Can my car be repossessed if I have paid more than half the agreement?
The car can be repossessed if you break the terms of the agreement, for example, by missing payments. If you have paid more than one-third of the hire purchase price, a lender cannot repossess the car without taking legal action against you.
Can a car repossession order be stopped?
First, you could fight the repossession order in court to buy yourself more time or keep your house. Secondly, you can continue to re-negotiate new mortgage-payment terms on your own with your lender, and if they agree to new terms, they’ll drop the warrant of repossession so that you can stay in your home.
What happens when a car title loan is repossessed?
Once the borrower’s vehicle has been repossessed, the car title loan lender can choose to sell the car at an auction. Any of the money that they acquire from the auction will go towards the remaining balance of the loan.
Can a creditor repo a car with no lien on it?
Your statement of facts is somewhat brief, but without a valid lien, a creditor may not repossess your vehicle. It probably was not a random loan company who just showed up and took the vehicle, so for some reason you left out the important details of the story.
Can you get money before a car is repossessed?
With some lenders, you may be able to get the money you owe to the lender before they repossess the vehicle, but after the car title loan has defaulted. Some lenders may even send a notice of repossession to give you the chance to pay off the loan.
How is a lien recorded on a car title?
When a loan is made by a finance company, using an auto as collateral, a note is executed, along with a security agreement. If the lender wants to perfect the lien, the lender must record the lien on the vehicle’s certificate of title. That filing must take place with the Department of Revenue.