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Most companies will not stop until the past due amount is paid current, or loan balance is paid in full. Now, with that being said, you may have the car hidden, or swapped with a relative or friend, and lie to the agent there to pick the car up. Not a wise choice. Banks are like people in the aspect of loaning. You loan it, you want it back. You don't want to beg for it back, banks don't want to beg for it back.. This is where the legal term Replevin comes in. This is the last resort for the bank to get the car or money...now listen up! When you signed the contract for the car, you agreed that if in default, you would hand the car over at the time a bank representative (recovery agent) knocks the door and asks for the unit. If you fail to do this and give the run around, you are now at risk of the sheriffs dept showing up to serve the Replevin. In short, at that time, you have 3 choices. 1: Hand over the vehicle 2: call the bank and pay the balance in full (they will not work with you if it gets to this point so have the money ready) 3: If you cannot produce the collateral or the money when the sheriff comes knocking, you could be arrested on the spot for theft of mortgaged collateral. My advice...hand the car over.
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∙ 12y ago
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How long does a creditor have until they repossess a vehicle?
A creditor can repossess a vehicle at any time after a default(late payment, lack of insurance, etc.) occurs on the contract.
How long does it take to repossess a vehicle?
I don't know about you but i would just watch operation repo
Is there a time limit in which a car can be repossessed?
As long as there is a lien on the vehicle the lienholder has the right to repossess the property
How long can you go without car payments before they repossess it?
Three payments
Is it legal to repossess a car in Michigan from a repair shop?
Yes. A lienholder is the lawful and sole owner of that vehicle, and it doesn't matter where they repossess it from, so long as they do it in accordance with state laws for repossession.
Can a car be repossessed if two names on title and one person took out loan?
Yes. How many names are on the title and/or the loan means absolutely nothing... so long as there is a lien on that vehicle, that lienholder is the sole lawful owner of that vehicle, and can repossess it as recourse for delinquent payments.
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.
Can the bank repossess your vehicle if you are only 17 days late in Virginia?
Read your contract. Likely the answer is YES. As long as you are in DEFAULT, they can repo.
Can a repo man repo a car from a public storage facility?
Absolutely ! So long as he has the correct paperwork - he can repossess the vehicle from anywhere.
How long before they can repossess you car in Virginia?
The lender can legally take the vehicle one day after the payment is due. That is, on the day the payment is late, the lender can begin repossession efforts. The day the payment is late, the contract is void.
How long does a company have to wait to repossess a vehicle?
This would be determined by the terms of the loan agreement and the applicable local laws. Within the loan agreement there should be reference to the action that can be taken to repossess the car should non-payment arise.
How long does dealer have to ask for car back in Virginia?
Why would a dealer ask for a car back? If you are referring to how long he has to repossess the vehicle after you stop making payments, the answer in most states is immediately.
