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Dunno. What state are you in? That could make a big difference. UCC only says they have to do it in a "commercially reasonable manner". I'm in South Carolina

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โˆ™ 2005-05-04 11:03:32
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Q: When a car is voluntarily repossessed legally do they have to wait 21 business days to sell it at auction or just 21 days?
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Related Questions

How long before your vehicle can legally be repossessed?


If you cosigned for a car and it got repossessed voluntarily what will it do to your credit and will you owe?

Whether a repossession is done "voluntarily" by the primary or through the action of the lender, the primary borrower and the cosigner are still legally responsible for all the terms of the lending agreement. The affect the repossession has on the cosigner's credit history will depend upon the actions of the lender to recover the debt owed.

Can your federal tax refund be taken if you cosigned for a truck that was repossessed?

Legally, YES.

Can you legally go and take your car back after it has been repossessed?

NO,thats Grand Theft.

Does lender have to send notice of default or intention to repossessed before taking the merchandise?

Legally NO!

Owner of car stole it back from repossession company?

If it was repossessed legally then he is guilty of theft

Would an auctioneer in the US be legally responsible if someone is injured at the auction if the auctioneer does NOT own the property?

No, the auctioneer would not be legally responsible if someone got hurt at an auction. The auctioneer is only an employee.

What is Georgia law against hiding car from being repossessed?

The only way to hide a car in Georgia if facing being repossessed is by filing chapter 13. If you have filed for chapter 13 it is legally ok to hide your car from being repossessed.

How much would it hurt your credit if the car you co-signed for gets repossessed?

Just the same as if it was your car repossessed. Legally, you hold the same liability as the primary buyer.

If you are self-employed and your car gets repossessed how does the bank take action?

The matter is the repo, not your employment. If your car is taken they will auction it off for what they can get and you will be held legally responsible for the balance. Regardless of the amount. Self employed or not. Yes, it is much harder for them to collect from you if you are self employed.

Can a company legally refuse full past due payment plus repo fees after the car has been repossessed?

Yes, this is because the loan agreement was voided when you were late with one payment.The lender has decided to auction or sell the car even though you can bring the loan current,they can do this.

How many days after your car payment is due can your car be repossessed?

Legally, ONE.Actual practice?? 3-60

For which form of business ownership are the owners of a business legally distinct from the business?


List 5 ways a business can be set up legally?

list 5 ways a business can be set up legally?

How can you legally protect yourself from heirs who voluntarily waive their birth right to an estate?

The best way to legally protect yourself from heirs who voluntarily waive their birth right to an estate is to get this in writing. A lawyer should be contacted to assure the legal matters are handled accurately and agreed upon by all parties.

If a car was voluntary repossessed and the cosigner was not notified is the cosigner still responsible?

Yes. If you signed the loan, you are still legally responsible for it.

Can a car be repossessed if you are two payments behind?

Legally if you miss 1 payment you are delinquent and they can start repossession proceedings on their vehicle.

If you file for bankruptcy and your car is repossessed can a friend take a loan out for you to purchase a car?

Of course, it won't legally be your car however.

What if you stop making payments on the vehicle?

It will likely be repossessed and sold at auction, if not redeemed, with the proceeds being applied against the amount owed and subsequest repossession, collections, and legal fees. Keep in mind that you signed a contract. That contract is legally binding, and in most cases, you agreed to suspend many of your rights to property.

My car was repossessed and now they want me to pay for the remaining balance on the loan and I can not afford it. What can the lender do legally to get payments in the state of Pennsylvania?


What if you refuse to allow your car to be repossed?

If it is to be repossessed legally then you are guilty of an offence. The offence and the penalty would depend on the circumstances and the country in which you reside.

If you voluntarily relinquish your vehicle can you be held responsible for more than the value of the car?

Yes. The lender is legally required to sell the vehicle at public auction for as close to the fair market value as is possible. The proceeds of the sale of the vehicle is applied to the loan balance and the borrower is responsible for any deficiency and possibly additional fees.

How long dues the Car dealer ship legally have to hold the repossessed vehicel before legally selling it?

is it true that a dealer have to hold a car for twenty one days before they can sell it after it has been repossed

How do you own a business at 12?

You can't legally own a business at 12. You must be an adult to be legally bound to anything, to sign contracts and file taxes.

Would an auctioneer in the US be legally responsible if someone is injured at the auction if the auctioneer owns the property?