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.
One day past the grace period is permissible.
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.
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.
You start getting letters from a collection agency then guys like me buy out your contract & repossess you if and when seen.
Yes. However, if you default on your loan, they are legally entitled to repossess and sell it. Always be careful before committing to anything!
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.
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.
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.
No. The lienholder is the only entity with a right to repossess.
They are not going to repossess a vehicle because you were rude. They can however repossess it if you miss just one payment.
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.
I am sure there are. Contact the California State Banking Department, they should be able to give you the exact info. you need.