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If you are in repossession status and are making efforts to pay on your late payments can they still repossess your vehicle?
Once the loan is in default the bank has the right to refuse payment and repossess the vehicle.
What are the mobile home repossession laws in Nevada?
In the state of Nevada, if you do not make payments on a car you are buying, it can be repossessed with no notice given to you. Once repossessed, you will still be liable for all further payments even if the car is sold at auction to another buyer.
How much of the payments prior to repossession is allowed to go toward interest?
Get a hold of a lawyer, because I was told by my friend going through this situation, that His lawyer told him that NO debt once it has gone to repossesion (once that car has been resold), or collection beyond the finance company is allowed to still accrue late payments or interest.
Can a car repossession be legally challenged after the fact if it can be shown that the overdue payments were received in the mail the day prior to the repossession?
Not unless the borrower can also prove the lender agreed to accept the late payments in lieu of repossession action. Once a contract is in default the lender may take whatever means allowed under the laws of the debtor's state to recover the property and/or debt.
How many payments must you miss before there is a repossession?
Most lenders will begin proceedings to reposses once payments reach the 90 day late period. This does vary from vendor to vendor however.
If your car was going to get repossessed but you caught up on your payments can they still repossess your car even though it is all caught up?
Once you are out of compliance with the loan, the bank is entitled to call in the note. If you do not pay the note once it is called in, the bank can repo the vehicle. It should all be described in the terms of the loan.
What happens when a car is voluntarily repossessed?
You do not want your car repossessed for any reason! it will ruin your credit, you will still have to pay for it once it sells for less than what you owe at auction, and eventually a repossession catches up to you! What you can do to save your car is contact *CAR HELP USA* tHIS company will lower car payments, lower interest rates, get you current with your auto loan, stop repossession, refinance, and save your car! You will need to act quickly as a volunrarily repossession does not answer ANYTHING!
If a person gets ill and has to repossess his car what are their rights?
The fact that you are ill has no bearing on this. You borrowed money to purchase the car. You have a responsibility to make the payments each and every month. If you are having health problems, then talk to the lender and see what can be worked out. Do not allow your car to be repossessed if possible. Let someone else take over the payments, sell it, do what it takes to avoid repossession. Once your car is repossessed, you will still have to pay the difference in what the lender sells the car for, usually wholesale, the balance on the loan, and repossession fees. Your credit will also be ruined for 7 years. Repossession is the last thing you want to happen. Good Luck.
Can they repo a car once you have paid up to date but still owe 7000?
If you are up to date with your repayments then the finance company are unable to repossess your vehicle. If you have defaulted on your payments then they are able to repossess the car, the number of missed repayments which qualifies for repossession will be stipulated on the agreement you signed when you first purchased the vehicle.
Can a loan holder prevent plate renewal and registration if you are behind on car payments Also does the finance company get a copy of the registration once it has been renewed?
No to both questions. But the repossession agent has access to all that information and then some.
How late on payments do you have to be before your car can be repoed in Kentucky?
One day. Typically it takes the lender a week or more, usually a month before they send out the order of repossession. If you are trying to figure out the float on how long it is safe to be delinquent, don't bother. Once you have gone into repossession, the lender can still have your vehicle picked up, even if you pay current. You breached a contract, the penalty of that is the surrender of the secured property, the car. Do what you have to to pay the note, or be honorable and surrender the vehicle.
Can a finance company repossess a car after notifying them that you have loss of income or disability insurance through them?
Only if you start missing payments. They have no business knowing your source of income once the loan has started. Should a payment be missed, they may start (at their discretion) repossession proceedings. Failure to show your source of income for these payments is not a reason to call your note.
