0
What happen when you buy vehicle from private owner and finance is not paid in full?
Wiki User
∙ 14y ago
The unpaid finances are transferred to you and you should pay them in order not to impound your vehicle. Than you can sue the previous owner.
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
Why do finance companies hire private investigators for repo?
Finance companies do not ordinarily hire private investigators to repossess a car. They normally hire repo professionals to do that. These folks investigate the whereabouts of the vehicle, identify it, and tow it back to the rightful owner, the rightful owner being the finance company. However, the vehicle is usually towed to a staging lot, usually the repo's business address, and arrangements are made to make up the payments by the buyer, or, repo places a for sale sign on the vehicle.
Who is the legal owner of a vehicle?
The one with the name on the title, if it is free and clear. Otherwise, finance companies that finance vehicles are the official owners until the loan on the vehicle is paid off.
Can you List three places to purchase a vehicle?
A dealership. An auction. A private owner.
What happens if you buy a car with outstanding finance?
Before that, you have to know what is outstanding finance. It does not belong to you. It belongs to the owner of the vehicle. So, buying or selling a car having outstanding finance is unlawful anywhere.
Can someone remove a car from private property without asking owner to remove it himself not a repossession company?
The owner of the property where the vehicle is located can remove it/ have it removed, in most cases without the necessity of notifying the owner of the vehicle.
What is the procedure for repossessing a vehicle on private property in Florida?
You need not notify the vehicle owner. It can be repossessed from a private driveway or yard. You cannot break into a garage nor threaten the owner with violence. The person doing the repossession must be licensed by the State. Within five days, you must send written notification to the owner, telling him to come get his personal belongings that were in the vehicle.
How do you say the owner will finance also in spanish?
how do you say the owner will also finance
Is the repossession of a vehicle by a finance company illegal?
No, it's 100% legal. That finance company is the lienholder. What that means is that, until you've paid that vehicle off and have acquired the title, the lienholder is the rightful owner of that vehicle, and has every right to reclaim their property when the conditions of the contract are not met by the lessee.
Is it illegal to have a vehicle towed without warning in California?
If the vehicle is illegally parked the police do not need your permission to tow it. The owner of private property can request a vehicle be towed if the vehicle is not authorized to park on the private property. There are other reasons in various jurisdictions for which a vehicle may be legally towed without notice to the owner.
What is minimum age to own a vehicle in California?
You can own a vehicle at any age, you can drive it on private property so long as you have the permission of the land owner.
What to do if you purchased a vehicle from a private owner and the vehicle breaks down within one week?
Nothing unless you have a written agreement that any problems that occur within the first however long will be fixed by the seller. Normally if a person buys a car from a private owner they should get a mechanic to make sure everything checks out fine, because cars purchased from a private owner is usually not under warranty.
Can a vehicle owner personally tow their vehicle off someone else's private property?
I would not go on private property to get your vehicle without the police being present. You may end up in a conundrum. Contact the local police and explain the situation.
