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What if your vehicle is financed and you get arrested and it gets impounded can the finance company get it from impound?
They usually wont get involved unless they are going to repossess it. You will still be responsible for th estorage fees and fines. Generally, a lienholder will inquire of the impound lot, as to if the vehicle owner has made contact and attempt to redeem. If there has been no owner contact or, as in this case, if they are made aware of the owners situation, they would probably monitor the status of their interest (the vehicle) to be sure it is redeemed prior to sale date. If the owner or lienholder does not pick up the vehicle it will be sold at auction. Proceeds first cover fees to the impound company with any balance payable to the Clerk of Court for disbursement to lienholder. (Florida)
What else can I help you with?
What happens if you part out a financed car?
You still owe the finance company the balance owed.
Does the finance company own your car if the dealership is out of business?
If you financed your car then it is always owned by the finance company, regardless of if the dealership is in business or not, until you finish paying it off.
Does a finance company who has repossessed your vehicle have any rights to your new car that is financed by another lender?
No
In California does a finance company have the right to repo a car from a police impound when payments are not behind?
No, They would have to be behind on the car payment The above is not always the case. It can depend on what the car was impounded for. If it was impounded for something like drugs where asset forfeiture comes into play then yes the finance company can take the car regardless of payment status. The reason for this is because there are times when the authorities will tell the finance company that if the vehicle is returned to the registered owner the finance company will lose their rights to it as well. The finance company does not have to hand their collateral back to you if it means loss of collateral, it is their car after all.
Is it illegal for a finance company to use a financed vechicle as collateral?
you cannot use it as collateral because you need to hold title of the vehicle however in this case the finance company has the ownership of the vehicle not you.............
Can I be financed $10,000 for my restaurant business?
Advance Restaurant Finance is a great company to go through to help furnish your restaurant. The best part about this company is that they require NO collateral.
How do you sell a car that is still financed to a provate party?
Legally you can't ! The car belongs to the finance company until it's paid off !
What to do when your financed car breaks down?
When your financed car breaks down, you need to get it fixed so you can drive it and keep paying your loan at the same time. If you can't afford to get it fixed, you can give the car back to the finance company.
Can timeshares be financed?
Certainly timeshares can be financed; the companies which sell them do it all the time. On the other hand, finding a lending institution, such as a bank, or some other lending institutition to finance the timeshare is sort of like trying to find a bank to finance a piece of real estate on the Moon. Timeshares are profoundly illiquid. Purchasing a timeshare interst is easy; selling it is much more difficult. Getting some company other than the company which originally sold it to the buyer to finance the purchase is really difficult. (Obviously, the paper can be transfered to another company which basically collectes for the probable original vendor.) There are rare cases where timeshares are being financed. Usually, owners look for lending institutions to financed their timeshares. Yes, it can be financed. Some owners go to banks if they have a good credit history.
What is Term finance certificate?
3 times amount financed
What if the finance company after 8 months never get their vehicle one day the driver gets pulled over by the police will they take the vehicle?
This depends on where you are.If you are in an area where it is illegal to hide the vehicle from the finance company you will get arrested, the vehicle will be impounded and the finance company notified.Added: If you have been concealing the vehicle from the creditor and at the same time not beein making payments, the creditor may well have filed a stolen vehicle report with the police.You have wrongfully deprived the creditor of their property (i.e.: THEY own it - not you). If the vehicle turns up in the police records as stolen they will not only confiscate the vehicle - you could be facing criminal charges as well.
You have finance on a car so can you get another one with the same finance?
You can get another car financed with the same company if they will extend you credit. If you have your loan paid down and a good credit history with them, they will more than likely lend you more money.
