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What would happen if you made payment arrangements for the payoff of a repossessed vehicle but could not keep them?
Wiki User
∙ 18y ago
If you kept the repossessed vehicle, the lender could reposses it again and sell it. If this was just a contract to repay the debt, they could sue for money damages just like it was a promissory note.
Wiki User
∙ 18y ago
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What will happen if your car down payment bounced and you made a particial payment?
The car will probably be repossessed.
What can happen if you don't pay a title loan and you still have the car?
The vehicle can be repossessed.
What can happen if you hide a vehicle from getting repossessed in Michigan?
I'm not too sure, but good question!
What has to happen before a creditor can have your care repossessed?
A car cannot be repossessed until the owner has missed several car payments and the owner has been notified of late payments. In most states a car can be repossessed after three months of non-payment.
If the cobuyer of a vehicle that was repossessed is going to reclaim the vehicle how does he get a clear Texas title without the other's name on it?
Make the idea known to the lender BEFORE you proceed. get it claer what is to happen.
How do you negotiate with your lender before your vehicle is repossessed?
I can assure you the lender does not want to repossess your vehicle. He loses money by having to do this. Sit down with them and discuss how much you can afford to pay each month. Ask them to renegotiate the loan, to a lower interest rate and smaller monthly payment. Something you can live with. Tell them you want to meet your obligation and repossession is the very last thing you want to happen.
If you purchased a vehicle for your son in your name and it is repossessed what will happen to you after the car is seized?
Likely you will have to pay the loan off after the lender sells the car. lenders have some legal options that will collect from you.
What will happen if your car is repossessed in NC?
Either you'll get your payments current plus repossession fees, or your vehicle will be auctioned off, and you'll still be liable for the remaining balance after the auction.
If they repossess your vehicle can anything happen to the other vehicles that you own in your name?
No, Not unless you used one of the other cars as collateral for the loan that bought the car the was repossessed. Then they can take the collateral too.
What happens if your car is repossessed?
Depending on your state law, there are many solutions to your car being repossessed. In all cases, information must give you information about what will happen to the vehicle. 1) Your state may give you the option to take possession back of your vehicle. Some states give you an allotted time to pay the amount defaulted on your loan plus fees associated with the repossession. 2) They can opt to sell your vehicle. You will still be able to retrieve any and all valuables left in the vehicle (as they are not permitted to keep it) and your license plate (you paid for that). Any balance after the sale of the car will be your responsibility and arrangements can be made to settle that debt. If you need assistance in finding the full disclosure about repossession in your state, please contact your local Attorney General's Office, Consumer Affairs Division
Do you go to jail for driving repossessed car out of state?
The question is a little confusing. If a vehicle has been repossessed then it would no longer be in the possession of the person(s) who made the purchase agreement or to whom the vehicle was registered. If what is meant is can a vehicle subject to repossession be taken out of the state to avoid such action, then the answer would be yes. But it is unlikely that would happen unless the lien holder decided to file it as a stolen vehicle. Which in some states would be perfectly legal and that would mean the person moving the vehicle to another state would encounter some serious legal problems.
What happen if Unable to pay credit cards for 3 months?
First, they will close the account to any further charges. By 90 days, a collector will be assigned to the account. You need to work with that person to make payment arrangements.
