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Can you repossess a car that is under your name from a friend who is always late on the payments?
Wiki User
∙ 18y ago
Yes, it is your car.
Wiki User
∙ 18y ago
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If you can't make payments on your car can you return it?
You can try. They are not usually under obligation to accept it. You are under contract to make payments and you can be legally ordered to fulfill the terms that you agreed to. Most dealers will be somewhat lenient, as their normal recourse is to repossess the vehicle.
What would allow a debtor to repossess a car while in a stay under a bankruptcy?
Depends how the bankruptcy was set up and whether the car was listed. There should be some consideration in that case as to whether you can make the payments, or not.
Can you legally repossess your car with a lien on the title?
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.
What happens to a car loan if owner becomes disabled and cant drive it or make the payments?
Whether a car is drivable by the owner or anyone else is typically irrelevant to the company that loaned the owner the money to purchase the car. Once payments stop coming in, the company will often make one or two attempts to contact the owner, then repossess the vehicle under the terms of the security agreement.
Can they repossess your car even if you offer to pay them your late payments then sell it and expect you to pay the difference?
In most states and under most conditions YES. Read your contract. You broke the contract. It is their choice as to how to handle it, not yours. If you sign an agreement, you have to honor it the way it is stated. Often it is not up to you as to when to pay or how much and they are not your mom.
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.
If your friend takes over your payments while the car remains in your name can he get full coverage insurance and list the lien holder you make payments to?
Your name must be on the Title or Loan in order to get car insurance under your name. Otherwise this is considered Insurance Fraud. It is punishable by the law.
Do you still owe the lender if the court rejected your reaffirmation agreement?
Yes. The reaffirmation agreement allows you to continue to make payments on a secured loan and retain the secured property. The rejection of the agreement simply means the creditor can apply for relief from stay and repossess or foreclose on the property. If you have been making post-filing payments, the creditor may not bother and, in some states, under state law cannot proceed against the property.
Can a lienholder repossess a car if it is not in default but in the impound?
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.
Who can repossess your car?
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.
You purchase the car at the dealer for your friend does the insurance has to be under your name also?
No, insurance does not always follow the owernership of the car unless you and your friend live in the same house and you have your driver's licence. If you tell the insurance company that you are not going to drive the car at all time and main driver is your friend, then you do not have to be under the same insurance.
If you fell behind on an auto loan but continued to make payments on time for a year can the creditor charge off the balance without contacting you?
Yes, even if only one payment is missed the lending agreement is in default. A lender can charge off the account, repossess the vehicle and/or take other actions provided under the state laws.
