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I didnt answer because I have never dealt with this b4. I hoped someone with experience would help you. From the banks viewpoint, I can see why they would want you to. But, your defense would be, does the contract you signed say anything about having to do so after a repo?? The contract is the basis for most actions between you and the bank. If the contract doesnt make it clear, call a local attorney for a free consultation. Good Luck
What else can I help you with?
What are the FHA auto repossession guidelines?
The FHA does not have specific guidelines for auto repossession. Auto repossession is typically governed by state laws and the terms of the loan agreement between the borrower and the lender. It is important to review the terms of the loan agreement and consult with legal counsel if facing auto repossession.
What does i8 rating on credit bureau mean?
i = installment loan. 8 = repossession. i8 = repossession of an installment loan (like an auto loan).
What will happen when a loan on a motorcycle has been defaulted and the finance company will not reprocess it?
If guess you mean "refinance" when you say "reprocess", the answer is repossession. Loans in DEFAULT are subject to repossession of the collateral and payment of the balance owed by voluntary or legal means.
How does the FHA view repossession when considering a borrower's eligibility for a loan?
The FHA views repossession negatively when considering a borrower's eligibility for a loan. Repossession indicates financial instability and may impact the borrower's ability to repay the loan, making them a higher risk for the FHA.
How long will a repossession stay on your credit report if you've made arrangements to repay the monies owed?
Normally a repossession stays on your credit rating for 7 years. If you are repaying the loan, talk to the bank and see if they have reported it. They may or may not have.
What are the FHA auto repossession guidelines?
The FHA does not have specific guidelines for auto repossession. Auto repossession is typically governed by state laws and the terms of the loan agreement between the borrower and the lender. It is important to review the terms of the loan agreement and consult with legal counsel if facing auto repossession.
Is it legal for Bank of America to demand the entire balance of a car loan be paid if the borrower is three payments late?
Yes, its known as an acceleration clause. It was in your contract. That enables the lender to begin the process of repossession.
Legal definition of a bank loan drawdown?
what is the definition of bank "drawdown"
Can you get a personal loan after a car repossession?
You might be able to get a personal loan after a car repossession. However, you would get the loan at a very high interest rate one the repossession is on your credit report.
What does i8 rating on credit bureau mean?
i = installment loan. 8 = repossession. i8 = repossession of an installment loan (like an auto loan).
How can you avoid a repossession of a car?
Of course the best way to avoid repossession is to stay current with your payments. If that is not possible, don't just ignore it. Call you bank or loan company and explain the problem. Quite often you can reach an agreement that will forestall repossession.
When a car loan is in default what is the proper procedure for a legal repossession in North Carolina?
http://www.ncleg.net/gascripts/Statutes/StatutesTOC.pl
When can a bank reposess a car?
A bank can repossess a car at any time the loan has defaulted. Many times a bank will wait until a payment is 2 to 3 months behind before repossession.
Can you sell a car that the loan on the car is delinquent?
Yes, but they may need to requalify, or cash it out. The cash payoff, may be much lower than the loan amount, depending on the state. It will depend upon if the interest is figured into the loan, or not. Since you are paying off the loan early, that may eliminate some interest. Communicate with your bank. They do not want the car back, and will try to help you out.
Can you object to a repossession before car is taken?
Yes, and many people do object to their vehicles being repossessed, before and after the repossession. Unfortunately, your objection will have little effect. If you are delinquent or in default on your loan, and the vehicle was used to secure the loan, the vehicle will be repossessed. There are few legal options available to you to avoid this aside from paying the loan current.
How soon can you purchase a car after a reposession?
if someone pays cash for a vehicle, they can purchase a car immediately after a repossession. if you want to finance...it's up to the bank if they want to give you a loan. there's no specific time limit if you can get someone or a bank to give you a loan.
How long after repossession can you get a car loan?
The repossession stays on your credit report for 7 years.
