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Until the lender reduces his claim to a CIVIL action (judgement) they are free to repo. After getting a judgement, they are more or less saying, "I dont want the car, I want the money".

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โˆ™ 2004-07-14 22:14:42
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Q: What is the maximum time that the lender has to repo a vehicle under Texas law?
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Related Questions

Is it illegal to repossess a vehicle in Texas?

No, not if the contract is in default. The lender/lienholder may repossess the vehicle under UCC laws as long as it can be accomplished without a breach of peace committed

If you purchased a car in Delaware and moved to Texas what are the laws for repossession?

The legal remedy for vehicle repossession is covered by UCC laws. Regardless of where the lender is located the car can be repossessed under the laws of the state where it was purchased or where it is now located, whichever means is most advantageous to the lender.

In Texas can you still be sued if you voluntarily surrender a damaged car to the lender?

Yes, there is no difference of application of debt owed whether a vehicle is voluntarily surrendered by the borrower or the lender takes steps to recover the vehicle. The borrower is responsible for all costs associated with the vehicle after it has been sold at public auction. If the vehicle has been damaged and cannot be sold under such conditions the borrower will be responsible for the entire balance of the loan plus fees and penalties. The lender has the right to pursue litigation to recover monies owed and if granted a judgment can execute it against property belonging to the debtor.

What is the Texas law about leaving children unattended in a vehicle?

Under 7 years of age for 5 minutes maximum. If another child 14 years or older is with younger children, then they are considered supervised and the law doesn't apply.

Can a lender repossess a vehicle without reaffirming the original lending agreement with the borrower?

Yes. Once the original contract is in default the lender can begin repossession proceedings under the UCC laws. In the majority of US states the lender does not need to notify the borrower or obtain a replevin order from the court.

If you have a voluntary repossession and the vehicle sells for less than owed can the lender garnish your wages for the difference?

YES, in most states under most conditions.

What is the sales tax on vehicles in Texas?

under 1000 pounds sales tax on vehicle is 3%.

If a driver of a commercial vehicle is under 21 what is the maximum legal blood alcohol content?

Zero tolerance. That's the law for anyone under the legal drinking age of 21 in the US, in ANY kind of vehicle.

What if you voluntarily contact the finance company to return your vehicle and they do not want it back?

The lender has no legal obligation to recover a vehicle and usually will not if the vehicle has greatly depreciated due to age and/or condition. The buyer cannot receive a clear title to the vehicle until the loan is paid or satisfied. The lender can use whatever means allowed under the laws of the debtor's state to collect monies owed, including filing a lawsuit against the debtor.

What do you do if you stopped making payments on a car loan after filing chapter 7 bankruptcy and the creditor has refused to repossess the vehicle but will not release the lien?

A vehicle is a secured loan and cannot be discharged in bankruptcy. If a reaffirmation agreement between the lender and the borrower is not possible the vehicle is usually repossessed. However, the lender does not have a legal obligation to recover the vehicle. The lien will not be released until the loan is paid or settled to the satisfaction of the lender. Under new bankruptcy laws, the lender is entitled to collect the full amount of the loan plus any applicable legal fees and interest. This generally means that the lender will file a lawsuit to obtain a judgment which can be used as a wage garnishment, bank account levy or other method as allowed by the state laws to collect money owed.

What is the statute of limitations on collection of a mortgage loan debt in Texas?

A mortgage is a contract under civil law between the debtor and the lender. To my knowledge there is no statutory limit on its effectiveness.

Can you keep a vehicle after filing chapter 7 if they have not repossessed it?

You can only keep the vehicle under two circumstances: (1) sign a reaffirmation agreement and keep making payments; or (2) redeem the vehicle by paying of the balalnce. If you fail to do either, they lender can get permission from the bankruptcy court to repossess the vehicle. In some states, such as Missouri, you may keep the vehicle if you continue to pay on it.

What were the first three flags to fly over Texas?

Texas under Spain Texas under France Texas under Mexico

What is the sentence on felony forgery charges in Texas?

If you live in the state of Texas, it's 2-10 years, and under the new law in Texas a person will do at least 5-8 years (day for day) if you get the maximum of 10 years.

Can you carry a handgun on my motorcycle in Texas?

As long as you have a handgun carry permit that is valid in Texas, yes. You can also carry a handgun on or about your person in your motor vehicle without a license in Texas, if you meet the "requirements". Is a motorcycle a motor vehicle? Yes: "Motor vehicle" means: (A) any motor driven or propelled vehicle required to be registered under the laws of this state; So you can legally carry a handgun on or about your person on your motorcycle if you meet the "requirements".

I am an Oklahoma resident who bought a car in Texas They charged me Texas Sales Tax should I get that refunded because I am NOT a Texas resident?

You will not be refunded. If the transaction takes place in Texas, you will pay Texas sales tax appropriate to that county. If a Texan were purchase an auto in Okla, they would pay Okla taxes. Fair is fair. >>>>>>>>>>>>>>>>>>>>>>>>> I was under the impression you only pay sales tax to the state in which you register a vehicle. If the dealer got you an Okla. registration no harm done. If not show the sales tax receipt to the motor vehicle clerk when you register the vehicle or they will charge you tax too, and if they do the dealer had no right to charge you and you should demand a refund. yes u should ======================== The first answer is correct. If you buy a vehicle out of the state you reside, you do have the option to buy the vehicle on a temporary tag and then pay the taxes and register the vehicle when you return home. ++++++++++++++++++++++++++++++++++++++++++++++++++++ If you purchase a vehicle in Texas for use exclusively outside of Texas you are not required to pay Texas motor vehicle sales tax. You must also complete the Texas Motor Vehicle Sales Tax Exemption Certificate. (Texas Administrative Code / Title 34 / Part 1 / Chapter 3 / Subchapter F / Rule §3.90) Basically, if you are a resident of another state and buy a vehicle in Texas, you do not have to pay the 6.25% Texas motor vehicle sales tax.

What is the statute of limitations on a car repossession in New Hampshire?

A vehicle is considered a secured debt. Therefore there is no SOL governing the repossession or collection of amount owed. The vehicle legally belongs to the lender/creditor until payment is made in full. * There is an SOL pertaining to when the lender may file a lawsuit to recover any outstanding debt. Vehicle loans are considered written contracts and under NH law the SOL for a written contract is 3 years.

Where is gas tank on a 2003 Jeep Grand Cherokee?

Under the rear of the vehicle.Under the rear of the vehicle.

Can you get auto insurance under your dad if hes not on the car loan?

Yes. The leinholder (the person who has to pay the loan) and the lender (the person who receives the loan payments) is not related to the person insured to drive the vehicle.

What is the time frame to repossess a car in Texas?

Under Texas law, a vehicle may be repossessed even if payment was only late for 10 days. This means that is payment was due on the first day of the month, and payment has not been settled on the tenth, then, vehicle will be repossessed on the eleventh.

If you refinance a vehicle and the finance company sends you the title not the new company what can they do if you don't send them the title?

You keep the title. It should show a leinholder listed below, under your name. The new lender doesn't actually need to have the title, as the new lender will release the lien after the payments are made in full. You will then be issued anothe title, showing you as being the sole owner of the vehicle. This is what they refer to as a "clear" title.

Where is the fuel tank located on a 2004 Chrysler PT Cruiser?

It is under the rear of the vehicle.It is under the rear of the vehicle.

Can I exceed my truck's maximum tow?

It would not be wise to exceed your truck maximum tow rating it could case damage to your transmission as well as other parts and components to the engine because the vehicle would be under more strain

Where is the spare tire on a 2002 Chrysler PT Cruiser?

It is under the very rear of the vehicle.It is under the very rear of the vehicle.

What is the sentence on check forgery charges?

If you live in the state of Texas, it's 2-10 years, and under the new law in Texas a person will do at least 5-8 years (day for day) if you get the maximum of 10 years.