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Is there a time limit within which the collateral must be repossessed?
Wiki User
∙ 19y ago
None that I know of. i have saw cars being repoed after 3 years of being hunted.
Wiki User
∙ 19y ago
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Can you repossess a car that you cosigned for if the primary has not defaulted on the loan?
To repossess something, you must have had possession of it at one time or it must be collateral on a loan that you are the lender on. To co-sign only means that you agree to pay the notes if the primary buyer doesnt. Collateral for a loan that is NOT in default cannot be repossessed by the lender.
Can your car be repossessed if there are children's safety seats in the vehicle?
Yes, it can be repossessed. If you owe money on a vehicle and do not have a clear title of the car - In reality, this car is not yours until the debt is paid. The car is collateral until your pay the loan off. If the car was repossessed, the personal contents like the car seat must be given back to you.
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There is no set time. Once you have defaulted on your loan, and the lender takes possession of the collateral, it is theirs to dispose of as they see fit. That they attempt to sell it at auction is one means of off-setting the debt you created. They must notify you in most states within twenty-four hours that the vehicle has been repossessed, and they must make it possible for you to recover your personal property, but they are not required to store the vehicle for any length of time before selling it.
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Can a disabled person's vehicle be repossessed in Florida?
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Can you sell the engine out of a car that is going to be repossessed?
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Can you find my car by the VIN if it was stolen or repossessed?
There are certain strict procedures that an automobile repossessor must follow when he is repossessing your car. The repossessor must notify the police that such vehicle is being repossessed, you did before or after the repossession has occurred. In either case, the police should know right away that the vehicle was repossessed. If this is not the case, then the vehicles like to have been stolen.
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