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It will likely be repossessed and sold at auction, if not redeemed, with the proceeds being applied against the amount owed and subsequest repossession, collections, and legal fees.
Keep in mind that you signed a contract. That contract is legally binding, and in most cases, you agreed to suspend many of your rights to property.
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You kept making car payments after discharged in chapter 7 if you stop paying and don't surrender the car can the lender go and undo your bankruptcy?
No. But, the vehicle will become a repossession if payments are not made.
If the cosigner is on the title can they take vehicle if person is not making the payments?
Yes..... I did
Can a vehicle be repossessed if you allowed a military person to take over vehicle payments and he has not paid anything?
it doesn't matter if the pope takes over your vehicle payments. if he stops making them, your credit is damaged and the vehicle is repossessed.
Do you have the right to take possession of a vehicle you cosigned when the person not making payments?
Yes.
Can you still owe money on a car that was repossessed and resold to another buyer?
yes. When a vehicle is repossessed by the bank it doesn't mean that you stop making payments. You are still liable for the loan.
Who holds the collateral in a loan with collateral?
Normally, unless it is a sort of pawnshop or personal type of loan, you the borrower hold the collateral. For example, if you get a loan on a vehicle, you have possession of the vehicle as long as you are making payments as agreed. If you stop making the payments, the one to whom you owe the money (the lien holder) can take possession of the vehicle, sell it, and you would be responsible to pay the difference between what it is sold for and the amount you still owe, if there is a difference.
How long does dealer have to ask for car back in Virginia?
Why would a dealer ask for a car back? If you are referring to how long he has to repossess the vehicle after you stop making payments, the answer in most states is immediately.
Should you keep title on car if someone is making payments on it to you?
YES! Do not release the title of the vehicle until it is COMPLETELY paid off. Once they hold the title, they can stop paying and there is nothing you can do... legally.
How can you stop the door from making noise on a vehicle?
Lubricate.
What can a person do to pay for a vehicle damaged in an accident while their insurance was lapsed?
start making payments
If you stop making payment on your BMW lease are you responsible to pay for the rest of the months payments?
You're responsible for the payments based upon the contract terms regardless of whether you pay them or not. If you don't pay them, you're probably subject to additional fines, penalties, and seizure of the vehicle.
Can a cosigner in California take possession of a vehicle if the primary borrower is not making the payments in Georgia?
Only if the cosigner is also named on the vehicle title.
