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Is it a repossession when the bank couldn't finance you and the dealer had to take car back?
Wiki User
∙ 8y ago
GOOD question. Read the contract. Were you in default of it?? Why didnt you TAKE the car back? Why did they have to come get it?
Wiki User
∙ 8y ago
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If you sign a finance agreement and now the bank wont finance you do you have to give the car back?
You have to look at the papers that you sign with the car dealer. Typically they make you sign an agreement to bring the car back in the event that they can not get you financed. If they did not have you sign something, then they will probably hold the note themselves and then you have to pay the car dealer. But the short answer is yes, you can not keep the car if you can not pay for it.
The meaning of repossession?
Repossession is generally used to refer to a financial institution taking back an object that was either used as collateral or rented or leased in a transaction.
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
What are the various sourceof finance?
IMPORTANT SOURCES OF FINANCE FOR BUSINESSShort term finance: bank credit, trade credit, instalment credit, customer advances.Medium term finance: issue of shares, issue of debentures, loans from banks and other financial institutions, public deposits (for existing concerns), ploughing back of profits (for existing concerns).Long term finance: issue of shares, issue of debentures, loans from financial institutions, ploughing back of profits( for existing concerns).
If your car is repossessed how does getting it back help your credit?
It won't help much unless you can sweet-talk the lender and convince him to remove the repossession from the credit report. Otherwise, the repossession stays on the record and the only 'improvement' to your credit rating would be the lack of an accompanying past due status.
Do you call the finance company or just take the car to the dealer if you want to do a voluntary repossession and do you need to inform the finance company you're taking it back or will the dealer?
call the finance company and tell them that you want to do a voluntary repossession and they will take it from there.
Dealership can not finance car do we have to give it back?
find out another dealer who can finance your car.
Do you have to bring your car back to the dealer for repossession or do they pick it up?
You DO NOT have to take it back, but it will save you some money if you do. They will come pick it up if you tell them to.
Can you drop off a motorcycle at the dealer if the creditor wont take it back?
If the creditor will not take it back in lieu of the money owed then you need to sale the bike and pay them their money. Unless the dealer is willing to buy the motorcycle you will still owe the money. Not every creditor will do a voluntary repossession.
If you sign a finance agreement and now the bank wont finance you do you have to give the car back?
You have to look at the papers that you sign with the car dealer. Typically they make you sign an agreement to bring the car back in the event that they can not get you financed. If they did not have you sign something, then they will probably hold the note themselves and then you have to pay the car dealer. But the short answer is yes, you can not keep the car if you can not pay for it.
Can you get your car back after a repossession if you file chapter 13 bankruptcy?
In GA Can you get your car back after a repossession if you file chapter 13 bankruptcy
Can you terminate your finance half way thro send the car back and pay nothing more?
Sending a car back and ceasing paying is the same as a repossession. It will have an extremely negative impact on the credit score and the ability to borrow money in the future.
Do you loose your liciense if you hide a car from repossession?
There is a possibility that you licenses could be suspended. If you are hiding the car from repossession, you technically are stealing the car. The finance company can contact DMV and have the registration revoked and report it as stolen. Give the car back. Nothing good ever came out of hiding one from the repo man. They WILL get it eventually.
Can a dealer that sold you the car buy it back from the bank and make you responsible for the balance if if the dealer has not re-sold?
The dealer's been paid... that's the point of financing a vehicle. The dealer doesn't release the vehicle until they get theirs... the finance company gives them theirs, and holds onto the title until you repay them that amount plus interest. The only dealerships which would have any stake in you would be the "buy here, pay here" kind, which wouldn't be dealing with a bank if that were the case with one of those dealerships.When a car gets repossessed, it'll go to auction (or it is possible for it to be directly sold, such as in the case you describe above). You will owe THE BANK the difference between what you owed them previously plus fees (repossession and storage fees, auction fees, etc.) minus what they raked in from the resale of that vehicle.If the dealership buys the vehicle back from the bank after it's been repossessed, they have no stake in you - they were paid for that vehicle in full when you financed it. They're buying it back at their own risk.
Can a car dealership repossess a car if they lied to you about issues with it?
Yes. Repossession is about you not paying the bills - nothing else. The fact that the dealer wasn't honest with you doesn't give you the right to be dishonest with him. If you discover a hidden flaw in the car you must first give the dealer the chance to set things right. If the dealer can't fix it you can ask for (most of) your money back, or another car. But holding back paying isn't an option.
How do you get a car back from repossession in the state of TN?
Pay up.
How do you get my car back after repossession in Louisiana?
Make your car payments.
