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
WE'RE ON OUR WAY!!!!!
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.
NO,thats Grand Theft.
If it was repossessed legally then he is guilty of theft
No, the auctioneer would not be legally responsible if someone got hurt at an auction. The auctioneer is only an employee.
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.
Just the same as if it was your car repossessed. Legally, you hold the same liability as the primary buyer.
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.
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.
Legally, ONE.Actual practice?? 3-60
list 5 ways a business can be set up legally?
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.
Yes. If you signed the loan, you are still legally responsible for it.
Legally if you miss 1 payment you are delinquent and they can start repossession proceedings on their vehicle.
Of course, it won't legally be your car however.
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.
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.
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.
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
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.