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Can a carlot repossess your vehicle and then resell it in a week in the state of Oklahoma?
Wiki User
∙ 17y ago
If you ever see USED CAR!...It was probably some guy's present to his wife then was unable to pay the bill.
Wiki User
∙ 17y ago
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If a car is repossess by a dealer for nonpayment can the dealer resell it?
It will probably depend on your state laws but in NC and SC and most others the answer is YES they can resell it. Some states just require a letter to the customer as a Notice of Resell...and in some cases, they can keep all personal belongings at the time of the repo.
How long after they repossess your car do they have to wait before they resell it?
No one can answer this question. It depends on many factors. Here is a thought. Call the lender and ask them.
When can the lender resell a repossessed vehicle?
a lender can do as he/she pleases with the vehicle after 31 days...in the state of Alabama
Can they repossess your car if you've paid for 70 percent of it?
The answer depends on the laws in your state.In some states if you don't pay, you lose it.In Mississippi, after the bank sells it, they cannot make a profit. They have to send you what's left.Not ALL lenders have to return the overage. Some only have to return 85%.Yes, they can still repossess your car, but in most states, if you have paid over 65% of the balance of the loan and the original balance was under $5,400.00, they can't sue you for the deficency balance. Most finance companies, if the vehicle is of any value, will repossess it and resell it to recover any losses they may have.
Can a buy here pay here resell a repossesd car?
Yes. It's their vehicle, they can sell it as they please.
Can you buy a car from a dealer and resell to another dealer?
yes you can. a vehicle can go to any car dealer. no restrictions
What is a sentence for resell?
I resell my car
Is the word resell correct?
Resell is correct
What is a good sentence for resell?
I resell my car
If you ask a dealership to buy back a car does it count as a repo?
No it does not, that counts again as a sale exchange, so long as the full amount of debt do the lender has been paid back. A reposession is when you are unable to fulfill your agreed upon contract (paying your debts as agreed) the lender will then Repossess the "goods" and resell them for what it left on the loan to equal out the debts. However in the case of "goods" that depreciate in value (like a vehicle) sometimes they are resold for less than the loan is, and you can owe money on the vehicle still.
Is the sell of a car legal without a title and just a bill of sell?
You can sell a vehicle to a salvage yard for parts with a bill of sale if they don't intend to resell the vehicle, but if you sell it to an individual, and they want to register the vehicle, they will need a title.
Can a car dealer resell a repossesed car in Illinois?
When cars are financed, they're usually financed by a bank or some other type of lender. Once the car is repossessed, and the person it's repossessed from fails to recover the vehicle, the vehicle is sold at auction. Dealers attend these auctions, and bid on those cars. Once they've placed a winning bid and paid for the vehicle, it's theirs to sell. Now, if a dealer is the one who financed the car, they'll be the ones to repossess it. Once they've determined the person it was repossessed from isn't recovering the vehicle, they have every right to sell it. Hate to break it to you if this was your car, but it was never yours - so long as there's a lien on that vehicle, the lien holder is the rightful owner of the vehicle. Once they've given up on you reclaiming and making further payments on that vehicle, they can do whatever they want with it - because it belongs to them, and always had, from the moment they became the lienholder.
