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Does a finance company need a license in Ohio to retail a repossessed vehicle?
Wiki User
∙ 15y ago
No, there is an exemption under Ohio law that permits finace companies to dispose of repossessed vehicle without a dealers license. Sale and title work is the same as a casual sale between individuals. No, there is an exemption under Ohio law that permits finace companies to dispose of repossessed vehicle without a dealers license. Sale and title work is the same as a casual sale between individuals.
Wiki User
∙ 15y ago
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In pa when a vehicle is repossessed does the finance company have to tell you what their doing with the vehicle?
Usually, they do not have to tell you what they are about to do to your vehicle. But, the procedure is is that they will sell your vehicle in an auction.
Does a finance company who has repossessed your vehicle have any rights to your new car that is financed by another lender?
No
What is surrendering your vehicle mean?
Surrendering a vehicle, in a financial sense, means that it is being repossessed and it is being given back to the finance company. The company will usually send someone to collect the vehicle.
Your vehicle was repossessed and the finance company charged you ''storage'' fee on the invoice to get your vehicle back can the repo agent still charge for storage?
no because the storage fee that the finance company charged you was what the repo company charged on the invoice. the finance company had no other reason to charge storage fee's they did not store it
Can your driver's license be suspended for not paying the balance of a loan after the vehicle was repossessed?
No. Absolutely not. Your driver's license cannot be suspended for not paying a loan or the balance of a loan, repossessed or not even if you get threats from the loan company.
Uninsured finance vehicle has been stolen Cancelled insurance because car was being repossessed by finance company?
You still have rights to recover the vehicle. The finance company may help you look for it if they're desperate enough to get it back. Even if your car was insured, you would legally have to payback the finance company for the car since you broke a binding finance contract.
My husband died a year ago. Can the finance company repossessed my deceased husband's vehicle although I have been making timely monthly payments?
no
What do I do with a car that was voluntarily repossessed and the finance company won't come and get it?
While most creditors will allow you to have your vehicle voluntarily repossessed, some lenders will not accept them. Your best resolution in this case is to contact the finance company and determine why they will not collect the vehicle. Ensure that they are indeed accepting the voluntary repossession. You will still be required to pay the remaining balance unless you are told otherwise.
How can you find a repossessed vehicle?
Usually through a bank or finance company check with your bank they can probably tell you who to contact also check the yellow pages for vehicle recovery companies
How does voluntary repossession work on an RV in NC?
Instead of having it forcibly repossessed, you call your finance company and tell them you're voluntarily having it repossessed. They may send a tow service to collect it, or they may ask you to take it to the repossessor. It'll be repossessed, auctioned off, and the amount they get from the auction will be deducted from the amount you owe. The finance company may offer a settlement at that point for an amount less than what you owe on that vehicle - that's up to the finance company.
Do you have to pay the whole vehicle off if it is repossessed?
Once a car has been repossessed, you as the owner of the vehicle have the obligation to repay any amount still owed on the loan. Once a car is repossessed, it is often sold in a repossessed cars auction by the finance company. The amount which the car was sold for will be deducted from the total loan amount and then the difference will be owed by yourself. So yes you would have to pay the whole vehicle off if it was repossessed.
In Texas do they have to inform you before they repo your vehicle?
It is probably stated in your finance or lease agreement that if you don't make your payments on time that the finance company has the right to repossess the vehicle. Consider yourself informed. Long story short, if you don't want your vehicle repossessed you need to make your payments.
