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What is the maximum time that the lender has to repo a vehicle under Texas law?
Wiki User
∙ 19y ago
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".
Wiki User
∙ 19y ago
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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.
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 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.
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.
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".
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 is the time limit to recover a repossessed vehicle 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.
