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I financed a vehicle for one amount now my first payment is due and the payoff amount is higher than the borrowed amount. Is that correct or legal?
Wiki User
∙ 16y ago
Are you including the interest that is being charged on the borrowed amount? When you borrow money, say $10000, you are charged interest on that amount. So you'll end up paying far more than the $10000 you borrowed.
Wiki User
∙ 16y ago
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When your car gets repossessed after 2 months of non payment can you get your down payment back?
No once it's repo'd you either have to work it out with whoever financed the vehicle to get it back or your at a total loss. And banks will sell the vehicle at an auction to the highest bidder which most likely if you just got the car will be thousands less than what you just financed it for,which you'll also owe on top of your loss.
What is the difference in insurance if your vehicle is financed?
No, there is no extra charges on an insurance policy for a financed vehicle. Only difference will arise in the paper works, and it will mention that the vehicle is hypothecated.
Can a vehicle get repossessed if your first payment is 15 days late?
Read the fine print of your contract carefully. I have never heard of a vehicle leasing/purchasing contract NOT having a first payment default clause.
Can a car be repossessed if only the rims are financed?
Yes, in some states. The shop can file a lien against the vehicle, as the rims are now part of the vehicle. Some states only allow them to repossess the rims.
Can a cosigner coowner repossess a vehicle if the primary has not defaulted payment on the loan?
A cosigner or coowner cannot repossess a vehicle. That is something the leinholder does.
Is it legal for a dealership to repossess a vehicle that was not financed only a bank error without letting you correct the problem?
YES
When your car gets repossessed after 2 months of non payment can you get your down payment back?
No once it's repo'd you either have to work it out with whoever financed the vehicle to get it back or your at a total loss. And banks will sell the vehicle at an auction to the highest bidder which most likely if you just got the car will be thousands less than what you just financed it for,which you'll also owe on top of your loss.
What is the difference in insurance if your vehicle is financed?
No, there is no extra charges on an insurance policy for a financed vehicle. Only difference will arise in the paper works, and it will mention that the vehicle is hypothecated.
If a financed vehicle is contracted with another person who is not making payments can it be repossessed?
If you're asking whether the vehicle can be repossessed for non-payment, it can, regardless of who's supposed to be making payments. Whoever appears on the contract or paperwork for the car is responsible for the payment, regardless of what informal agreements may be in place.
Can a vehicle be taken in Kentucky without warning if you are one payment late?
If you financed the car at one of those ripoff buy here pay here lots they can and usually will. Sorry.
Can a rebuilt vehicle be financed?
Legally? Yes.
Does Buell require insurance if the bike is financed?
Any lender requires insurance if the vehicle is financed.
How can you get a vehicle financed if you have no credit?
put sugar in the gas tank
Can a lienholder repossess a car if it is not in default but in the impound?
As long as you continue to make the payments, they would have no reason the instigate a repossession. When a vehicle is financed or leased, the creditor has an interest in the vehicle and rights under the contract you signed. If you are in default of the contract either by default in payment or otherwise (failure to insure or other terms) the vehicle can be repossessed.
Is Wells Fargo required by law to send a notice before they repossess your car?
No. Their terms and conditions were laid out for you in the contract which you signed when they financed your vehicle. If they do give notice, it's more as a courtesy, and also because they'd much rather you make your payment than to have to repossess your vehicle.
Delaer can't get vehicle financed after 10 days of signing contract?
What is a Delaer?
How does repo of a leased vehicle differ from repo of a financed vehicle?
NO, a lease is simply a contract like a loan. DEFAULT of either calls for repossession.
