No, what will happen is this: the finance company will pay off the mechanics lien (usually) and tack that on your loan balance, it would be considered a repo fee.
The company repossessing the car has no authority to negotiate terms with you. They are simply there to repossess the car. You must negotiate with your lender. Hopefully, you will do this before the the repossession order is submitted by the lender.
Yes. If the person repossessing the car finds it then they can take it!
Repossess your own car? What did you do, meet your wife at a family reunion?
It's more the same as repossessing a car.
Yes, pay your payments on time.
If they are repossessing the vehicle for the bank, Yes.
I'm sure it depends on where you are, but the finance company that I used to work for paid between $150 and $300 per car, depending whether the customer voluntarily surrendered the car or whether the repo agent had to take it.
You should contact the finance company. Perhaps, you can make smaller payments and stretch out the loan or perhaps you can turn the car in and avoid them the trouble of repossessing the car in exchange for not having your credit ruined.
You call the finance company and state your intent to them. Either they'll send a recovery agent to repossess it, or you might be able to take it to the repossessing agent.
Yes. There is not much point in repossessing a car for only a part of the day!
Yes As long as they do no damage to it and put it back, it is legal. Per U.C.C.
general rule NO, but check with your state to be sure
The car company has to provide all the necessary notices before it can repossess a car. Also, the company has to follow the proper procedure, and avoid any actions that harass the car owner.
Yes, you can get your car back but you only have ten days to do so before the car goes to auction, in order to get your car back you must bring the full amount of payments you are behind to the repossessing company. The lender can deny you the car back also, depending on how many times you made late payments.
Unless you have a payment plan figures out with your loan company(I.E. i can pay 100 this month instead of 200) they will usually wait 90 days to proceed with the repossion process.
no you do not get to puchase the vehicle before it is auctioned the loan company will have tried to contact you to make the payment it would then be up to you to get the car from the other person by way of repossessing it yourself through small claims court
What are the rights of a lienholder on a car title when it comes to repossion of a vehicle?
They will repo the car, sell it, you will pay the difference on what it sells for and the balance on the note.
An Authorized Recovery agent working on behalf of the lien holder can repossess the vehicle from the lessee. It is Illegal in the state of Indiana for someone who works for/ at the car lot or for the lien holder to repossess a vehicle under the car lot/ lien holder's company name. The duty of repossessing a car must be hired out to a recovery agency.
I think with any auto finance company you must be 90 days to 120 days delinquent on your loan before they start considering repossessing the vehicle. Beware, within that same time period, your car, truck, or etc.. will be repossessed.
Talk to you local county attorney.
The order of repossession is their authorization to enter the car. If your car is being repossessed, it means there's a lien on it, and the lienholder called for the repossession to be carried out. You don't own the car - the lienholder does, until you pay off the lienholder and they relinquish the title to you. So yes, that tow company doing the repossession has every right to enter the vehicle they're repossessing.