I have a friend who was a couple of months late on his truck payments. All of a sudden when he was about to go work the next morning, his vehicle wasn't there anymore. Could it be that it was stolen or was it the lender who took the vehicle away during the night? Can they do that without warning? It just seems really strange.
2007-08-05 02:07:15 · 14 answers · asked by pegasus777777 1 in Cars & Transportation ➔ Other - Cars & Transportation
The truck was security for the loan. First thing, your friend should call the police. When a vehicle is repossessed, this must be reported to the police so that they are not writing stolen vehicle reports on cars that were not stolen. If they police have no record of the truck being repo'ed then he should file a stolen vehicle report!
Lenders can and do take vehicles. Once you are past due on your payment, you are at risk for having the vehicle taken! If your friend was "several" months late, it is likely that the financing institution ordered that the truck be repossessed!
If you are going to be late on payments, it is a good idea to call the bank and try to work something out. They want their money, not the vehicle!
And to the person who said that they do not take vehicles at night, you are incorrect! Night is when most repos take place. People are less likely to confront the repo man when they are sleeping!
Technical term for people who do not make their car payments: Pedestrian!
2007-08-05 03:47:04 · answer #1 · answered by fire4511 7 · 3⤊ 1⤋
Lenders have the right to collect debt if the borrower (your friend) failes to make the payments on time... The credit rating is ruined. No more loans for your friend.. He will be coming to borrow money from you---which he will never pay back... They gave him warnings--sent him late notices or non payment notices...
The lender will sell the truck. If your friend owes $5000 and the truck sells for $3000 your friend still owes $2000 to the lender...
2007-08-05 02:29:03 · answer #2 · answered by Gerald 6 · 1⤊ 1⤋
Sure can, its called repo for non payment. It depends where its financed at. Most car lots who finance anyone will pick it up without notice ( read the small print in the contract ) A bank does give you warning in a letter, and usually are really good to help if you CALL THEM.
2007-08-05 02:19:58 · answer #3 · answered by Granny 1 7 · 3⤊ 1⤋
If the vehicle was repossessed, your friend will likely get an opportunity to get it back, but only by paying in full. I had a vehicle repossessed once. It wasn't without notice and it was at night when they came to get it.
2007-08-05 02:23:13 · answer #4 · answered by Ginny 4 · 2⤊ 1⤋
Not only can they, It is done day after day thousands of times. You must pay or you can not play.
It was also probably in the paperwork. They deal with this stuff everyday.
The bright side is the guy or dealer that sold the truck now has all the money your friend spent and now he has the truck to resell.
There isn't a lot he can do if he didn't make the payments, dealers don't have time to fool with slow or no payers.
Don
2007-08-05 02:14:10 · answer #5 · answered by Don M 7 · 0⤊ 3⤋
Yes if you are late on payments you should have called and made some kind of arrangement to keep your truck , now it will take some cash to recover your car, If you are not sure of truck call police and they will tell if repo man had a visit. hope this helps.
2007-08-05 02:14:21 · answer #6 · answered by JT B ford man 6 · 2⤊ 1⤋
a couple months late? they stopped paying for the truck altogether for two months, and you expect nothing to happen? get real. it's called repossession, next time don't buy something you can't afford or are too stupid to pay for.
they don't give notices that they are going to repossess your car, the bank might tell you that you are missing payments, but that's it. if they let you know ahead of time that they were going to take your car, don't you think that would make the repossessor's job a lot harder?
2007-08-05 02:23:43 · answer #7 · answered by fireturd_owner88 3 · 4⤊ 2⤋
I use to work for a car dealership and auto auction. More then likely the lender got a hold of what is called the repo man. He came and got it in what is called snatch and grab.
2007-08-05 03:39:56 · answer #8 · answered by Anonymous · 2⤊ 1⤋
If it was in your driveway, then it was probably stolen. If it was on a public steet you can bet it was repoed. There was at one time a requirement about repossesion could not be performed ON private property as that was trespassing.
2007-08-05 02:22:28 · answer #9 · answered by born_tomd 3 · 0⤊ 2⤋
If it was repossessed , they have to inform the police they`re taking it away . I don`t think they have to inform anyone else .
2007-08-05 02:12:17 · answer #10 · answered by neibhsif_yelnats 1 · 2⤊ 1⤋