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Is it legal for the buyer to be charged the full price of their repossessed vehicle?
When a vehicle is repossessed it is sold at a public auction for the fair market value (or as close to such as is possible). The borrower/debtor is responsible for any deficit in the amount between what the vehicle is sold for and the remaining balance of the loan contract plus additional fees such as cost of the repossession action. So, in that context, the person is responsible for the "full price" of the vehicle.
What else can I help you with?
What happens to a co-buyer if the car is repossessed?
Same thing that happens to the buyer. Lender persues their legal options to collect the balance due.
What are the legal repercussions to a co-buyer if the buyer lets a vehicle get repossessed?
They will be held legally accountable for any debt still owed and can be made a part of any litigation that might arise concerning the matter. Also a negative entry relating to the repossession will be entered on their credit report.
What if bank did not notify you of the sale date on the repossessed vehicle?
They do not have to notify you. You have no legal rights regarding car.
If co-buyer has possession of a vehicle and has all financial resposibilities who is entitled to the vehicle buyer or co-buyer?
both buyer and co buyer --- Typically, in disputes like this, possession is factored into the legal decision. It is likely whoever has possession at the time of court findings will prevail.
If you cosigned for a vehicle with your husband before you were divorced and are now divorced and the vehicle is repossessed can you be charged with grand larceny?
Typically, if you are a cosigner on a vehicle loan that gets repossessed, you are still responsible for the debt, regardless of marital status. However, being charged with grand larceny would depend on the specific circumstances and laws in your jurisdiction. It is best to consult with a legal professional for personalized advice.
What constitutes the sale and legal transfer of ownership on a vehicle how long does it take and what is DMV's role?
You can sell a car for any reason. There doesn't have to be a reason. The owner signs the title over to the buyer. They buyer then takes the title to the DMV and gets the title into their name. The buyer may have fees or taxes charged to them. They can find out what they will be before buying the car.
Is it legal in the state of New York to be charged a fee to collect your personal belongings from a repossessed vehicle you don't plan to get back?
Yes. It is your personal property. It is taking up space on the property of the repossession agency. They may charge you for using that space.
Is it legal to knowingly sell a vehicle with no exhaust system in Oregon without notifying the buyer in a private party sale?
yes it is
What can the buyer do when they have reached an agreement with the creditor to recover a repossessed vehicle but the repossession company refuses to return personal items or release the vehicle?
Take them to court. * It is possible they are within their legal rights to hold the vehicle and its contents if a replevin order or other court order is in effect. Often the lender's agent cannot release the vehicle until they are informed by the lender that all the reaffirmation documentation has been finalized including checks clearing, insurance confirmation and so forth.
Midas has repossessed your car for a check that was NSF for 39.50 for an inspection sticker the towing campany is charging you 564.50 to get it I didn't write it but own the vehicle Is this legal?
Yes
What are your rights when it comes to a car that just has a payment for half of the remainder owed and the private party it was being bought from has repossessed it for personal reason?
If the repossession occurred in a state that does not permit self-help repossession, report the car stolen; it cannot be legally repossessed. Louisiana and Wisconsin are two of these states. If you can show legal possession of the vehicle, and on time payment, report the car stolen. It cannot be legally repossessed in any state unless the debt is delinquent. If you do not wish to involve LEO's immediately, contact the private party who "repossessed" the vehicle and explain that if it is not returned within a reasonable amount of time, that you will report the vehicle stolen and give his name as the party responsible. There is no legal "personal reason" for repossessing a vehicle.
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.
