If you are a co-signer on a car loan and the car is repossessed are you given the option to buy the car yourself before it is taken to auction?
no you do not get to puchase the vehicle before it is auctioned the loan company will have tried to contact you to make the payment it would then be up to you to get the car from the other person by way of repossessing it yourself through small claims court
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Answer . Mike, that depends on how great your credit is. A repo on your record is NOT going to help. Any interest rate you get will be HIGH because of your credit rating.\n…With a decent down payment you can always get a ride at a buy-here-pay-here car lot. Good Luck.
It can show at any time. A repossession is compleated as soon as the car is picked up so it does not matter what happens after the repossession it still did happen.
If your car is repossessed and they auction it do you have to pay the amount that they tell you is leftover on the loan?
Melissa, what does your contract say?? It also depends on what state you are in. Usually, YES, you do have to pay.
Shouldn't you get a letter from the finance company giving you the option of paying of the loan before your car is sold at auction in Virginia?
Answer . NO...but you can CALL the lender and ask to pay it off..\nVirginia\n. \nTITLE STATE: Yes\nSECURITY INTERESTS: Shown on title held by lien holder.\nLICENSE REGISTR…ATION: Virginia Department of Motor Vehicles, P.O. Box 27412, Richmond, Virginia 23269-0001. Tel.:(804)367-0063.\nRECOVERY REQUIREMENT: As per UCC, repossession allowed without committing a breach of the peace.\nDOCUMENTS REQUIRED FOR LIQUIDATION: If Virginia title, must be in the name of the lien holder. Will accept repossession affidavit from other states.\nPLATES: Remain with debtor.\n. \nhttp://www.virginia.us/cmsportal/\n. \nhttp://legis.state.va.us/Laws/CodeofVa.htm\n.
If you need a co-signer to buy a car but make every payment on time for the first year can the co-signer be taken off of the loan?
Only if there is some stipulation in the contract that after a certain amount of the loan has been paid, the cosigner can be relieved of their loan obligation. That will be s…trictly up to the LENDER and their credit guidelines.
What options do you have if your car was repossessed in California you paid the overdue balance but they auctioned it anyway?
Answer . \nWas the lender demanding the BALANCE DUE when you paid only the overdue amount? IF so, your recourse is to pay the balance due. IF not, contact a local attorney …for state/case specific advice.. Answer . None, just because you paid the overdue balance don't mean nuthin to the lender.
Answer . I have friends that have had cars repoed and they and went bankruped and got a car,new in less than a year. I guess they figure you owe no one any money and they h…ave 7-20 years before you can file again.. Answer . \n. \nIt's not hard at all. The only thing is you will pay a higher interest rate. But you can still get a brand new car. Just make sure you can make the payments and try to pay it off early. That's a way also of starting up a new line of credit.
NO. IF the co-signor is also listed on the TITLE as co-owner, they can take possession. If not listed on the title they would need to bring a civil suit and bring enough evide…nce to convince the court to render a judgment transferring the title to the co-signer. Crucial evidence would be proof the co-singer paid the loan.
O' yea, that is a brilliant idea. If you can afford to buy another car, then you can afford to pay for the one you agreed to pay for. Make the payments on the car you now own,… and your problems will disappear. Stop being stupid and trying to work the system. They loaned you money in good faith. You signed a contract to make payments each and every month. Be a man of honor and do what you said you would.. When you finance or lease a vehicle, your creditor holds important rights on the vehicle until you've made the last loan payment or fully paid off your lease obligation. These rights are established by the signed contract and by state law. If your payments are late or you default on your contract in any way, your creditor may have the right to repossess your car.. Talking with Your Creditor It is easier to try to prevent a vehicle repossession from taking place than to dispute it afterward. Contact your creditor when you realize you'll be late with a payment. Many creditors will work with you if they believe you'll be able to pay soon, even if slightly late.. Sometimes you may be able to negotiate a delay in your payment or a revised schedule of payments. If you reach an agreement to modify your original contract, get it in writing to avoid questions later. Still, your creditor may refuse to accept late payments or make other changes in your contract and may demand that you return the car. By voluntarily agreeing to a repossession, you may reduce your creditor's expenses, which you would be responsible for paying.. Remember that even if you return the car voluntarily, you're responsible for paying any deficiency on your credit or lease contract, and your creditor still may report the late payments and/or repossession on your credit report.. Seizing the Car In many states, your creditor has legal authority to seize your vehicle as soon as you default on your loan or lease. Because state laws differ, read your contract to find out what constitutes a "default." In most states, failing to make a payment on time or to meet your other contractual responsibilities are considered defaults. In some states, creditors are allowed on your property to seize your car without letting you know in advance.. But creditors aren't usually allowed to "breach the peace" in connection with repossession. In some states, removing your car from a closed garage without your permission may constitute a breach of the peace.. Creditors who breach the peace in seizing your car may have to pay you if they harm you or your property.. A creditor usually can't keep or sell any personal property found inside. State laws also may require your creditor to use reasonable care to prevent others from removing your property from the repossessed car. If you find that your creditor can't account for articles left in your car, talk to an attorney about whether your state offers a right to compensation.. Selling the Car Once your creditor has repossessed your car, they may decide to sell it in either a public or private sale. In some states, your creditor must let you know what will happen to the car. For example, if a creditor chooses to sell the car at public auction, state law may require that the creditor tells you the date of the sale so that you can attend and participate in the bidding. If the vehicle is to be sold privately, you may have a right to know the date it will be sold.. In either of these circumstances, you may be entitled to buy back the vehicle by paying the full amount you owe, plus any expenses connected with its repossession (such as storage and preparation for sale).. In some states, the law allows you to reinstate your contract by paying the amount you owe, as well as repossession and related expenses (such as attorney fees). If you reclaim your car, you must make your payments on time and meet the terms of your reinstated or renegotiated contract to avoid another repossession.. The creditor must sell a repossessed car in a "commercially reasonable manner" - according to standard custom in a particular business or an established market. The sale price might not be the highest possible price - or even what you may consider a good price. But a sale price far below fair market value may indicate that the sale was not commercially reasonable.. Paying the Deficiency A deficiency is any amount you still owe on your contract after your creditor sells the vehicle and applies the amount received to your unpaid obligation. For example, if you owe $2,500 on the car and your creditor sells the car for $1,500, the deficiency is $1,000 plus any other fees you owe under the contract, such as those related to the repossession and early termination of your lease or early payoff of your financing.. In most states, a creditor who has followed the proper procedures for repossession and sale is allowed to sue you for a deficiency judgment to collect the remaining amount owed on your credit or lease contract.. Depending on your state's law and other factors, if you are sued for a deficiency judgment, you should be notified of the date of the court hearing. This may be your only opportunity to present any legal defense.. If your creditor breached the peace when seizing the vehicle or failed to sell the car in a commercially reasonable manner, you may have a legal defense against a deficiency judgment. An attorney will be able to tell you whether you have grounds to contest a deficiency judgment.. Remember this repossession will stay on your credit for 7 years.
Can the bank come back to you for the difference of the loan after the car has been repossessed and auctioned?
Answer . yes they can...but it also depends on state laws too
Your car was on a buy back list because of problems Before the buy back could go through your car was repossessed What are your options?
Then the car was never yours - it 'belonged' to the finance company until you have paid the full amount. When a person buys something they pay the seller the purchase price …- you didn't pay that money, the finance company did, so they were the buyer and you were using it with their permission until you paid the price to them. The finance company will benefit from any transactions concerning it.
If you are late on your own loan payment and you are a co-signer on your daughters car can they repossess her car?
This is a unique scenario, but not totally uncommon. If both vehicles are financed through the same lender, then that lender may do what is called a conversion of collateral …. When this is completed, then yes either vehicle may be repossessed for default on either loan.
In Cars & Vehicles
You can get a car loan, but will have to put down a very hefty down payment - sometimes as much as 50% of the value of the car. Small finance companies are more likely to help… you out with that, but will charge you the maximum allowable finance charge (usually 29%).
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 delinq…uent 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.
You have to be behind on payments for 3-4 months before the bank will do anything usually. 3-4 months is the industry standard, but every loan is different. A bank can put st…ipulations of any type on any loan, within the law. So the answer would be it depends on your loan.
In Cars & Vehicles
To determine how long one will have to be delinquent on a loan before a car is repossessed depends entirely on where the loan was taken from. Different places allow different …payback requirements.