0
What is the term used when your vehicle is taken from the owner when payment agreements are not met?
Vlschools
reposession
Wiki User
∙ 13y ago
Add your answer:
Earn +20 pts
Can a vehicle be taken by police for delinquent payment?
Can a vehicle be taken by the police for delinquent payments.
What is a towing auction?
if the towed vehicle is not taken back by the owner then the vehicle is actioned.
Can you stop payment on a check after taking delivery of the vehicle?
Once you drive the vehicle away from the dealership you have taken possession of it and cannot stop payment for any reason without committing fraud.
How many months without making a payment will the vehicle be taken?
The finance company has the right to repo a vehicle the day after the payment is due if it is stated in your contract. they usually wait till you are 30-60 days past due.
How do you take possession of a co owned vehicle?
A co-owned vehicle can be taken into possession by either owner at anytime they wish...If the co-owner has a key to the vehicle then they can legally get in and drive the vehicle...If the co-owner does not have a key then they must have a copy of the certificate of title,the registration or other proof of ownership and then the vehicle can be towed. Also if the vehicle was manufactured in the last 12 years and the co-owner does not have a key they can take the proof of ownership to a local dealership and request a copy of that vehicles original key,then go and take possession of the vehicle.
Is it still unlawful use of a vehicle if the owner knew the vehicle was going to be returned?
Of course. If it was taken without the owners permission how are they supposed to know who took it or if it was going to be returned to them?
I am vehicle owner and got her to sign notarized acknowledgement that its her fault How can claims department get statement from authorized driver who is at fault with accident if she went hiding?
''they have their ways'', i'm not sure if i understand, was it your vehicle she was driving or she was driving a vehicle that hit you? if the owner is different from the driver there is pressure on the owner to help in getting this taken care of...is the owners company refusing payment to you until they get her statement? there are many many ways to find someone in hiding, if all else fails there are 'skip trace'' companys that all insurance companys use in these situations.......more details and i can be of more assistance
Do you need to buy a car if you signed for it but haven't chosen a color and have not taken it out of the dealership's lot?
If you signed a contract with payment agreements, you own the car. There's no 3-day cancel rule that applies to vehicles.
Can a lien be put on a car?
Yes, a repair shop can place a lien on a vehicle for unpaid repair/maintenance work. If the vehicle is taken to that shop, they can hold that vehicle until the bills are paid, even if you are not the owner who originally incurred the charges.
What is Arkansas law for returning a newly purchased vehicle?
My 18 year old daughter bought a programs 2010 vehicle from a AR dealer with me as a cosigner. First payment due on 7-29-11 and she has the money for that payment however she just submitted her college schedule to her job wherein they told her they would see what they could do but no promisses. I have been taken off work due to health issues so this vehicle payment may get rough for anyone. Is there any clause in a law that states she can return the vehicle now?
Can a car be taken if it is still being paid on but is one payment behind?
If one payment is missed, the vehicle is subject to repossession. That is probably in the fine print that most people ignore or fail to read in a written contract. Missing one payment is interpreted by the lender that you no longer want the car, and they will start the proceedings to recover "their" car. Don't forget, it's not "your" car until it is fully paid for ... the lending institution is the "owner" of the car and if someone skips payments, they will just reclaim what they already own.
How long before a lease is reposessed?
Repossessions can be as quick as 30 days after a delinquent payment. It is up to the owner of the vehicle, in your case the financial institution, or automobile dealership how much leniency they are willing to offer you in making a payment. If you fail to stay current on your lease terms you will receive mail letting you know that you must surrender the vehicle. If you do not surrender to vehicle, the owner and and will take legal recourse - you can count on the local law enforcement knocking at your door any time day or night. They may even remove the vehicle from it's location, with out you even being there. They watch your habits, and know your schedule before the collateral is taken back from you. Say good bye to your credit, if this is the road you plan to travel. I do not advise holding onto anything you have borrowed longer than is stated in the lease agreement.
