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If you are late on your own loan payment and you are a co-signer on your daughters car can they repossess her car?
Wiki User
∙ 13y ago
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.
Wiki User
∙ 13y ago
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If you are late on your loan payment and are a cosigner on your daughters car can they repposses the car?
If you are late on your loan payment and are a cosigner on your daughters car can they repposses the car?
Can a used car dealer repossess a car that is not in delinquent of payment but had late payment history?
Yes
If a car is in your name as the primary but your cosigner has been making payment for the last year and many of those payments have been paid late can you legally take that car from the cosigner?
Since the cosigners isn't paying, unless you start paying instead, and catch up on all late payments, the dealer or the bank will repossess the vehicle shortly anyway, so your question is moot.
Do late fees be used for repossession of a vehicle?
can you repossess a car for non payment of late fees even though the initial payment has been made in Colorado
Can a creditor repossess a car when the payment is one day late?
Yes Usually they allow a grace period for an arears payment, but they do not have to.
Is it legal for a car dealer to repossess a vehicle after 27 days late on payment?
Depends on your jurisdiction. If you're late on a payment for just 1 month, it's legal for the car dealer to repossess your vehicle, but 27 days seems a bit uncalled for.
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.
Which states' lenders are supposed to notify the cosigner before reporting a late payment to credit bureaus?
None
How many days late on a payment do you have to be in order for it to be legal to repossess a car in Florida?
ONE....1.....uno...
If you are in repossession status and are making efforts to pay on your late payments can they still repossess your vehicle?
Once the loan is in default the bank has the right to refuse payment and repossess the vehicle.
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.
Would a finance company repossess your car if you only have three payments left but are more than 30 days late?
Yes, they will repossess if you have only one payment left.
