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What else can I help you with?
What happens to payments made after a car is repossed?
Payments made after a car is repossessed will no longer be returned to the debtor. In fact, the lender can still require the debtor to pay the remaining balance of the loan.
If you still owe a considerable amount on your car that isn't running should you continue to make the payments and insurance or voluntarily surrender it or sell it and take out a loan for the balance?
Sell or continue to make the payments. Do not let the car be repossed. This would hurt your credit and is the last thing to do.
Can you get your car back after it has been repossed?
yes you would have to pay all the back payments and probably a fee.
Can a car be repossed after payments have been made?
Yes, if other terms of the contract are breached, such as having no car insurance.
Can a lender charge you interest in Michigan on the remaining balance of a car repossed?
It is still a loan. as long as you owe, interest accrues.
How many payments can be missed before car will be repossed?
Depending on where you have it financed, it usually is between three to four months when they will start the process.
You stop making payments and they come get the car can they take you to jail for not making the payments?
No, once the car is repossed by the seller, you will not be arrested but the company will often resale the car at auction and can sue you for the remainder of what you owe including interest.
Who is liable if parts are sold from a repossed car?
The person or company that repossed it.
If a truck and a camper are repossed voluntarily is there a penalty?
The "penalty" is a repo on your CR.,higher interest rates on future loans, and a possible judgement/wage garnishment against you. A repo is a repo is a repo in credit files.
Can a truck be repossed for buyers stated intent not to pay?
Uh yes. You no pay, truck get taken away. If you are having difficulty making payments try to negotiate lower payments. It costs a bank considerable more to reposses the car than to renegotiate.
How many times can you be late on payments before the car is repossed in Maryland?
ANY LENDER, by law, can reposses your car if your 1 day past due! There is no stopping them. You need to act fast before it is too late.
How many payments can you be behind before your car go into repossession?
As little as 1. Depends on the lender and the agreement you signed. Read the loan agreement. My advice. Call the lender and talk about this. Work something out! You do not want your car repossed.
