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What else can I help you with?
Can you collect a repossession fee if you do not send a pre repossession letter in Maryland?
In Maryland, a repossession fee cannot be collected if a pre repossession letter was not sent to the debtor. The letter is a legal requirement that must be provided before repossession can occur, and failure to send it could invalidate the repossession.
Is a lease repossession the same as a purchase repossession?
About the same. Don't make your payments and they will come get it. Then you still owe the difference as stated on the contract.
What happens if i can pay for my lease?
Er, then you can pay for it? ;) Seriously, though, since this was asked in category Repossession, I'm assuming that a notice of repossession has been sent out and/or the property has already been repossessed pusuant to a default or breach on a lease agreement. If whatever was leased was repossessed according to the terms of the lease or as the law allows, the Lessor would be under no obligation to re-lease or return the property just because you now have the money to satisfy the obligation. A breach for default effectively ends your lease. That said, your lessor may be willing to entertain continuing your lease or initiating a new lease. But that would be utterly at the lessor's discretion. If you have only received notice of repossession, your lease terms may still be active. A call to your lessor would clear up their position quickly. Either way, read your lease and pay close attention to what it says about default or breach of your lease, and especially if there are any time limits between breaching your lease and applying a remedy. It could turn out that your lease says something like you have 30 days following the breach to repair it before any action can be taken towards repossession.
Can you break a lease on a car?
It is possible but not advisable to break a lease on a car. The car would be repossessed, and the repossession would go on your credit report.
What is Florida repossession law?
on products, not vehicles
Is default on a lease a repossession?
Read your contract. It will tell you what default is. "Default" in leasing is when a Lessee fails to satisfy the conditions of the lease contract. Thus the lessee materially breaches the lease, and also usually when the lessee passes beyond the point of being able to remedy the breach as specified in the contract. Or, more simply, when the Lessee fails to live up to the lease contract and thus the lessor may take actions. "Repossession" is when a lessor acts to take back whatever property was leased. Terms for repossession are usually spelled out in the lease contract. Many lease contracts provide that when a breach occurs and the lessee is in default, the lessor may act to repossess the leased property. So the default may lead to repossession. But it is essential to study your contract and secure sound legal advice from a competent attorney in your jurisdiction to answer, "Can they take X away if I don't make my payments?"
Should you call the lease creditor that you want them to reposes my lease auto?
Yes, give them a call and work it out. If at all possible avoid a repossession. It will negatively effect your credit for 7 years.
What is the car repossession law in Arizona?
check with your court house.
If a car is sold after repossession does law state that it must be reported to the bureau as zero balance?
If a car is sold after repossession does the law states that it must be reported to the credit bureau as zero balance?
Can a repo take place at your work in Florida?
A repossession can be executed anyplace or time that a person holding the repossession order sees the vehicle in question, as long as the repo man does not violate the law in doing so. That said, Florida law does not restrict repossession according to location.
Can your wages be garnished for an auto lease repossession in Florida even if the leased vehicle has been turned in?
Yes, if there is still an amount owed.
What are the consequences of not making car payments?
If you do not make car payments you will default on your loan or lease. It will ruin your credit and end up with a repossession.
