THen I am sorry to say that you are out a lot of money. Once that car is repossessed, then your interest in it, and the finance company's interest in you is over. The car company will send it to auction and get back whatever they can, and put a black mark on your credit. Paying them one red cent after this charge off event will not help your credit in one infinitessimal way. As you noted, they sold your truck and auction so you can soon expect to get a letter telling you what it sold for and how much they lost on the difference. DO NOT PAY THIS AMOUNT. They are not expecting you to and, as I've said maying one cent on a charge-off account is a cent wasted.If you just had your truck repo'd and you still own your house and have a job, you should dtill be able to buy a car anyway. Just watch them jack up the interest rates
If you don't make your payments, they can be repossessed, the same as any other vehicle.
Yes you are
Yes, your truck can be repossessed even if you are using it to earn an income, however, you can tell your creditor that you are earning money with your truck, and that if the creditor does not repossess the truck you will use that income to make payments on your loan. Of course, if you are not making payments, and spending all of your income on other things, then the creditor has no motive to let you keep the truck.
Start with some type of vehicle history report, such as Carfax.
ask the guy that repossessed your workers truck for the tools that were in that truckask the guy that repossessed your workers truck for the tools that were in that truck
Well, a vehicle can be repossessed with no notification, so there's not much you can do about that. If the payments were taken over by family members, it's assumed the first family member was aware someone else would be paying for the truck and so is still responsible to see that the payments are made.
Most usually they are empowered to take items where you haven't made the payments. If both the truck and trailer were being repossessed, then you are stuck.
You are responsible for the remaining balance of what the vehicle sells for and what you owed when it was repo'd.
Go to bank or other place that repossessed the truck. Pay cash for it etc
There is no company with the name "Repo Truck", but "repossession" of a vehicle simply means the financial lending company "takes back" the vehicle, because monthly payments on the vehicle have ceased.
Yes/No, because if it is parked in reverse, the back wheels would be dragging, and soon shift gears (If repossessed by a chain truck), but if it is a flatbed tow truck, then yes, it can be repossessed, because the back wheels would not be dragging, therefor the wheels would not shift gears and ruin the vehicle, or reverse of of the truck!Why are you asking, has your car bin repossessedbefore?-Zachary T. Davis06/03/12
I have a welding machine on the truck they repossessed can they keep that?
Yes! if there is a security interest on the loan (the vehicle). when you buy or lease a vehicle, you sign your right away to the vehicle in the event that you default on the loan..it does not matter what kind of vehicle it is.
AnswerYou need to find a time machine and go back in time, get a job, stop smoking pot and drinking so much beer and make your truck payments.
They will not repossess a vehicle unless you have defaulted on the loan. Defaulting on the loan is being late with the payments. Call the lender and talk to them.
It happened to me. No notices were sent. No opportunity to bring payments up to date. The tow truck people didn't knock on my door. They just took the car.
The most common type of repossession notice when a person has not been making loan payments for a car or truck. If the lender does not receive payments, the vehicle may be towed away.
The only way to get a repossessed truck back in the state of Indiana is to pay the balance owed. Sometimes, you can contact the lender and make arrangements to get the truck back without paying the whole amount.
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.
NO, the truck probably has been sold already and the lender got a repossessed title to sell it with. Of course they do make mistakes. LOL
If your car has been respossessed, you no longer have the right to continue paying it off because they have lost faith in your ability to make payments. The bank has already paid about 500 to a tow truck driver to find and recapture the vehicle. However, you could buy it back at auction. See your bank for the auction date.
When even one payment is missed the agreement is considered in default, and the lender has the legal right to take whatever action they deem necessary to secure their financial interest in the property. Unless all missed payments and applicable fees are brought current and the creditor agrees to allow the borrower to continue with the agreement, the vehicle can be repossessed.
The Repossion Was Issued. This In Its Self Is Legal, Reguardless, Of How The Vehicle Was Recovered. Next The Feds Will Have To Handle The Other Violation.
The bank takes it for non-payment of your loan. They send a mean man with a tow truck to take it from your driveway in the middle of the night. It's not considered stealing unless the tow truck driver does not notify the police that they picked it up.
You cannot lease a truck for someone else, unless you have a commercial lease on a vehicle. You could lease a truck, but the title must be in your name. You can certainly make payments for someone else, but the credit will always go towards the lessee.