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What date is used in cancellation of debt the last payment or when the vehicle was given back?
Wiki User
∙ 15y ago
The debt is not cancelled simply because the vehicle was repossessed. The borrower is still responsible for the existing amount of the loan (if any) after the vehicle has been sold at public auction.
Wiki User
∙ 15y ago
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If your vehicle was repossesed do you still have to pay?
If you want the vehicle back you will have to pay the repo fees on top of the late charges and your normal monthly payment to where it is caught up. If you dont want the vehicle you will have to pay the balance of what the vehicle was sold for.
I paid cash for my vehicle and it was repossessed without any attempt to contact me am I entitled money back?
No, your down payment and any other payment you have made will be put to your subtotal for the car.
What does it mean to rescind a cancellation notice?
The cancellation notice ended the Insurance Policy. Stated another way, that means that the (Insurance) contract is no longer in force. To Rescind a Cancellation means that the cancellation has been taken back or voided by the Insurance Company and the Insurance Policy (Contract) is now back in force.
Vehicle you recovered and the owner has given it back to the finance company are they responsible for storage and recovery costs?
Depending on your contract with the lender or repossession forwarding company, they could be responsible for the storage fees and recovery costs. Ultimately the car's owner is responsible. If the fees have not been paid and you feel they will not be, and you have not released the vehicle yet, do not release it. The vehicle is the only security you have against payment.
Can you take a vehicle back if you are the cosigner?
ONLY if you are listed on the TITLE as co-owner. Othwise you have NO rights to possession, ONLY payment of the loan.
If you bought a used vehicle today but you didn't drive off can you get your down payment back and forfeit the contract?
In most cases yes
Can someone reposes a vehicle if you have stuff inside?
Yes, they can. Also when they repose it they do not have to give you those items back until they receive there payment.
What is a back payment?
A back payment is an overdue payment from a debtor to a creditor on money owed.
Can a vehicle be repossessed if the borrower does not make a good faith payment to the lender?
Most loan contracts state that if you are late, they can call the entire amount due. If that has happened and you have not paid off the vehicle, they can take back ownership of the vehicle. Your only option is to pay it off, sell it or turn it back.
What is surrendering your vehicle mean?
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.
How can you get your car back you leased to a former friend that defaulted on the payment?
Hopefully, you had the good sense to put a lien on that vehicle. You can have a recovery agent repossess the car.
When your car gets repossessed after 2 months of non payment can you get your down payment back?
No once it's repo'd you either have to work it out with whoever financed the vehicle to get it back or your at a total loss. And banks will sell the vehicle at an auction to the highest bidder which most likely if you just got the car will be thousands less than what you just financed it for,which you'll also owe on top of your loss.
