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There is a potential for the person to be liable for penalties. Or worse, there is a possibility of the person getting black-listed or the person losing the car and all the money paid for the car.
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What is repossesion?
A car repossession happens when a person falls behind on their car payments and the finance company reclaims the car. The goods they are paying for on a recurring basis are not legally theirs until payment has been paid in full. Until this happens, They will not be classed as the 100% rightful owner of the goods until the lien is removed. When the payments as stated in the agreement are not paid accordingly the repossession of the goods can be taken into effect. When this happens, then a lender can take legal action against you for the money owed to them. Some agreements allow you to miss one or two payments which can be added on at the end of the term. Please be aware that, your finance company can take your car back after missing one payment. http://www.carrepossed.com
How can one get someone to take over car payments?
The best place to go for advice about someone taking over car payments is the local bank. They will be able to offer advice about what to do if someone is no longer able to pay their car payments.
Disadvantage of car?
well for one thing you'd have to pay for gas. then there's insurance payments, monthly car payments, registration, maintanence, etc, etc
What happens when a shot on a goal misses the goal and goes out of bounce?
Goal kick for the opposing team (the one who didn't shoot)
If they reposses one of your cars can they take the other?
you can only reposses a car that has out standing payments. unless you are involved in crime and have profited through illegal activities then both cars can be repossesed.however if you have only defaulted payments on one car then your other car is safe.
What happens to a car loan if owner becomes disabled and cant drive it or make the payments?
Whether a car is drivable by the owner or anyone else is typically irrelevant to the company that loaned the owner the money to purchase the car. Once payments stop coming in, the company will often make one or two attempts to contact the owner, then repossess the vehicle under the terms of the security agreement.
Can you get a loan modification on your car?
Car loan modification is one such option to avoid repossession of your car. So what happens here.... the service provider(loan modifier) studies your loan history and they directly deal with the lender and they modify your car loan .... meaning they help you in Reducing payments and keep your car, boat, SUV or truck.
Can a car dealer impound your car with out notice?
If you purchased and financed that car through the dealer, and you miss a payment ... YUP ... they can impound (repossess) the car until one brings the loan payments current. You see, when one misses a payment, the perception of the loan company is that the person no longer wants the car - or just wants something for free ... not going to happen in this day and age. The dealer, after a reasonable amount of time waiting for you to pay up, could sell the car again ... and you would then forfeit all monies you paid towards purchase. Bottom line: pay those car loans on time, every time ... if you have to go out and get a 2nd , 3rd or 4th job - do whatever it takes to keep up with the payments.
What happens if I don't pay for my car?
Usually you can miss one payment and they will just tack it on to the next months bill with penalty and late charges. If you continue to miss payments they will take your vehicle away from you and it ruins your credit.
In Kentucky how many car payments behind do you have to be before your car is repossessed?
Your car can be repossessed if you miss one payment. Not likely they would do that but it is possible.
How many payments do you have to miss before your car can be repo?
Depends on the lender. Legally, one!
Can you trade your car in for an inexpensive one?
Yes, but you will still have to make payments on the car being turned in if you don't have 'clear title'.
