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Can it go against your credit if you don't make the first payment on a loan and give the vehicle back to the dealership before the first payment is due?
Yes....yes....yes.....
The dealer will list it on your credit as "surrendered" or "voluntary repossession" and will go after you for a "cancellation" fee. If you don't pay that, they can post them on your credit report as well.
Some dealers have a satisfaction clause, but it's normally 3-5 days. Beyond that, they are not obligated to cancel the contract, and can sue you for the remainder of the note. Some also try to re-sell your car at a reduced price, and sue you for the ballance of that as well.
Either way, the result of them repossessing it for non payment or volutary repo, it will be put into your credit file.
What else can I help you with?
Can a dealership legally keep your down payment?
In most cases, a dealership can legally keep your down payment if you back out of a purchase agreement. However, the specific rules may vary depending on the circumstances and the terms of the contract you signed. It's important to carefully review the contract and understand the dealership's policies before making a down payment.
What are the best tips for finding a reliable Craigslist cars dealership?
When looking for a reliable Craigslist cars dealership, consider these tips: Research the dealership's reputation and reviews online. Verify the dealership's credentials and licensing. Inspect the car in person before making a purchase. Get a vehicle history report to check for any issues. Trust your instincts and avoid deals that seem too good to be true.
Should I accept a cashier's check as payment for my car?
Yes, accepting a cashier's check as payment for your car is generally safe as long as you verify its authenticity with the issuing bank before transferring ownership of the vehicle.
Why people prefer only DA Payment terms?
Isn't it the bank is fully aware of the order is under certain # days of D/A so you will have the first priority to collect the payment before the account holder. This is how the payment term document against acceptance stands.
What are the terms and conditions outlined in the contract for a vehicle sale with payments?
The terms and conditions in a contract for a vehicle sale with payments typically include details about the down payment, monthly payment amount, interest rate, length of the payment term, consequences of late payments or default, and any additional fees or charges. It is important to carefully review and understand these terms before signing the contract.
If a vehicle has a previous lien against it and you purchase it from a dealer do you have anything to worry about with the lien?
The lien is still valid, even though you purchased the vehicle through a dealership. The lienholder's name should be on the vehicle title, though. If you were not notified of the lien before buying the vehicle, see the dealership and ask for "rescission of contract"--this means the dealership will take back the vehicle and refund your money. If the dealership is unwilling or unable to do so, contact you state's attorney general.
Can a dealership legally keep your down payment?
In most cases, a dealership can legally keep your down payment if you back out of a purchase agreement. However, the specific rules may vary depending on the circumstances and the terms of the contract you signed. It's important to carefully review the contract and understand the dealership's policies before making a down payment.
When signing a new contract does the dealership have to give the buyer a 45-day grace period before the first payment?
No.
Can a car dealership sell a vehicle if I have placed a deposit on it?
Yes, a car dealership can sell a vehicle even if you have placed a deposit on it, unless there is a specific agreement or contract stating otherwise. Placing a deposit does not always guarantee that the vehicle will be held exclusively for you. It is important to clarify the terms of the deposit with the dealership before making any payments.
How do you program a Saab 9-3 key fob?
Saab 0-3 key fobs have to be programmed at the Saab dealership. This safety measure is in place to keep others from stealing your vehicle. The vehicle dealership will require proof of ownership before they will program the fob for you.
When can one apply for a Carfax vehicle report?
You can apply for a carfax vehicle report before making a purchase of a used vehicle. Any car dealership must have or produce a carfax report if and when asked by a consumer.
Is it illegal to sell a vehicle with a lien on it?
In most cases, no. It is done all the time. Consider that when someone trades in a vehicle that is still owed on, they are in effect selling the vehicle to the dealership. That the dealership writes the loan for the new car, and transfers the unpaid balance of the first to it, means only that the dealership bought the car, but the buyer of the new car (the former owner) paid for it. Additionally, when the vehicle is sold, before the lien holder will release the title, the unpaid balance must be paid.
What taxes are paid on used cars in Saskatchewan?
GST is payable on a used vehicle bought at a dealership. PST is only payable on a used vehicle in Saskatchewan if it has never been paid before.
How many payment do you have to be behind before they can repossess in the state of MN?
It depends on the terms of the contract. Legally if you miss 1 payment you are delinquent and they can start repossession proceedings on their vehicle.
What is the best resource for finding a used vehicle?
The best resource for finding a used vehicle is to use CarSoup. Otherwise check out and compare prices of your local used car dealership, but make sure a mechanic checks out the vehicle before you buy it.
How long before they can repossess you car in Virginia?
The lender can legally take the vehicle one day after the payment is due. That is, on the day the payment is late, the lender can begin repossession efforts. The day the payment is late, the contract is void.
How far behind in my car payments can I be, before I have to worry about repossession?
You can start to worry about repossession of your vehicle as soon as you miss your payment. Depending on the loan amount and the type of vehicle you have you may have up to 30 days from your last missed payment to risk loosing your vehicle. If you keep in touch with the lender of your car, you have a better chance of not loosing your vehicle right away.
