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== Repossession== If they are accepting payments - that will reflect negatively on them if they try to take you to court on a deficiency balance, however they have the right to demand full payment of the loan at any time and take the car if you don't pay. Also - if you are just sending in partial payments that doesn't mean they are accepting them. They need to agree to the partial payments and how long it will go on. You can't stop them from repo by sending in some money every month. More input from FAQ Farmers: * Yes, I have found out that if you are in default (even if you are attempting to make payments), the bank at any time, can repo your vehicle...unless otherwise stated in your contract.
What else can I help you with?
Can a bank repossess a car if they continue to take payments?
YESIFyou are not up to date, if you are behind on your payments they can repossess at anytime. In most loans, there's a statement about late and/or partial payments that basically says the bank can take them but isn't obligated to do so and that taking one late or partial payment does not mean that they have to continue to do so.So, if you owe $200 a month, and pay $100, the bank can accept that and still repossess the car. They do have to credit the $100 towards the loan.Also, banks are usually allowed to repossess for habitually late payments. Most of the time a bank will consider this to be more hassle than it's worth as long as you're eventually catching up, but if you're chronically making payments several weeks late, they might at some point decide "this guy is a flake, we should get out of this deal while we still stand some chance of recovering our money."
If payments are not made on some wheels can the shop where they wear bought form repossess them?
yea they will come to your house and shoot you
Can a bank take a car that some else as a lien on?
Yes, the bank has the right to repossess the vehicle if you are in arrears on payments.
After filing chapter 7 you did not reaffirm your car loan what happens now?
2 factors: 1. Are you current on your payments? - if you are not current on your payments the creditor will most certainly repossess your vehicle. however you will not be liable for any deficiency amount. 2. Who is the creditor? - Most creditors will gladly continue to accept payments on the vehicle and not repossess it. however some creditors such as Ford Motor company will repossess regardless of whether or not you are current.
If a car is repossessed and you agree to make some kind of payments ever month will they still list it on your credit as a repo?
Yes but it will also list that you are making payments!
Can a bank repossess my car if I am making some sort of payment?
If you aren't paying in full they can repossess the car. To a bank " some sort of a payment " doesn't count. Call them and make arrangements.
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.
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.
How many payments can you be past due before a lender can legally repossess your vehicle?
Usually Three. Could be less in some states. In reality, one should not be any payments past due - this will definitely harm ones credit ratings for the next 7 years!!
Can you repossess a car you sold if there is a written agreement that if payments are not made legal action will be taken?
IN SOME STATES, YOU HAVE TO SEND A ROGHT TO CURE LETTER. IN ALL STATES YOU CANNOT BREACH THE PEACE. GO GET IT
In a divorce what rights does one party have to repossess a vehicle?
Here are some reasons: If you are the one that has made all the payments and it's in your name then your mate has no right to it. If there are two vehicles during the time of the divorce you are each entitled to one of those vehicles. If you haven't been making payments on a vehicle and it's a joint loan your mate can take the car. If you and your mate owe debts, then the debts must be paid off and any banking instiution can repossess your house to your vehicles and other things of value to make up for that loan. This also includes the IRS!
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.
