Yes. You will be served with an order to appear. On your court date, you will be ordered to surrender the vehicle and the lender will be given a replevin by the court. This is in essenece an order by the court for you to return the vehicle to the lender. When the replevin is served, you will surrender the vehicle or you will be taken to jail and remain there at least until the vehicle is surrendered, perhaps longer on felony charges.
If there's a lienholder on that vehicle, yes, that lienholder can repossess it.
That is the only way you can repossess a vehicle. Repossession comes under the UCC which grants a lienholder the right to repossess but only if they have perfected their lien by filing it on the title. One caveate is in most states the lienholder can not repossess a vehicle that is under a mechanic's lien without first paying that lien.
As long as there is a lien on the vehicle the lienholder has the right to repossess the property
No, not if the contract is in default. The lender/lienholder may repossess the vehicle under UCC laws as long as it can be accomplished without a breach of peace committed
No. The lienholder is the rightful owner of the vehicle, and can reclaim their property as needed.
Yes. The lienholder is the rightful, legal owner of the vehicle, and can take possession of that vehicle anywhere.
The same way a loan company does, HIRE a REAL repo agency to do the job.
Yes. A lienholder is the lawful and sole owner of that vehicle, and it doesn't matter where they repossess it from, so long as they do it in accordance with state laws for repossession.
If you don't have a "contract", you aren't a leinholder. A lienholder must have a contract and have filed the notice with the county recorders office and the title must state you as the leinholder. If the person is named on a title as a lien holder he or she has the legal option of repossessing the vehicle as it is determined by the laws of the state where the vehicle is registered.
The lienholder has no liability for any damage done by the buyers vehicle.
I would think so.
Yes. How many names are on the title and/or the loan means absolutely nothing... so long as there is a lien on that vehicle, that lienholder is the sole lawful owner of that vehicle, and can repossess it as recourse for delinquent payments.
The impound yard will give you their particular requirements. Just give them a call.
The lienholder has an option to repossess when you become deficient on your payments for as long as you owe money on that vehicle. If you skip your last payment, that car can be repossessed.
It depends on the state and the regulations in that state. Here in Georgia if the damage is over $500 the lienholder must be notified and if the check will be over $500 the name on the check must include the lienholder and the policyholder. This is a state law that was made to protect the banks from loss. You can understand that the Banks don't want to have to repossess a damaged vehicle only to find out that the borrower cashed and pocketed the funds from the claim. It also shows how strong the bank lobby is. In the days when everyone had local banks that they dealt with it was no big deal but now your lienholder is very possibly across the country.
No you cannot. reguardless of whether the vehicle is undrivable or in perfect shape the lienholder must be notified if the car is to be sold scrapped or otherwise. To do so (sell scrap same thing)without telling the lienholder is a crime. only a clear title permits you to sell a vehicle on your own. If you have a lien you must pay that off before the title can be transfered.
They don't require a court order to repossess a vehicle... the only way a court order would be required is if the court had ordered you to give up your vehicle as collateral if you found yourself on the losing end of a lawsuit or something to that effect. A vehicle which is paid off cannot be repossessed, because the lienholder - who is the lawful owner of that vehicle while they hold the title - is reclaiming their own property after a lessee fails to meet the conditions of their contract.
Returning the vehicle will not relieve you of the responsibility for the debt. Typically your lienholder will sell the vehicle and charge you for the deficiency balance. However, if you cannot pay for the car the lienholder will repossess it and follow the same procedure. Also, unless the dealer provided "in house" financing they probably have no further interest in the vehicle. You are now obligated to pay the bank or finance company. In this case the dealer may not allow you to return it to the lot.
As long as you continue to make the payments, they would have no reason the instigate a repossession. When a vehicle is financed or leased, the creditor has an interest in the vehicle and rights under the contract you signed. If you are in default of the contract either by default in payment or otherwise (failure to insure or other terms) the vehicle can be repossessed.
A cosigner or coowner cannot repossess a vehicle. That is something the leinholder does.
Yeah - you'll be charged with theft of some form. If the vehicle has a high enough value, it could amount to Grand Theft. When there is a lien on your vehicle, you don't actually own it - the lienholder does. If you fail to make your payments, the lienholder has a right to repossess what is already their property. You try taking it back, you're committing theft. You've lost any and all rights to that vehicle, and it is no longer yours in any sense of the word once a repossession agent takes possession of that vehicle.
Only if you have written permission from the lienholder.
When you don't pay for it.
They usually wont get involved unless they are going to repossess it. You will still be responsible for th estorage fees and fines. Generally, a lienholder will inquire of the impound lot, as to if the vehicle owner has made contact and attempt to redeem. If there has been no owner contact or, as in this case, if they are made aware of the owners situation, they would probably monitor the status of their interest (the vehicle) to be sure it is redeemed prior to sale date. If the owner or lienholder does not pick up the vehicle it will be sold at auction. Proceeds first cover fees to the impound company with any balance payable to the Clerk of Court for disbursement to lienholder. (Florida)