I can assure you the lender does not want to repossess your vehicle. He loses money by having to do this. Sit down with them and discuss how much you can afford to pay each month. Ask them to renegotiate the loan, to a lower interest rate and smaller monthly payment. Something you can live with. Tell them you want to meet your obligation and repossession is the very last thing you want to happen.
a lender can do as he/she pleases with the vehicle after 31 days...in the state of Alabama
not much, basically your hands are tied. when you pruchased the vehicle and signed a contract it was probably stated in there that if the vehicle is repossessed it will be sold at auction and the balance/credit of the debt is the responsibility of the purchaser
Pay it. negotiate with the lender for reduced payoff.The lender can get wage garnishment.ect. They will hound you till you pay.
Not without permission of the lender. A vehicle cannot be sold without a clear title of ownership. The lender is named on the title of a vehicle as the "lienholder" until the vehicle is paid for or otherwise released by the lienholder.
Make the idea known to the lender BEFORE you proceed. get it claer what is to happen.
"YOU" dont, the debtor does. call the lender.
If it has been repossessed the lender will usually stop all collection activities until the vehicle is disposed of through sale. It is unusual but the lender could decide to keep the vehicle but should they do that than they waive their right to a deficiency.
No
YES,, CALL the lender and find out HOW MUCH it will cost to do so.
In most instances when you get behind on your payments. The exact details of when the lender will repossess the vehicle is listed in the contract you signed when you took out the loan on the vehicle. Read your contract with the lender.
In some states yes. In some state the lender is not required to give any notice at all before or after. In some states, the lender is only required to give you notice after the vehicle has been repossessed.
Sit back and wait for NOI letter (Notice of Intent). * The majority of states do not require notice before a vehicle is repossessed. Contact the lender and explain the situation. And hope for a positive outcome.