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

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โˆ™ 2011-09-13 18:37:25
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Q: When can the lender resell a repossessed vehicle?
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How do you find out if someone elses vehicle has been repossessed?

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


Do you have to pay on a repossessed car if not sold?

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.


Does a finance company who has repossessed your vehicle have any rights to your new car that is financed by another lender?

No


Can you get a vehicle back after it has been repossessed?

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


When can a car be repossessed in Texas?

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.


Is the cosigner of a vehicle liable if the it gets repossessed?

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.


What is the time span of a late payment until your vehicle will be repossessed in the state of North Carolina?

That is determined by the LENDER.


What do they do with repossessed cars ?

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


When your vehicle is repossessed where does it go?

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.


What is Missouri Law for paying off repossessed cars?

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.


How can you locate your repossessed car?

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.


If your car is going to be repossessed is it legal for you to sell it before the actual repossession?

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.


Can a vehicle be repossessed for insurance lapsing?

I would not think so, but, your lender does require that you carry collision insurance on the car, which is the lender's collateral. It depends on what the note you signed says about this. Read it.


If your truck is repossessed can you still be sued?

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.


What do you do when your vehicle has been repossessed during an insurance claim in Texas?

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


Can a repo agent refuse to return personal property from a repossessed vehicle when the property does not belong to the note holder and then lie to the lender when you consult with them?

== == NO


Do you have to pay the difference on a repossession car loan?

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.


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.


Can my car be repoyed when you are on ssd?

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.


After a vehicle is repossessed and you pay it off in full when does the lender have to return the vehicle to you is it as soon as its paid off or can they take a few days to return it?

If the vehicle is paid it is yours you should not have to wait any amount of time.


Can you get your medication from a repod vehicle?

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.


Can your car get repossessed with only one payment due?

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.


Can you buy a car that is repo from a friend?

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.


What would happen if you made payment arrangements for the payoff of a repossessed vehicle but could not keep them?

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.


How you do get your car back after being repossessed?

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.

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