0
What happens if you no longer have the car and the finance company trying to repossess?
Wiki User
∙ 9y ago
Someone has the car and the finance company has a lien on it. Any sale would have been fraudulent.
Wiki User
∙ 8y ago
Add your answer:
Earn +20 pts
Can you get your finance company to repossess a vehicle from a second party?
If the lein holder didn't authorize a repossession can the person of ownership take charge and collect the vehicle, even if it's paid on time but both parties on reistration are no longer in agreement?
Your car was repossessed after being six months behind and then you get a call from the car dealer after two years trying to repossess the car are you still liable?
If the dealer calls you after the car has been repossessed, then you should inform them that you no longer have the car. They can contact the finance company to verify the information.
What exactly is a welcome finance?
Welcome finance is a loan company in which they have a limited amount of loans. They are fair and helpful so if you have the chance of joining I recomend you do before they no longer have space.
Where are the headquarters of the company Finance Credit?
Finance Credit is a company that no longer operates, having gone bankrupt in 2002. There was much scandal over their closure, due to a criminal investigation into siphoning funds. The founders of the company are currently serving prison time, in Norway, where the company originated.
Can a finance company repossess your car if you are less than 30 days late?
Yes, but it's not always that simple. While it's easy for a finance company to come and repossess your vehicle for being 30 days late, the courts don't always agree with that action. For example, if you've been paying on your vehicle for some time and you get behind, if you have continual contact with the finance company and all of your contact information is correct, court may rule that the finance company had no reason to assume a material breach of contract for a default of 30 days. However, if you avoid contact with them (won't answer your phone), your address is incorrect, and/or you're still pretty early in your agreement, courts will most likely see it as a material breach. Unless your contract or state law says otherwise, you also have the right pick up where you defaulted (by paying the defaulted amount in full) on your loan and you're not forced to pay the entire amount of the loan. Furthermore, you should keep in mind that, in states that have adopted the Uniform Commercial Code [UCC], after you pay 60% of the balance of your loan, a repossession and disposal (resale) is no longer beneficial for the finance company because the resale of the vehicle would satisfy the debt (so they couldn't come after you for the remaining balance) and any remaining funds from the sale, minus reasonable charges, is required to be paid to the consumer. Most respectable finance companies/banks will not repossess a security interest until it is easily provable in court that they had reason to believe a material breach of contract. However, "buy here, pay here" type places tend to be a little looser with their rules, but typically end up paying for it when they do get sued for doing so.
How many days does a car lot have to give you before they repossess your car?
Usually no longer then a month
What happens after a company has been liquidated?
In many ways, there is no after for anything to happen in. The company no longer exits. Its assets are now owned by others. It is over.
What can you do if your dad is no longer financing us?
Finance yourself.
How much coverage is required after your car is paid in full?
Usually your finance company will require that you have comprehensive and collision coverage. If there is no longer any liens in the car, then you may be able to remove these coverages.
Finance company cancelled your auto loan for being 21 days late on your initial payment and because you only have a temp home address Can the finance company allow the dealer to find another lender?
You have no permanent home address and you were late on your very first payment. I don't blame them for canceling. The finance company cancelled the loan, so they do not come into play any longer. I'm sure they will let all other potential lenders know about your history. I doubt there will be any takers on loaning you money.
How far past due can your finance company reposses my vehicle?
Anywhere between 30 days and 90 days. Usually the latter in most cases. If you are falling behind, talk to the finance company and explain the situation. If someone is upfront with them and discusses this early on, then some different arrangements might be able to be made. To the finance company, just stopping the payments without any explanation, means to them that you no longer want the car, so they will take it back, and you will lose all the money you have paid up to that point. Also, it's not "your" vehicle - you don't own it until the Lien is removed from the title. To own a car means you possess the title. The finance company owns the car until it is paid off.
Can you sell your car if they sent you the title by accident and continue your payments?
Not a wise idea because your contract with the finance company probable holds the vehicle as collateral. If you no longer have the collateral they can demand payment in full to satisfy the loan.
