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Can a lender repossess your car if you were behind on your loan but made it current before the repo agent got to it?
Yes. The terms of the loan were defined when you signed the paper. Most loans state that they can repo the vehicle if the loan is in default and they can declare the loan to be in default at any time after you have failed to meet one or more conditions of the loan. When you didn't pay on time, you were in default. Once you were in default they can repo the vehicle and sell it to dispose of the loan.
What happens if you stop paying your car loan?
Repo.......homo
What does Convertible Loan Stock mean?
Common or preferred stock shares that are used as collateral to secure a loan from another party. The loan will earn a fixed interest rate, much like a standard loan, and can be secured or unsecured. A secured loan stock may also be called a convertible loan stock if the loan stock can be directly converted to common shares under specified conditions and with a pre-determined conversion rate, as with an irredeemable convertible unsecured loan stock(ICULS).
If you are a cosigner on a loan will a loan company repossess the vehicle then let you pay it off and take possession without ruining your credit?
Contact the lender and let them knoiw that if ANY case the debtor defaults to notify you so you can payoff the loan. Add that you will payoff after repo with NO repo reported on YOUR credit.
If your loan is current and you turn the vehicle back in to the lender can it still be reported as a repo?
YES! A repo is a repo. If you turn the vehicle in to the lender and stop making payments this is called a voluntary repossession. The lender will sell the car and you will be responsible for the difference in what the car sells for and the balance on the loan. It will be reported to all 3 credit bureaus as a default on a loan, and your credit will be ruined for 7 years. You would however save to repo fees such as towing. Do not do this. Call the lender and work something out if possible.
Can a car be reposessed if nothing is stated in the sales contract about defaults on a repo?
You may be confused. A repo is an act pursuant to a secured loan, wherein the vehicle is security for the loan. There is no need to use the word "repossession." A repo is only one remedy available to a lender on a secured loan.
Why a bank will repo a car?
Non-payment of loan.
Can a lender repossess your car if you were behind on your loan but made it current before the repo agent got to it?
Yes. The terms of the loan were defined when you signed the paper. Most loans state that they can repo the vehicle if the loan is in default and they can declare the loan to be in default at any time after you have failed to meet one or more conditions of the loan. When you didn't pay on time, you were in default. Once you were in default they can repo the vehicle and sell it to dispose of the loan.
Your husband is not on your car lease loan will he be held responsible if you do a repo?
no
What happens if your car loan is illegal?
then they take your car and repo it.
What happens if you stop paying your car loan?
Repo.......homo
What does Convertible Loan Stock mean?
Common or preferred stock shares that are used as collateral to secure a loan from another party. The loan will earn a fixed interest rate, much like a standard loan, and can be secured or unsecured. A secured loan stock may also be called a convertible loan stock if the loan stock can be directly converted to common shares under specified conditions and with a pre-determined conversion rate, as with an irredeemable convertible unsecured loan stock(ICULS).
Can a title loan company repo your car on private property?
Yes they can
What are repo people allowed to do in California?
In California, repo people, also known as repossession agents, are allowed to repossess a vehicle as long as they do not breach the peace. This means they cannot use force or threats. They must also have a valid repossession order or authorization from the creditor to carry out the repossession.
How does repo of a leased vehicle differ from repo of a financed vehicle?
NO, a lease is simply a contract like a loan. DEFAULT of either calls for repossession.
How far behind on a auto loan before they repo the auto?
3 payments
In North Carolina can they sue or put a lien on your business for the remaining balance of a car repo?
YES, a lender can get a judgment for the balance owing on a loan after repo.
