When can the lender resell a repossessed vehicle?
a lender can do as he/she pleases with the vehicle after 31 days...in the state of Alabama
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…
If your car is going to be repossessed is it legal for you to sell it before the actual repossession?
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…
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.
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…
What would happen if you made payment arrangements for the payoff of a repossessed vehicle but could not keep them?
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.
If you are a cosigner on a vehicle and the other person gets the vehicle repossessed then files for bancruptcy what happens to the cosigner?
The lender sells the vehicle, sometimes at auction. They attempt to get whatever they can for it. Often the price the lender gets is less than the outstanding loan. If the lender gets less for the vehicle than the amount that is owed, the lender will seek the balance (the difference between what was owed and what they sold it for) from the borrower. So, lets say you bought a car for $1000. You quit…
After you pay off a vehicle when it was repossessed can a lender refuse to return it unless you pay off other unpaid debts that you have with the same lender?
When cars are financed, they're usually financed by a bank or some other type of lender. Once the car is repossessed, and the person it's repossessed from fails to recover the vehicle, the vehicle is sold at auction. Dealers attend these auctions, and bid on those cars. Once they've placed a winning bid and paid for the vehicle, it's theirs to sell. Now, if a dealer is the one who financed the car, they'll be…
In NC what can be done if lender refuses to negotiate bal due on repossessed auto if they want 20000 for auto worth 10000?
If your car is repossessed in Illinois and the lender wants full payment can you file for bankruptcy within a certain amount of days so that your able to keep your car?
Bankruptcy does not prevent a vehicle from being repossessed. If the debtor/borrower wants to keep the vehicle they must reaffirm the loan with the lender. Furthermore, new bankruptcy laws require the borrower to repay the entire amount of the loan and applicable fees rather than the discrepancy between the loan and the amount recovered in the sale of the vehicle.
Normally the answer would be no. They do however have to make the vehicle serviceable. Repossessed vehicles are something I would stay away from. Do you think a person who cannot make the payments on a vehicle is going to spend money on maintenance? I am sure some do, but the odds are against it. The lender is going to sell the car for whatever he can get. He is then going to sue the…
What do you do if you live outside the US and are not coming back and want to let your vehicle be repossessed?
Your contract most likely states that the lender can demand payment in full at anytime. This means they can repossess the vehicle after demanding you pay it off. If you are 5 days late, they could repossess it. There is no legal requirement for the lender to wait any amount of time before taking your vehicle.
Can a lender change the amount they agreed that you owed on a repossessed vehicle the next day and be verbally abusive?
If the loan for a vehicle is in one person's name and the tite in another's what are the rights of the person on the title if the vehicle is repossessed?
First of all you call the repo company. After that keep trying to call the bank. As long as they don't sell the car you can still get it back by paying the reinstatement amount. * A repossession agent/agency is contracted by the lender, they have no authority to release a vehicle unless the lender orders them to. The lender has no legal obligation to reaffirm the vehicle loan or make any other financial arrangements…
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?
Yes. When a vehicle is repossessed, the lienholder has to try reclaiming what they can of the loan that was made for the vehicle. A repossessed vehicle typically gets sold at wholesale auctions, and the amount paid for it is typically substantially lower amount than what's owed on the lien. You as the lessee are still liable for the remaining balance owed on the vehicle, plus the fees for repossession, storage of the vehicle, auction…
Can you sue for wrongful repossession of a vehicle when loan was paid in full over a month and a half ago?
If you are unemployed drawing unemployment insurance and your vehicle is repossessed can the lender go after home and property you own in order to receive the balance of the vehicle?
I believe if you haven't paid in three months they can repossess your vehicle in Utah. *The state does not require a Right To Cure notice be sent to the borrower. The lender may recover the vehicle whenever the contract is in default. UCC laws apply, and the vehicle can be recovered by any means that does not constitute a breach of peace. The plates remain with the borrower/debtor.
Which sort of bankruptcy should one use to retrieve a vehicle in Florida that was repossessed yesterday?
A vehicle is a secured debt, therefore bankruptcy action would not reverse the repossession. Bankruptcy only places a temporary halt to repossession or foreclosure of secured property. The only option available to the borrower to recover a repossessed vehicle is to reaffirm the lending agreement or make some other type of settlement with the lender.