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What else can I help you with?
Can a car be repossed after payments have been made?
Yes, if other terms of the contract are breached, such as having no car insurance.
What happens if I can't payoff my car by the maturity date?
get repossed
Can you get your car back after it has been repossed?
yes you would have to pay all the back payments and probably a fee.
You stop making payments and they come get the car can they take you to jail for not making the payments?
No, once the car is repossed by the seller, you will not be arrested but the company will often resale the car at auction and can sue you for the remainder of what you owe including interest.
How many payments can be missed before car will be repossed?
Depending on where you have it financed, it usually is between three to four months when they will start the process.
Who is liable if parts are sold from a repossed car?
The person or company that repossed it.
What happens if you hide a car from being repossed?
That is what we call theft. And then you will be sued, your wages garnished and your credit destroyed.
What happens if I Default on a business car loan?
the car will most likely be repossed and a court order issued against you for what is owing plus costs
Can your car be repossed if you miss several insurance payments?
YES. The bank or lender, who owns the vehicle ( You don't own it until ALL the payments have been made ) are within their rights to take it back as you are not insured if you don't PAY for the insurance. You are risking THEIR property, the car, by not having insurance coverage on it continually. Remember, you DON"T own it until ALL the payments have been made in full. Until then the company that LOANED you the money to buy it , OWNS IT.
If you still owe a considerable amount on your car that isn't running should you continue to make the payments and insurance or voluntarily surrender it or sell it and take out a loan for the balance?
Sell or continue to make the payments. Do not let the car be repossed. This would hurt your credit and is the last thing to do.
Can someone repossess your car if the payment is 3 days late and it is not stated anywhere in the contract and you do have insurance and all other payments are made?
payment late?? then its NOT on time and in DEFAULT. WHAT is not stated in the contract??? No lender is going to repo a car when only one payment is 3 days late. If you have made all the payments on time and you are only 3 days late, and they repossed your car, you need to contact the lender and see what is going on. Something is not right here.
What happens after a car is repossed?
If a car is repossessed due to the payments not being met then there is a period of time where the repayments can be sorted, or if not the car will be sold to recover as much money as possible. Any outstanding debts will still need to be honored and finance companies often have power to sell your home to recover the debt. It is possible to get good insurance to cover this scenario.
