Yes, you can. The only problem is you have an obligation like a contract to purchase this vehicle. If you do not meet your obligation it will become a blemish on your credit record. When you attempt to buy another vehicle, creditors will see this blemish and it may cause difficulties in your next attempt to purchase a vehicle. You may be seen as not credit worthy in trying to finance an automobile in the traditional finance method.
It probably would not be looked upon in a positive light. It would be the decision of the lender to accept this type of payment.
The lender will come after you for the remaining balance after the car is auctioned.You can either declare banckruptcy or work out a payment plan...or thelender can seek a judgment to garnish your wages.
make payment arrangements on the deficiency???? IF you mean the amount you're in DEFAULT on, NO If you mean the amount due AFTER they sell it, USUALLY NOT. Why?? You couldn't pay notes on a car you could drive, so why would they think you will pay on a car you DONT HAVE??? NO lender WANTS to repo a car, they just want the money. So when they have to repo a car, they will go after the money very seriously. Nothing personal, its only money...
Yes, if the promise of collateral can be documented. For example, if the lender has obtained a signed title as a "pledge", then the new title can be recorded when the payment agreement is breached, and the car sold to cover the remaining payments.
Returning the car to the lender will not relieve the borrower of the legal responsibility to pay the debt. The balance of the loan and any additional fees is still owed on the vehicle and is valid and collectible.
NOT unless they get a judgementand attach your returns.
My car was crashed and I lost my job. How do I return the finance car to the lender?
Rachelle, try to make a deal with the lender to return the car without the repo. At least ASK them to do it. It is their choice.
No, but if they accept any payment, they cannot begin the repossession proccess
A balloon payment refers to the last payement you make on a car that you got as a long term lease. At the end of the lease you can either make a balloon payment and buy the car, or you return the car.
No, until you have missed a scheduled payment (at the very least), the lender has no right to the property.
You can lower your loan payment by refinancing your car loan. You can also negotiate with your current lender and see if he can reduce your payment amount.
If you owe money on the car you cannot legally sell it without the lender signing a release form removing the lien on the vehicle. The lender actually owns the car, not you. Once you make the last payment the cars is yours.
Until the end of the grace period as spelled out in the contract you signed. After that, they can reposes the car. Talk to your lender if you are having problems.
WHY was it refused? Not accepting it wil make you delinquient. You need to reach an understanding with the LENDER.
They can repossess your car if you defaulted on the loan. You knew you owed the money and you knew you didn't receive a payment book. It was your obligation to contact the lender to arrange to make your payments. You should seek the advice of an attorney who may be able to negotiate with the lender on your behalf. Not making your payments for your debt on such a technicality is really dangerous.
Until the LENDER cancels the repo order with the repo company, you are fair game.