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What else can I help you with?
If your car is going to be repossessed is it legal for you to sell it before the actual repossession?
Not without permission of the lender. A vehicle cannot be sold without a clear title of ownership. The lender is named on the title of a vehicle as the "lienholder" until the vehicle is paid for or otherwise released by the lienholder.
Can you have a co-signer removed from a title after the car is repossessed?
AnswerIf the primary on the contract does not pay then the lienholder comes after the co-signer for the payment. The credit of both the primary and co-signer are going to show repossession. If the lender has kept the title in its files as part of the loan process and is listed as a primary lienholder, it can sell the vehicle after the repossession.
If the vehicle was in accidents does that have any bearing on the lienholder trying to sell it after a voluntary repossession?
IF the car was repaired after the accidents, probably not. If NOT repaired , it will decrease the amount the car brings at auction, increasing the amount you owe.
If a person does not want a vehicle anymore and gives it back to the lienholder is it considered to be repossessed?
Yes, voluntary repossession. Your credit will still suffer and the leinholder needs to sell the vehicle to get their money back. If they are unable to cover the loan fully, you are responsible for the difference.
How long after a vehicle repossession does the bank or car company have to sell the vehicle and is there a maximum time limit in Tennessee?
30 days and 20 minutes dude
How do you Sell a vehicle that you are financing?
If you are financing the sale, you would list your name and address on the title as Lienholder or Secured Party.
Can you sell your car to a salvage yard if it has a lean on it?
No you cannot. reguardless of whether the vehicle is undrivable or in perfect shape the lienholder must be notified if the car is to be sold scrapped or otherwise. To do so (sell scrap same thing)without telling the lienholder is a crime. only a clear title permits you to sell a vehicle on your own. If you have a lien you must pay that off before the title can be transfered.
Do you need a title to sell your auto?
If the vehicle is paid off yes...If you are still making payments and you want to sell to an individual you will need to talk with your lienholder. If you are selling to a car dealer they will handle it for you.
Can't make the payments and can't sell what do I do?
Talk to the lienholder to see what they want you to do. You might be able to renegotiate the payments. As a worst case scenario, you could do a voluntary repossession, which at least saves you from having to pay the repo fees.
I have a car for 2 yrs now and is not fully paid but i want to return it will returning it affect my credit?
You can't just "return" a car. You can surrender it to the lienholder. This is called a voluntary repossession, and yes, it will affect your credit ... it's still a repossession, even though it was voluntary.What you could do without negatively affecting your credit is sell it or trade it in.
What is the process for an FHA repossession of an auto?
The process for an FHA repossession of an auto involves the lender taking possession of the vehicle due to non-payment of the loan. This typically occurs after multiple missed payments and a formal notification to the borrower. The lender can then sell the vehicle to recover the outstanding debt.
How long after a reposession can you reclaim a vehicle?
Up until the day they sell the car. As long as you pay the repossession fees and make up all back payments plus any administrative charges. That is if the lender agrees which they do not have to do. You broke the contract when you failed to make the payments on time so they can refuse the payments and sell the car.
