Contact the lender, in person if possible. Have a written estimate of the damage done by the repossession company. See what the lender has to say about the damage to their vehicle, which until you pay off the loan they jointly own with you. Communicate with them and I am sure this can be worked out. Remember this would never have happened if you had not missed a payment. So keep that in mind. They still should not have damaged your car, but things happen.
Legally if you miss 1 payment you are delinquent and they can start repossession proceedings on their vehicle.
Legally if you miss 1 payment you are delinquent and they can start repossession proceedings on their vehicle.
In Tennessee, a truck or car finance company can hire a repossession company to take your vehicle if you do not make payments and are in default. They are not able to break into a locked garage to take your vehicle and they cannot forcibly remove a person from behind the wheel of the car.
If they come to repossess it, and you claim to not know where it is, then the repossession agent will report it stolen. At that point, anyone found in possession of it is in possession of a stolen vehicle.
You can start to worry about repossession of your vehicle as soon as you miss your payment. Depending on the loan amount and the type of vehicle you have you may have up to 30 days from your last missed payment to risk loosing your vehicle. If you keep in touch with the lender of your car, you have a better chance of not loosing your vehicle right away.
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.
If you do not want your car repossessed, then you need to keep up with the payments on your car. If you are behind on payments, then your car could be taken away from you legally.
no
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.
Check and see if you are behind on your payments. If you are behind, you are likely on the lists.
Typically when it comes to car repossession, a customer has to worry about their car being taken when they have missed three payments. Sometimes repossession can be held off by just contacting the company and reassuring them they will get their money.
No. They can, however, repossess your vehicle