After you buy a repossessed car does it stay marked as repossessed as long as it is driven even though it is paid off?
The car isn't damaged, the debtor's credit rating is. There is no permanent record of the car as a repossessed vehicle like there is for a salvaged title.
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Yes - but before you pay it off in full you can try get the finanance company to change what it says on your credit bureau by holding the payoff money up in their face - I would get any promises in writing.After you pay it off - your credit bureau says Repoed then paid off. It could look to another …lender like it was paid off by the old company selling the car and you could get no credit for paying it off at all. I bought a 2002 ford focus a couple years ago, i had no credit cause i was only 18 years old. I finally got approved through ford motor credit and about six or so months ago the car out of no where just broke. I pulled over and looked back all i seen was oil and the repair shop said it was a possible bad motor. I have had nothing but problems with the car the entire time i have had it (broken seat belt, cig lighter, ect.) it was just out of warranty so i was pretty much stuck between a rock and a hard place. I decided just to have the car towed to the dealership and tell them i didn't want the car because i didn't have the money to get it fixed and what not. I then bought another vechile from a lady my dad knew and i made little payments til i paid it off and i heard nothing about my car. A couple weeks ago ford motor credit calls and i picked up they say i owe about 3600 and i told them i didn't have that kind of money and no one i knew did either. The lady said i could make a big settlement and take 40 percent off that price to make it 2400 but that still didn't fit in my budget at all. I asked if i could save up and make the 2400 payment they said no. They said i could pay 150 towards the 3600 and when i wanted to settle pay have of what i still owe. That sounded decent. I talked to my friend who is a bit older then me and has had this similar situation happen to him. He told me he didn't pay them a dime back and no matter what my credit is gonna be screwed up for a long time so don't bother paying them back. The ford person said after my credit would be better, so i am not sure what i should really do. Would it be worth paying them or just saying forget you guys you have the car it broke whatever? And boths ways how would my credit look if i did pay or didn't pay? To anyone who replies i thank you very much and appreciate your help i have to the 15th of July to decide. HiI hope I can help you.....The same thing happen to me....I found out that the repo was hurting my credit. I waited three years before I contacted the collection. Six months after I made a settlement on the repo. (Settle for 3000.00, repo was 6100.00) In the mean while I open a secured credit card and a unsecured card. Six months later my creit score jump and it is improving.... One thing to remember is that a collection is a collection , charge off is a charge off and a repo is a repo. Paying these off does not improve your credit and in some case it can hurt because the date of last activity will refresh for every payment is made. The best thing to do is ask for a pay for deletion. Get it in writing and send all correspondence by certified return receipt and save all green cards you get back. Always remember, that when dealying with these types of issues you need to have the following thought process - if it is not in writing , it is a lie. With out written agreement, they can say they never agreed to what ever and then it is their word against yours. With the writing, you have proof and then can have it enforced in court if needed. Good luck to you (MORE)
Here is a variety of advice: . If I were you I would check out your county for repossessions to be sold they generally sale for 2/3 of the loan value. . I would NOT buy a car that has been repoed. Simple logic tells me that the driver was NOT doing ANY repairs or even oil changes, before it got …pulled away. In my years of experience doing vehicle repos, (yes I do know what I am talking about here) the number of outright clunkers was higher than 75 percent. . Junk on wheels is what we used to call them. Run to death and barely able to be driven. Buyer beware is what I say . . What if my truck worth 15k is repoed because I quit paying on the 20k loan. Then I buy it at auction because I know I took care of it? Heck, I could even dirty it up inside a little first so it will auction for less. . It won't work. If it was repo'd by a buy-here-pay-here lot, they'll put it back on the lot and certainly aren't going to deal with you. If it was taken by a bank or manufacturer's finance company, it is going to a wholesale auction where you need a dealer's license to bid. Some smaller credit unions or finance companies will sell their repo's in their parking lot, but that's just like the BHPH place - they aren't going to talk to you. Besides, you STILL OWE the difference between the loan (plus repo fees) and what it brings. It's cheaper to make your payments. . It's fine to buy a repo car if you take someone with you who knows a bit about cars. Where repo cars are sold is different from place to place. Try Googling your city and car auctions or else looking up auctions in the phone book. . Call your local Credit Unions and ask them if they have any vehicles for sale. Most of them do these days. These are high quality cars for good prices and you are buying from a reliable source. Credit Unions will also give you good financing terms to get the cars off of their books. You could search online or just open the phone book and start calling. (MORE)
Answer . Mike, that depends on how great your credit is. A repo on your record is NOT going to help. Any interest rate you get will be HIGH because of your credit rating.\nWith a decent down payment you can always get a ride at a buy-here-pay-here car lot. Good Luck.
Nancy, you can buy one as soon as you find someone to finance you. You will probably pay a higher interest rate and need a bigger down payment,but the choice is yours. Good Luck
Can a bank repossess a car or sue someone with whom they have a signed contract even though the car owner has a clear title for the car?
YES, the contract is what they sue for unless the car is listed as COLLATERAL for the loan. Then they repo the car and sue ya.
If a car was repossessed and the loan was immediately paid off how do you get the repossession off of your credit report?
Getting it off SHOULD have been part of the deal when you paid it off. that's when you had the most leverage with the lender who put it on there. Now.... contact an attorney buy your chances are slim. The repo was a fact, not an error that can be corrected. Good Luck
this sounds soooo simple. UNTIL you get it payed off or discharged by B/K. Lenders will sometimes accept a CASH offer, so keep that in mind at refund time. B/K will clear off the debt but your already bad credit will be even worse by doing so. Try to pay something on a regular basis if possible. Goo…d Luck (MORE)
What are your options if your car was repossessed by your cosigner even though you have never been late on your payments?
Answer . Were you in DEFAULT of any other part of the loan contract?? INS?? Illegal activity?? ect???\nIf not, you have equal rights to the car. You can repo it back, let them keep it(probably best) OR call a local attorney for state specific laws..
What happens if you unknowingly bought a car that had a loan on it and the loan is not paid off can they repossess the car?
Answer . YES, they can. The person who sold the car can be charged with selling mortaged property(felony in most states).You will be out your money. best to take the car back to the seller and get your money back while you have a chance..
What does your GAP policy say? Do YOU have it or the LENDER? Normally, lenders place it on a loan to cover the lenders losses, not yours. If you hav GAP insurunce On you Insurance will pay of whatever the car deler does not
Is a repossession marked on your credit report when the car is repossessed or when the loan is paid off?
Think about it. IF the lender waited until the loan was paid off,zillions of repos would NEVER be reported. Sooo, they report them as they happen.
If a service station worked on your car but you never paid the entire bill can they repossess it even though they never owned it?
IF their paperwork is right for your state, YES. its called a Mechanics Lien or Workmans Lien.
Repo on Your Credit It stays on your credit report for 7 years to the day the loan became delinquent. Say you made your last complete up to date car payment August 15, 2001 and you fell behind about a month after that staying one month behind until December when you missed another payment becoming… 2 months behind. The repossession then occurred in January 2003. This will stay on the credit report until September of 2008 for that 7 year period, regardless of when the loan winds up getting paid off. It can stay on the report a bit longer if it goes to court and the bank gets a judgment against the borrower. Say this happens in 2004, then that stays on the credit report another 7 years until 2011. Bankruptcies stay on 10 years while delinquencies and defaults stay on for 7 years. More Information: . Seven years, unless you're applying for a high-paying job or a very large loan or life insurance policy, in which case the repossession will always be reported. . Repossessions and all other notations remain on credit reports for seven years from the date of last payment IF there is no judgment on the account. In the event of judgment it remains for ten years after the date of last payment or the date of judgment (whichever is later), and can be extended for ten additional years in some circumstances. . Occasionally, errors are made by the credit reporting agencies, and notations on reports may remain longer than they should. In the event of an unfair or erroneous reporting, contact the credit reporting agencies involved by registered letter. Corrections must be made within thirty days of contact. Be prepared to provide support for your request to make corrections to your credit reports. Generally though, no information older than seven to ten years should ever appear on a credit report unless ordered there by the courts. . For reference, please consult the Federal Fair Debt Collections Practices Act. . For debts that have gone to a collection agency, be aware that any contact, letters, phone calls etc to that agency, can set a new date on your credit file. (MORE)
If you have been told you have a delinquent debt with a car repossession that was charged off in 1994 can this debt be placed on your current credit report even though you have denied ever owning the car?
A repossession that is over seven years old is not supposed to be on your credit report. It is not unusual for a collection agency to illegaly "reage" a debt in order to try to pressure you to pay. From your post it does not appear that you know what is on your credit report. If you have been denied… credit then you are entitled to receive one for free. Contact information for the three credit reporting agencies can be found at solidgoldhomebusiness.com If this item is actually on your credit report then you can dispute the information and demand verification. Dispute instructions will be included with the report. (MORE)
If one car was repossessed and you are making payments on another car can they take your only car even though you owe on it?
If payments are current and there has been no breach of the loan contract the car cannot legally be repossesed. It is highly unlikely that any lender would want to initiate such proceedings if they are getting paid in a timely fashion. Repo is the last thing a lender wants to do. Even though bankru…ptcy is filed in federal court; asset exemptions are determined by state law. You would need to pose this question to an attorney familiar with (your states') bankruptcy laws. (MORE)
If you are trying to buy a specific car, you can contact the bankor whoever holds the lien on the vehicle for more information. Youmay also start online with a free directory search for banks andother financial institutions who are selling repossessed cars. There are also other alternatives. You ca…n go to either offline oronline public auctions. Even though these auctions are attended bya high number of car dealers, you can still find very good deals,particularly since you're buying for yourself ( not to resellafterwards ). Besides public auctions, you might also consider government carauctions. They're repossessed auctions where a government contractwas involved in the original purchase. They're pretty safeenvironments and you can save up to 90% or more by attending theright auction. Just find as many as you can in your area ( so thatyou increase your chances of finding one with few other bidders )and familiarize yourself with the local rules and codes. Beforebidding, always have the vehicle inspected by a mechanic and get avehic (MORE)
Answer . \nSorry my friend a repo is a repo now if it would of been 2 days before.Now what I would do is get ahold of the bank preferrably with some brownies in your hand and do some begging maybe just maybe they help you since it takes effort on there part to report it and besides you didnt yank… them around after the fact like so many people do hopefully you catch someone in a good mood.P.S. hurry before they have the oppertunnity to report it.Good luck and I hope this helped you.. Answer . If you show up two hours after the store closes, is it still closed?. Answer . I don't buy that showing up to the store crap for a second. That's a quiters answer. I've showed up to a closed store before and knocked on the window and gotten them to let me in. I made a $1200 purchase and we were both happy.\n. \nIt's never over till they say it's over...and even then I am a pain in the ass to get rid of.\n. \nYour bank controls what is reported and the first answer is not a bad one. Go down and talk to the lender. Sometimes people have long standing relationships with banks and do a lot of other business other than vehicle loans.\n. \nI know someone who had three great mortgages thru his bank and a great standing reputation. He had a son who stopped paying and the car was repoed. The guy paid the fees and took care of it. They didn't dink his credit cause they know he is a good customer.\n. \nIt's case by case but it's not written in some holy bible of bank laws that they have to report. Actually no one is required to report by any laws other than corporate procedures.. Answer . \nI am a collector at a Credit Union in Utah and we do not report a repossession to your credit if you redeem the vehicle or pay it off within ten days of the repossession. We only report the repossession to your credit if you do not redeem the vehicle within ten days or if you are threatening or inhibit the repossession process either physically or verbally. We reserve the right to report the repossession even if you redeem the vehicle. We choose not to in 99% of the cases that redeem in ten days to motivate them to redeem. (MORE)
Is it legal for the finance company to repossess your car for late fees even though the loan is paid in full?
Answer . \nYes, the loan is not paid in full if there are unpaid lates fees
Answer . \nYes, you can. My father did this. The thing is, you get a really high interest rate. You could try to have someone co-sign to get the interest rate down a little.. Answer . Yes but why would you want too??save your money and buy a used car outright.Then\nthere are no car payment…s or paying full coverage insurance.Think of the money\nyou will save. (MORE)
Answer . Most states have a law that requires that the title be sent within 3, 10 or 30 days of final payment being made. The law usually doesn't have much in the way of teeth, so you may need to remind the lending institution that the loan has been paid and that you want the title. After you hav…e requested the title the lending institution may be in default and you may have recourse, depending again on your state and the laws that regulate title loans. (MORE)
Untill the re-po man finds you, could be a day, could be never if you're good. But usually the bank wont send a re-po man until you have become very very late, few months give or take.
Answer . Yes because payments are still owed.. Answer . \nThere is a law that applies to Native Americans living on official reservations that prohibits repossession of a vehicle if a specified amount has already been paid. In addition, repossessing a vehicle from a Native American reservat…ion requires an order from a federal court and the permission of the tribal council. (MORE)
When is the best time to buy a car? In summary the best time to buy or trade in a car will be as below: End of Year End of Month Monday to Friday
Answer . \nThe time frame depends upon the lender.\n. \nRegardless of whether the repossession is voluntarily done by the borrower or a forced repossession by the lender the consequences remain the same.\n. \nThe borrower will be responsible for any deficiency between the amount that the repos…sessed vehicle is sold for at public auction and the remaining balance on the loan agreement including added fees and penalties.\n. \nThe respossession will also remain on the borrower's credit report for the required 7 years.\n. \nBe advised, a lender has no legal obligation to recover the vehicle but can instead file a lawsuit against the borrower for the entire amount of the loan plus legal and other associated costs. (MORE)
Yes. The car will be sold at a public auction and the borrowers will be responsible for any difference between the selling price and the loan balance plus the allowable repossession and other fees. The lender is legally required to make a reasonable attempt to get the fair market value of the vehicl…e, unfortunately this does not always happen and that sometimes leaves the borrowers with a substantial amount of debt to repay. (MORE)
If your car was going to get repossessed but you caught up on your payments can they still repossess your car even though it is all caught up?
Answer . Once you are out of compliance with the loan, the bank is entitled to call in the note. If you do not pay the note once it is called in, the bank can repo the vehicle. It should all be described in the terms of the loan.
Answer . \nIf your car was paid off, then why was it repoed? Or if you mean you paid it off after it was repoed, then if the loan company accepted your money,then they have to give you the car and title back. I would call them and get it back or your money back.
Answer . Every company is different..collections start the minute a payment goes past due. Usually the repo starts after 3 pmts are due maybe sooner if there are no communications with the customer or maybe later if someone has managed to stall off the repo.
The lienholder is generally not required to return the car unlessthe loan is entirely paid off. They may choose to do so upon receipt of backpayments and reposession fees (or any other arrangment theynegotiate with you), but that's up to them. If you have a historyof sending bad checks, it's reas…onable for them to insist onwaiting until the checks clear your bank, normally a week or so. (MORE)
you can take off all the modifications off as long as the car is the same when you bought in running conditions and looks as descent as possibble
A repo will stay on your credit report until the remaining balance is paid off or settled, you still owe the amount left on the vehicle even though the car is not in your possession.
If you do a volunteer repossession on your car how long would it stay on your credit depending on Florida laws?
A repossession is a repossession, no matter if it is voluntary or not. Stays on your credit report for 7 years. Avoid this if at all possible.. When you finance or lease a vehicle, your creditor holds important rights on the vehicle until you've made the last loan payment or fully paid off your lea…se obligation. These rights are established by the signed contract and by state law. If your payments are late or you default on your contract in any way, your creditor may have the right to repossess your car.. Talking with Your Creditor It is easier to try to prevent a vehicle repossession from taking place than to dispute it afterward. Contact your creditor when you realize you'll be late with a payment. Many creditors will work with you if they believe you'll be able to pay soon, even if slightly late.. Sometimes you may be able to negotiate a delay in your payment or a revised schedule of payments. If you reach an agreement to modify your original contract, get it in writing to avoid questions later. Still, your creditor may refuse to accept late payments or make other changes in your contract and may demand that you return the car. By voluntarily agreeing to a repossession, you may reduce your creditor's expenses, which you would be responsible for paying.. Remember that even if you return the car voluntarily, you're responsible for paying any deficiency on your credit or lease contract, and your creditor still may report the late payments and/or repossession on your credit report. . Seizing the Car In many states, your creditor has legal authority to seize your vehicle as soon as you default on your loan or lease. Because state laws differ, read your contract to find out what constitutes a "default." In most states, failing to make a payment on time or to meet your other contractual responsibilities are considered defaults. In some states, creditors are allowed on your property to seize your car without letting you know in advance.. But creditors aren't usually allowed to "breach the peace" in connection with repossession. In some states, removing your car from a closed garage without your permission may constitute a breach of the peace.. Creditors who breach the peace in seizing your car may have to pay you if they harm you or your property.. A creditor usually can't keep or sell any personal property found inside. State laws also may require your creditor to use reasonable care to prevent others from removing your property from the repossessed car. If you find that your creditor can't account for articles left in your car, talk to an attorney about whether your state offers a right to compensation.. Selling the Car Once your creditor has repossessed your car, they may decide to sell it in either a public or private sale. In some states, your creditor must let you know what will happen to the car. For example, if a creditor chooses to sell the car at public auction, state law may require that the creditor tells you the date of the sale so that you can attend and participate in the bidding. If the vehicle is to be sold privately, you may have a right to know the date it will be sold.. In either of these circumstances, you may be entitled to buy back the vehicle by paying the full amount you owe, plus any expenses connected with its repossession (such as storage and preparation for sale).. In some states, the law allows you to reinstate your contract by paying the amount you owe, as well as repossession and related expenses (such as attorney fees). If you reclaim your car, you must make your payments on time and meet the terms of your reinstated or renegotiated contract to avoid another repossession.. The creditor must sell a repossessed car in a "commercially reasonable manner" - according to standard custom in a particular business or an established market. The sale price might not be the highest possible price - or even what you may consider a good price. But a sale price far below fair market value may indicate that the sale was not commercially reasonable.. Paying the Deficiency A deficiency is any amount you still owe on your contract after your creditor sells the vehicle and applies the amount received to your unpaid obligation. For example, if you owe $2,500 on the car and your creditor sells the car for $1,500, the deficiency is $1,000 plus any other fees you owe under the contract, such as those related to the repossession and early termination of your lease or early payoff of your financing.. In most states, a creditor who has followed the proper procedures for repossession and sale is allowed to sue you for a deficiency judgment to collect the remaining amount owed on your credit or lease contract.. Depending on your state's law and other factors, if you are sued for a deficiency judgment, you should be notified of the date of the court hearing. This may be your only opportunity to present any legal defense.. If your creditor breached the peace when seizing the vehicle or failed to sell the car in a commercially reasonable manner, you may have a legal defense against a deficiency judgment. An attorney will be able to tell you whether you have grounds to contest a deficiency judgment. (MORE)
The biggest turn-off when buying Repossessed Car: As you already know, Repossessed Car Auction is a great way to buy your new car or other types of vehicle (boat repo auction, RV repo auction, ...); however, it seems almost too good to be true, because the price is very low. The catch lies in the… fact that Repossessed Cars were taken from their previous owners by the government, so they are basically used cars. Therefore, you must take all the steps necessary to find out about the history or the damages of the repossessed car yourself. Why you should still go for Repossessed Car: The easiest answer is: because it is very cheap. Normally, you can find one at as low as $200. Furthermore, even though repossessed cars have been used, they were taken away because their owners couldn't pay the bills, not because they were damaged or got into accidents. Thus, most of the times you will find very good repossessed cars that are perfectly normal and usable. Still, remember to check its history and VIN number! Also, remember to visit websites like www.vehicleshq.com to prepare your knowledge before going to a real repossessed car auction. (MORE)
Repossessed cars can be purchased directly from Banks and Credit Unions. Many larger Banks and Credit Unions will simply send the vehicles off to "dealer only" auctions, but most of the smaller Banks and Credit Unions will offer these vehicles for sale on their websites to the general public. If you… view the "related links" section on this page there is a website which is a free repo finder tool that lists direct links to Credit Union repossession across America. You can browse local repossessions in your area and then contact the individual Banks and Credit Unions about purchasing the vehicles. (MORE)
Well, that all depends on who is taking the car and why. If the bank that financed the car has repossessed it, then maybe...maybe not: It all depends on how much the sale of the item brings. The proceeds will not only have to be enough to cover the loan, but the costs incurred to recover, store, and… sell the vehicle. Odds are, that given the rate at which cars depreciate; no. I am unsure whether the lien holder can then go after a deficiency judgment for the amount still owed, but probably (depends on laws in your state probably). As to some other entity seizing your car, like in satisfying a judgment.... In Louisiana if the lien holder, or superior creditor, asserts their rights prior to the sale, the sheriff is required to disperse the proceeds first to them and then to the subsequent creditors. If you owe quite a lot on the car, the judgment creditor must decide if they think the item will sell for enough money to satisfy the first superior lien, the sheriff's fees, and still get enough to make it worth their while. (MORE)
Yes, if you have the money you can buy it. If you are searching for a car loan, you may have some difficulty in that. Paying cash, no problem.
I'm sure it depends on where you are, but the finance company that I used to work for paid between $150 and $300 per car, depending whether the customer voluntarily surrendered the car or whether the repo agent had to take it.
Besides the overdue payments on the vehicle, there are also towing and storage fees. The company that has physical possession of your vehicle (actually has YOUR vehicle in THEIR lot) should be able to tell you how much is still owed and to whom.
Yes, when they auction it you will get back money if there is any left after the banks recovery expenses and the money you owe them. That is assuming the car is worth more than what you owe.
Yes, and no. It depends on if your creditors responded to the notification AND showed up in court for the bankruptcy hearing. IF they did file the correct paperwork, then YES the lending company can repossess the car. IF the lending company DID NOT file a letter of interest/intent AND you listed it …as a creditor that you NEEDED relief of , then the car is all yours. Your attorney will be able to tell you if you listed the creditor. A process must be carefully followed in order to get your car loan dismissed. IF you filed all the paperwork correctly AND the lender shows up to court, you may still get to keep the car. The court will only let you keep the car if its your only means of transportation to work (so you can earn a living) and the car is reasonable and prudent transportation (you can't dismiss a loan for a Lamborghini. Its a complicated answer, beware of the dime-store lawyers on these sites, they know enough to really get you in trouble with something like this. Good luck. (MORE)
The lender will pursue collections for any unpaid balance for seven years from the date the car was sold after being repossessed. If the balance is large, they may pursue legal judgment. Obtaining this, they will have ten years from the date of judgment or last payment.
This is tricky. There is no actual listing of the repossession on your credit report. There is a notation in relation to the debt owed. For example: say you borrowed the money for your car from ABC Bank. ABC Bank will then show as a credit action on your report. Next to that will be the balance o…f the debt, potentially the length of the contract, and a month by month code of your payment history in terms of thirty day payments. If the loan is defaulted, this will be noted. If the vehicle is repossessed, this will be noted as well. If no judgment is obtained, the notation will remain for seven years from the date of last payment. In the event of a judgment, it will remain for ten years. (MORE)
all negative info stay on your credit report ten years.none negative itiems stay for seven years.This info is from transunioun.
Like other credit items in your history (other than bankruptcy) it will remain on your credit report for 7 years. You may be able to have it removed sooner if it is not documented properly.
Does a private party have the right to repossess a car for not doing the title transfer even though the loan was paid?
It depends upon the laws of the state in which the vehicle is sold and/or to be titled. Engaging in a self help solution (repossession of vehicle) may not be the best choice, as it could possibly legally complicate matters further. The best option if for the seller to contact the state DMV explain …the situation and obtain factual information according to the current laws. (MORE)
Yes you can. The main interest of the financial institution or or owner of the property is to have the property paid for.
Laws vary by state. Seven years is a general rule of thumb.However, there is the potential for it to be perpetual - the lendercan "sell" your debt to another company, who in turn add a fee andinterest, and it remains on your credit report. Ten years is thefederal upper limit though.
If you have had a car repossessed, you have not kept up with thepayments. You probably still owe money on the repossessed car. In these circumstances, the fact is that you can not afford topurchase another car and would not be able to obtain the finance todo so.
Each lender has their own way of disposing of a repo. Most willsale them at dealer only auctions. You can purse getting a used cardealer licenses from the state you reside and attending theseauctions.
Most of the time when a car get repossessed you will still have to still pay monthly payments. In some cases you will not have to continuing paying.