Ford Explorer Eddie Bauer
Auto Loans and Financing
Repossession

When can the lender resell a repossessed vehicle?

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2011-09-13 18:37:25
2011-09-13 18:37:25

a lender can do as he/she pleases with the vehicle after 31 days...in the state of Alabama

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"YOU" dont, the debtor does. call the lender.

If it has been repossessed the lender will usually stop all collection activities until the vehicle is disposed of through sale. It is unusual but the lender could decide to keep the vehicle but should they do that than they waive their right to a deficiency.

YES,, CALL the lender and find out HOW MUCH it will cost to do so.

In most instances when you get behind on your payments. The exact details of when the lender will repossess the vehicle is listed in the contract you signed when you took out the loan on the vehicle. Read your contract with the lender.

Yes. That is the point of the lender asking for a cosigner. The cosigner will have a repossession showing on their credit as well as the primary lender.

They check them out and resell them after that for a cheap price.

Depending on who the lender is and how they dispose of repos, it will go to the repo cos. storage lot and then to the auction.

Your car was probably repossessed by the lender who owns the car until you pay for it. Call your lender and they will be able to tell you how to locate your repossessed car.

The laws for all US states are much the same. In MO. when a vehicle is repossessed by the lender due to a default in the terms of the contract the lender is required to sell the vehicle at public auction for the amount closests to its assessed value. If there is a discrepancy in the amount for which the vehicle is sold and the balance of the loan, the lender may pursue collection for that amount in the manner the law allows, which can include a lawsuit.

Not without permission of the lender. A vehicle cannot be sold without a clear title of ownership. The lender is named on the title of a vehicle as the "lienholder" until the vehicle is paid for or otherwise released by the lienholder.

Same as any other repossession, CALL the LENDER. Work something out.

When a vehicle is repossessed by the lender it is sold at a public auction for as near the fair market value as is possible. The amount the vehicle is sold for is deducted from the balance of the loan and the borrower is responsible for the repayment of that amount plus any interest and additional fees. If the borrower is unable to make a payment agreement with the lender, the lender does have the option of suing for the amount owed and legal costs. It isn't possible to give a definite answer on if the lender will or will not sue the borrower for the debt.

Not sure of your question. Do you mean do you still owe after the car is repossessed? Or do you mean do you have to pay off a loan to buy a repossessed vehicle? It depends on the state you are in, contact the lender.

Yes, you are allowed to remove your personnel property from any vehicle that has been repossessed. Take proof of ownership to the lot where the vehicle is stored and ask for your property. If they refused call the lender.

Yes. If you do not make your payments on time, the lender will repossess the vehicle. They could care less that you are on Social Security Disability. Talk to the lender and do not allow your vehicle to be repossessed if at all possible. Explain your situation and see if they can work something out.

Provided the lender still holds the lien on the vehicle, it will still be repossessed and you will find you have a problem with a former friend.

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.

Yes. Always read your contract. The area under default will usually specify yourlien holders right to take possession. You can be repossessed for more reasons than just defaulting on your payments. Again check your contract. You can be repossessed for not keeping your lender updated with your full coverage insurance. If you are using the vehicle for illegal purposes or if you are not taking care of the vehicle- your lender can repossess the unit. Read your contract.

Yes most likely. If the lender is still on the title, if not then they cannot, without some sort of court order.

A disabled person's vehicle can be repossessed just as any other person's vehicle can be repossessed. You must make all payments on your vehicle if you want to keep it.

You need to contact your lender to see if they will work with you on getting caught up on your back payments. Some state laws allow the lender to require you to pay the vehicle off in full and some state laws require the lender to return the vehicle to you if you can catch up on the amount you are behind. You need to check your state law and contact your lender.

No. But they can ask to be excluded from the bankruptcy. Usually a deal can be made with the lender to keep a vehicle. If it is covered by the exemption and the borrower lives up to the contract agreement.


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