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If a buyer defaults on the contract but it isn't stated in the contract that the vehicle can be repossessed can it still be taken?
Wiki User
∙ 8y ago
You need to contact a local attorney for state specific advice.
Wiki User
∙ 8y ago
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Can a vehicle be repossessed by the lien holder for not having insurance in the State of Maine?
Yes, if the contract requires that the borrower carry insurance coverage. If the borrower fails to adhere to any of the requirements stated in the written agreement the contract is in default and the lender has the legal right to recover the vehicle.
In NC what can be done if lender refuses to negotiate bal due on repossessed auto if they want 20000 for auto worth 10000?
not much, basically your hands are tied. when you pruchased the vehicle and signed a contract it was probably stated in there that if the vehicle is repossessed it will be sold at auction and the balance/credit of the debt is the responsibility of the purchaser
Can a car be reposessed if nothing is stated in the sales contract about defaults on a repo?
You may be confused. A repo is an act pursuant to a secured loan, wherein the vehicle is security for the loan. There is no need to use the word "repossession." A repo is only one remedy available to a lender on a secured loan.
How long before a vehicle can be repossessed?
This will usually be stated in the contract you sign when financing the vehicle. Some places, especially the "Bad Credit/No Credit" lots will attempt to repossess in as little as one day after payment is due. I don't see any financier letting it go for longer than 4 months with no payment be for they file for repossession.
Does a cosigner have legal rights to a vehicle if his name is not on the title?
It depends on local/state laws and what the original contract stated.
Can you return a used vehicle in Texas that is now not running properly even if you did not have a signed contract and it was not stated or listed as is?
yes u can
In Texas do they have to inform you before they repo your vehicle?
It is probably stated in your finance or lease agreement that if you don't make your payments on time that the finance company has the right to repossess the vehicle. Consider yourself informed. Long story short, if you don't want your vehicle repossessed you need to make your payments.
How many payments can you miss before your car will be repossessed?
Legally if you miss 1 payment you are delinquent and they can start repossession proceedings on their vehicle. Remember it is not your car until you pay for it. It belongs to the lender.
How many months without making a payment will the vehicle be taken?
The finance company has the right to repo a vehicle the day after the payment is due if it is stated in your contract. they usually wait till you are 30-60 days past due.
They have not followed our written agreement and I would like to get my vehicle back. What can I do to get it back?
A written contract is easy to enforce. You must follow any guidelines stated in the contract once the breach of contract has been done. If it is a simple matter of they have not paid for the car as stated in the contract you can demand payment in full and if they don't pay in full reposess it. If it is a case of sellers remorse then there's nothing you can do. You may need to file a lawsuit for breach of contract depending on how they breached your written contract. An attorney can help you make sure you are doing everything legally.
What is the contract that is stated in written or spoken words considered to be?
It is considered to be an express contract, where the terms and conditions of the agreement are explicitly stated either verbally or in writing.
How can a contract be discharged by performance?
When the parties bound by the contract perform exactly as the contract stated they should, so there is nothing more to do under the contract
