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What has to happen before a creditor can have your care repossessed?
Wiki User
∙ 9y ago
A car cannot be repossessed until the owner has missed several car payments and the owner has been notified of late payments. In most states a car can be repossessed after three months of non-payment.
Wiki User
∙ 9y ago
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If your van was repossessed then you paid off the balance a year later can your creditor refuse to report the current status of your account to the credit bureau?
Yes, however you can easily take care of this and have your credit reports corrected.
If the car was repossessed will the cosigner still be responsible for the loan if the primary borrower files for bankruptcy?
NO, as long as he co-signed the loan, he is standing good for the payment. They can get a judgment against him and garnishee his wages . Dont let that happen to your Dad.Take Care of Your Business.
What does it mean to establish credit?
if something ever happens to the person witht he credit then the creditor takes care of it.
How late must a payment be before repossessed in KY?
It depends on the lender and the contract you signed when you borrowed the money to purchase the car. The lender does not want to repossess your car, so normally they will give you 30 days to come up with the missed payment. But in reality, most can repossess the car after just a few days. Please read below. You do not want your car repossessed. When you finance or lease a vehicle, your creditor holds important rights on the vehicle until you've made the last loan payment or fully paid off your lease obligation. These rights are established by the signed contract and by state law. If your payments are late or you default on your contract in any way, your creditor may have the right to repossess your car. Talking with Your CreditorIt is easier to try to prevent a vehicle repossession from taking place than to dispute it afterward. Contact your creditor when you realize you'll be late with a payment. Many creditors will work with you if they believe you'll be able to pay soon, even if slightly late. Sometimes you may be able to negotiate a delay in your payment or a revised schedule of payments. If you reach an agreement to modify your original contract, get it in writing to avoid questions later. Still, your creditor may refuse to accept late payments or make other changes in your contract and may demand that you return the car. By voluntarily agreeing to a repossession, you may reduce your creditor's expenses, which you would be responsible for paying. Remember that even if you return the car voluntarily, you're responsible for paying any deficiency on your credit or lease contract, and your creditor still may report the late payments and/or repossession on your credit report. Seizing the CarIn many states, your creditor has legal authority to seize your vehicle as soon as you default on your loan or lease. Because state laws differ, read your contract to find out what constitutes a "default." In most states, failing to make a payment on time or to meet your other contractual responsibilities are considered defaults. In some states, creditors are allowed on your property to seize your car without letting you know in advance. But creditors aren't usually allowed to "breach the peace" in connection with repossession. In some states, removing your car from a closed garage without your permission may constitute a breach of the peace. Creditors who breach the peace in seizing your car may have to pay you if they harm you or your property. A creditor usually can't keep or sell any personal property found inside. State laws also may require your creditor to use reasonable care to prevent others from removing your property from the repossessed car. If you find that your creditor can't account for articles left in your car, talk to an attorney about whether your state offers a right to compensation. Selling the CarOnce your creditor has repossessed your car, they may decide to sell it in either a public or private sale. In some states, your creditor must let you know what will happen to the car. For example, if a creditor chooses to sell the car at public auction, state law may require that the creditor tells you the date of the sale so that you can attend and participate in the bidding. If the vehicle is to be sold privately, you may have a right to know the date it will be sold. In either of these circumstances, you may be entitled to buy back the vehicle by paying the full amount you owe, plus any expenses connected with its repossession (such as storage and preparation for sale). In some states, the law allows you to reinstate your contract by paying the amount you owe, as well as repossession and related expenses (such as attorney fees). If you reclaim your car, you must make your payments on time and meet the terms of your reinstated or renegotiated contract to avoid another repossession. The creditor must sell a repossessed car in a "commercially reasonable manner" - according to standard custom in a particular business or an established market. The sale price might not be the highest possible price - or even what you may consider a good price. But a sale price far below fair market value may indicate that the sale was not commercially reasonable. Paying the DeficiencyA deficiency is any amount you still owe on your contract after your creditor sells the vehicle and applies the amount received to your unpaid obligation. For example, if you owe $2,500 on the car and your creditor sells the car for $1,500, the deficiency is $1,000 plus any other fees you owe under the contract, such as those related to the repossession and early termination of your lease or early payoff of your financing. In most states, a creditor who has followed the proper procedures for repossession and sale is allowed to sue you for a deficiency judgment to collect the remaining amount owed on your credit or lease contract. Depending on your state's law and other factors, if you are sued for a deficiency judgment, you should be notified of the date of the court hearing. This may be your only opportunity to present any legal defense. If your creditor breached the peace when seizing the vehicle or failed to sell the car in a commercially reasonable manner, you may have a legal defense against a deficiency judgment. An attorney will be able to tell you whether you have grounds to contest a deficiency judgment.
Are debts hereditary?
That's one way to put it, yes. Most credit agreements state that heirs will be expected to make the debt good if the creditor does not purchase additional insurance to cover the debt balance in the case of debtor's death. The Probate Court will address the issue if you don't take care of it before the issue is presented to the court.
If your van was repossessed then you paid off the balance a year later can your creditor refuse to report the current status of your account to the credit bureau?
Yes, however you can easily take care of this and have your credit reports corrected.
How long does a creditor have to repossess your car after last payment was made.?
Depends on the language on the note you signed. Some have a grace period and some do not. Read the note you signed. My advice is to not let this happen. The creditor does not want to repossess your vehicle any more than you want it repossessed. It will cost him money to sell your car and then try to recoup the balance on the loan between what the car sells for and what you owe, which you will, in the end, pay. Go sit down with the creditor and work something out if at all possible. You know your credit will be ruined for 7 years if you do not fix this problem. I agree about dealing with the creditor; if you are just waiting for them to pick up the car, why not return it now? At least you won't be using something you do not own and/or it can be returned in decent condition. As with most things, the sooner you take care of a problem, the better off you are.
What is the difference of do you even care and would you even care?
Do you even care refers to somethin that has already happened or is about to happen: past and present tense. Would you care refers to before something has happened: future tense
If the car was repossessed will the cosigner still be responsible for the loan if the primary borrower files for bankruptcy?
NO, as long as he co-signed the loan, he is standing good for the payment. They can get a judgment against him and garnishee his wages . Dont let that happen to your Dad.Take Care of Your Business.
Do you need to include account numbers for both the collection agency and the original creditor on your bankruptcy form?
Include the original account number if you are including the original creditor. Include the account number for the collection agency if you do not have the orignal creditor information and are including them as "Care Of" for service.
What does it mean to establish credit?
if something ever happens to the person witht he credit then the creditor takes care of it.
How do squid care for their eggs?
Squids happen to not care for their young
Can the original creditor direct their collections agency to have an account removed from a credit report?
THE ORIGINAL CREDITOR WILL BE ABLE TO HELP WITH REMOVING AN ACCOUNT BY REPORTING THIS TO THE BUREAUS. DO FIND OUT IF THEIR IS A NECESSARY STEP IN CONTACTING THE COLLECTION AGENCY FOR THESE SERVICES TO BE TAKEN CARE OF.
What will happen if i do not care of your body?
you will be fat
What would happen if someone didn't have health care?
they would die because if sombody is old and they need heath care for threr heart and they don't get the heath care that's what will happen to them
What will happen if you take care of your forest?
it will grow
Do the people on survivor get health care before and or after?
They probably do not get health care because they are not employees of the show. If something were to happen to them on the show is a different story. Survivor employees a team of medics who are waiting in the wings during the castaways stay on the island.
