" car.
That would actually be called grand theft auto. See, the car does not belong to you. Once the vehicle is repossessed, the lender has taken possession of the property that secured the loan. Taking it back, outside of legal proceedures is theft, and would likely involve breaking and entering to get to it.
Read the terms of the contract. Once the contract is "In Default", the note can be called in and the vehicle can be repossessed. It can be as soon as 1 day past due. But in reality, most banks know that they'll probably loose money on the process so most will try to give you a little extra time.
There is no set time. Once you have defaulted on your loan, and the lender takes possession of the collateral, it is theirs to dispose of as they see fit. That they attempt to sell it at auction is one means of off-setting the debt you created. They must notify you in most states within twenty-four hours that the vehicle has been repossessed, and they must make it possible for you to recover your personal property, but they are not required to store the vehicle for any length of time before selling it.