The automotive manufacture has two options when repossessing a vehicle. They will either tell you to keep the vehicle and they will put a lien on your house for the value of the vehicle if there is enough equity in the house, and pressure you into selling it. If you do not sell the house then the lien will stay there until such time. The company will have to go to court to get a judgment against you in order to attach a lien to your property. Most judges will not give the judgment against your home for a vehicle. It is rather difficult to lead a normal life living in a vehicle!
The company will repossess the vehicle and that should be the end of the problem for you. They will send the vehicle to an auction to be sold for what they can get for it. They can't take the vehicle and then get a judgment against your house. They can do one or the other. They may tell you that you will have to pay the balance of what they got for the vehicle and what you owe on it. A bailiff I spoke with said that he had never heard of that happening. They took the vehicle away from you so you are not liable in any other way. If they try to come back on you, consult a lawyer.
Here is more advice from FAQ Farmers:
This is a complicated area of law and the laws vary in different jurisdictions. You need to check the laws where you live. In a state where a judgment lien can be attached to your home, you may be able to simply wait until the recorded judgment lien has expired as long as the creditor takes no further steps. This is not an infrequent result. If the creditor moves forward on the judgment lien then you need to pay it in order to free your home from the lien.
In some states the creditor must choose to repossess or sue you for the amount owed. It cannot do both. In other states the debtor may be liable for any deficiency after a repossession. In Massachusetts the deficiency must be over $2,000.
In jurisdictions where a deficiency judgment is allowed there are various exemptions such as:
IF the loan is perfected, it can be repossessed. If you have signed a loan contract with the vehicle specified as collateral for that loan, it can be reepossessed if the loan is in default.
It gets placed in the junkyard. In order to get the vehicle back you must you pay your bill, as well as pay your local junkyard company to get your car back.
a lien can be placed on a title without you giving them the title. call your states DMV and ask if you car has a lien on it. I think you will be surprised. Good Luck
There are several components with the jmv12 so it is best to follow the individual manuals to ensure correct installation. The installation is also dependent on the type of vehicle and location within the vehicle where the system will be placed.
As soon as your vehicle is delivered tot he storage lot, it is typically inventoried. That is all personal items are listed and placed in storage. Upon your request, these items will be returned to you. Keep in mind thought that you may be required to pay storage for these items before they will be returned.
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.
Yes. A bank repossesses a vehicle for nonpayment. If your vehicle was taken for being on a public roadway and not having insurance, it was impounded. When a vehicle is impounded, a lien is placed on it by the agency which ordered the impound. The interests of government agencies override those of the bank, and they can sell your vehicle to recoup impound costs if you do not reclaim it within a specified period of time. In this case, the bank receives nothing from the sale, and you still owe the bank the remaining balance.
It's different from vehicle to vehicle. you'll have to check in the manual for safe jacking points.
IF your loan contract specifies that you must maintain insurance covering the vehicle, the answer is YES. Just an echo of the previous answer, most major lenders require that the vehicle maintain full coverage insurance. It states in your finance agreement that the vehicle must remain insured or it can be repossessed.
If you accept a vehicle title that has a lien placed on it you become responsible for settling that lien
A lien can be placed on the vehicle after due process is followed according to the law in which the incident took place. A lien cannot be placed against the persons's license. YES in some states, Florida, Washington, California come to mind a vehicle towed at the request of a law enforcement agency can have a lien placed on the vehicle and after the sale of it any and all negative balances due can have a lien placed upon either (depends on the state laws) the vehicle license plates or your drivers license.
It signals that the vehicle is officially an ambulance: if a marked vehicle suddenly begins partaking in combat then it is in breach of the Geneva Convention; if an unmarked vehicle is attacked but later claimed or discovered to be an ambulance, no fault can be placed on the attackers.
The full VIN, no, but they have to have the last eight digits placed on the outside of the vehicle.
It depends on who's name was placed on the title. If both names were were placed on the title with an "and" between them, then the car is owned jointly. If on "or" was used then the whoever has the title could sell it. If just one name was placed on the title then that person owns the vehicle. It depends on who's name was placed on the title. If both names were were placed on the title with an "and" between them, then the car is owned jointly. If on "or" was used then the whoever has the title could sell it. If just one name was placed on the title then that person owns the vehicle.
If you can ensure the qualitative protection, you can keep it. But, you have to be careful about these supplies.
A system using an air pump and air shocks or air ride to keep the vehicle level no matter the load placed on the vehicle.
Wallpaper borders come in a lot of different colors and designs. They can be placed at varying heights in a room. They may be placed at the to, just up under the molding, or about midway down. It all depends on the look the homeowner wants.
front end will lift and make the vehicle difficult to control
In most states yes.
Same as if you werent on disability. Read your contract. Did it mention disability insurance?
The vehicle had four tires, just like a car, but it was something totally different. The vehicle left the area as soon as the patients had been placed inside.
In Oklahoma, there is no general right of rescission after purchasing a vehicle unless such right was negotiated and placed in the contract.
No. Most (99.9%) of the lenders require you to maintain Comp.& collision Ins. on the vehicle the money was loaned for and secured by. If you fail to do this the lender can, and in most cases, will put this Ins. on the vehicle and you will be charged. The charge for Ins. placed on the vehicle by the lender will be quite high, and it is then added to your payment. If you get your own Ins., the lender will cancel the ins. they placed on the vehicle.