The repossess the car, can get a judgment against you and your credit is badly damaged.
If there are no assets in the estate the lender is out of luck as to having the loan paid off, however, it can repossess the automobile.
i bought a car and the previous owner never paidthe loan off now thereis a company wanting to repossess thecar from me what can l do
No, they will not.
yes, it is a default on a loan
Yes they can repossess everything that you got a loan for.
That's dependent on the conditions of your loan. Realistically, they can legally repossess it after one payment is missed, if those terms are stated on the conditions of the loan.
A cosigner or coowner cannot repossess a vehicle. That is something the leinholder does.
No, Not unless you used one of the other cars as collateral for the loan that bought the car the was repossessed. Then they can take the collateral too.
They can if you did not comply with the terms of the loan.
When the owner defaults on the loan payments
car is in wifes and my name, she got a title loan unknowingly from the husband. She defaulted, can they take the car from the husband?
No you are not responsible but if your step daughter does not pay the loan they can still repossess the vehicle.
You start getting letters from a collection agency then guys like me buy out your contract & repossess you if and when seen.
Do you want the mobile home? If yes then you must pay. If not, then let the bank come and repossess it.
They can take whatever the security for the loan was. For example, if you have an auto loan, they can repossess the auto. If you have a home loan, they can repossess the home. If the loan was a recourse loan and the value of whatever was repossessed was less than the amount still owed on the loan, they can get a deficiency judgment in a court of law. If the court grants a judgment, they can they take other assets.
Not IF you reaffirmed the loan with the creditor.
I'm pretty sure a minor couldn't get a loan
Your property can be subject to repossession if you default on a loan. This can be the case if you put up part of your collateral as a guarantee for your loan.
This would be determined by the terms of the loan agreement and the applicable local laws. Within the loan agreement there should be reference to the action that can be taken to repossess the car should non-payment arise.
To repossess something, you must have had possession of it at one time or it must be collateral on a loan that you are the lender on. To co-sign only means that you agree to pay the notes if the primary buyer doesnt. Collateral for a loan that is NOT in default cannot be repossessed by the lender.
Once the loan is in default the bank has the right to refuse payment and repossess the vehicle.
They can only repossess the vehicle which was on the loan agreement. Taking any other vehicle is theft.
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