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I have an employee that I assigned a car to, registered in his name. I will be terminating him prior to the car being paid off by company that has a value still owned of 7500.00. I am lien holder on the title. Can I take this car back during termination, as we he will no longer work for the company.
Answer
Get legal advice as to how to do this properly. You may need a signature from him at the time of termination. Then, get some advice on how to sensibly set this up for future employees. Just as a fellow person, I am not sure about how the registration made sense.
What else can I help you with?
How long after non payment is lender able to repossess auto in the state of fl?
One day past the grace period is permissible.
What is the collateral for an auto loan and how does it work?
The collateral for an auto loan is the vehicle itself. When you take out an auto loan, the lender uses the vehicle as security in case you are unable to repay the loan. If you default on the loan, the lender can repossess the vehicle to recoup their losses.
Can they take income tax check if get repossession in Arizona?
They can take whatever the security for the loan was. For example, if you have an auto loan, they can repossess the auto. If you have a home loan, they can repossess the home. If the loan was a recourse loan and the value of whatever was repossessed was less than the amount still owed on the loan, they can get a deficiency judgment in a court of law. If the court grants a judgment, they can they take other assets.
How do banks get their money back when they repossess an auto?
They sell the vehicle for what they can, then charge the remainder to you. They usually sell that debt to a collection agency, and the agency starts calling you for that money.
What happens to your auto loan when you stop paying on it for a long period of time?
You start getting letters from a collection agency then guys like me buy out your contract & repossess you if and when seen.
If I take an auto title loan can I keep my car?
Yes. However, if you default on your loan, they are legally entitled to repossess and sell it. Always be careful before committing to anything!
How does primary buyer repossess auto from co-buyer who is hiding car?
Call the police and tell them that the co- buyer is not agreeing to the terms of use of the car when said car was bought.
Can they still repossess your car if you get caught up on the payments?
Depending on the state of residence, it is possible for a lender to still repossess your car if you get caught up on the payments. Certain states allow a lender to request full payment of an auto loan when borrowers fall behind, even if they have caught up on past due payments.
Can a dealership repossess your car if they are not the lien holder?
No. The lienholder is the only entity with a right to repossess.
What is Texas law on repose can they repossess from me because i was rude being rude?
They are not going to repossess a vehicle because you were rude. They can however repossess it if you miss just one payment.
Can a finance company repossess your car if your license is suspended?
They won't repossess it for your license being suspended, but they can repossess it when you fail to make payments, regardless of what the current status of your license is.
Can auto repossession be negotiated?
The company repossessing the car has no authority to negotiate terms with you. They are simply there to repossess the car. You must negotiate with your lender. Hopefully, you will do this before the the repossession order is submitted by the lender.
