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If I missed five payments on a motorcycle can I pay them late and avoid repossession?
Up until the time that your motorcycle is actually repossessed, the dealer will be happy to receive your payments, even if they are late, and will allow you to keep the motorcycle. But if you wait too long the repossession will happen.
Can your motorcycle be repossessed if it has a lock and chain on it?
Certainly. This happens quite often. Repossession agents have the means to pick the motorcycle up and place it safely on a flatbed.
If you call your motorcycle lender and tell them to come and take the motorcycle because you can't afford it anymore will that go on your credit as a repossession?
The same thing. A repo is a repo. Your breaking the contract.
If I voluntary give back a Motocycle for repossession will you have to pay the total owed on the loan to take back the motorcycle?
Probably.
What will happen when a loan on a motorcycle has been defaulted and the finance company will not reprocess it?
If guess you mean "refinance" when you say "reprocess", the answer is repossession. Loans in DEFAULT are subject to repossession of the collateral and payment of the balance owed by voluntary or legal means.
Does the lien holder have to hold your motorcycle after repossession?
After repossession, the lien holder or agent sends information on how to reclaim the vehicle; if the owner does not respond or cannot repay the outstanding debt, the agent removes all personal belongings and sells the vehicle at auction. You will then be liable for the difference in what it sells for and the balance on the loan plus repossession fees.
Can a motorcycle be repossessed if the co-owner has a bankruptcy?
A motorcycle is considered a secured debt, meaning the cycle itself is the collateral for the loan. Bankruptcy temporarily halts repossession of a vehicle. In order to keep the vehicle the debtor must reaffirm the loan with lender. Be advised, all secured lenders can petition the BK court to lift the BK stay so that repossession action can continue.
Where can one find quality motorcycle rain gear?
You can bid on motorcycle rain gear at eBay. They have tons of auctions right now from slightly used to new condition motorcycle rain gear. If the bidding aspect doesn't appease you, you could go to Amazon and purchase it outright.
Can you drop off a motorcycle at the dealer if the creditor wont take it back?
If the creditor will not take it back in lieu of the money owed then you need to sale the bike and pay them their money. Unless the dealer is willing to buy the motorcycle you will still owe the money. Not every creditor will do a voluntary repossession.
What can I do if my motorcycle is being repossessed?
You should contact the lender and try to work out a payment plan. Lenders will use repossession only as a last resort, so there is a good chance you can get something worked out.
Where can one purchase a used police motorcycle?
Used police bikes can be found at police vehicle auctions. They are also available for purchase on Websites such as eBay Motors, or for sale on Craigslist.
How can you get your repossessed motorcycle in Massachusetts?
Contact the lender and make arrangements to pay the outstanding balance. You may be able to pay only the past due amount. Once this is done, they will likely release the repossession agency to let you claim it. Keep in mind that you may have to pay storage fees to the repossession company before you can take your property back.
