0
Can the lender charge any amount he wants to for the repossession fee to get your car back?
Wiki User
∙ 12y ago
Not ANY, but it can vary. Most contracts just say "fees", amount not specified. Of course, 10K wouldn't stand up in any court.
Wiki User
∙ 12y ago
Add your answer:
Earn +20 pts
Can your car be repossessed after filing bankruptcy if you are up to date on payments?
On the surface, no. As long as you have not defaulted on the loan contract, there is no reason for repossession. The lender wants your money, not your car.
Can you convince the lender to give the car back and get back on the payment plan after repossession?
I cant, you might can IF you pay current. The lender wants their money, on time, blah blah blah. SOS different day, LOL Yes, they have to give your car back if you pay the reinstatement ammount, in other words all the payments and fees you owe to make the loan current... the only exception will be if they have a reason to believe that you hide your vehicle to avoid repossession....in that case they have the right to refuse the monthly payments, and they will ask for the full payoff amount to give your car back, if they have not sold it yet...
Car repo in 1999 agreed to pay 70 percent of the amount owed creditor wants to list on credit as paid repo what should you insist they list it as?
Paid repossession would be the best option. This, even though it is a negative mark, is less so due to the satisfaction of the debt. Count yourself fortunate, as the lender could list it as paid-settlement, which would be less positive.
If your car is repossessed in Illinois and the lender wants full payment can you file for bankruptcy within a certain amount of days so that your able to keep your car?
Bankruptcy does not prevent a vehicle from being repossessed. If the debtor/borrower wants to keep the vehicle they must reaffirm the loan with the lender. Furthermore, new bankruptcy laws require the borrower to repay the entire amount of the loan and applicable fees rather than the discrepancy between the loan and the amount recovered in the sale of the vehicle.
Are the payments due after repossession the actual car notes or can you negotiate a payment in the state of Maryland?
You can make an offer in any state. Its up to the lender to accept or reject it. Has the lender tried to work with you on payments already and it didnt work out?At this state of the game, the lender wants more than promises. They want MONEY NOW. The more the better. They can get 25% of your disposable income by garnishment so why would they settle for less in an offer? Its time to get serious about paying this debt. Good Luck
When a car is repo'd can the lender tell you the only way to get it back is by refinancing?
NO they can tell you to pay the back payments and fees (for the impound) YES. At this point it is pretty much whatever the lender wants and they usually want ALL of their money NOW. Are they suggesting that you refinance with them or go elsewhere for a new loan? If you didn't make the payments on the old loan, it is unlikely that they want to give you another and you will have a hard time finding another lender who will give you a loan when you write "pay off repossession" as the proposed use of the funds.
If a debt is not reaffirmed by a creditor is the debt discharged in a bankruptcy?
The creditor is the lender. The bankrupt is the debtor. The lender never has to re-affirm he wants to get paid back.
If a 'friend' drives your car to a repo man without your permission to collect the finders fee how do you get your car back?
To get it back, you pay the amount you are behind or the payoff on the loan, whichever the LENDER wants. AND storage fees.
Can someone report your car to be repossessed if they know that you do not have insurance?
IF they hate you enough, IF they can find out who your lender is, IF the lender wants to repo because of that fact, The ins. co. is supposed to notify the lender anyway if you let the policy lapse....
Can someone cosign for only a certain amount on a loan such as if the person only wants to cosign for 12k but the loan is 17k?
No. You co-sign for the note as indicated on the documents you sign. There is no half way. Beware ... When a lender asks for a co-signer, the lender knows that the co-signer will have to make at least some of the payments. This answer comes from experience.
Do the same rules apply to the voluntary repo of a mobile home?
Basically. YES. You decide you cant pay, you tell the lender you are moving, you move out, lender sells home(not as quik as a car), lender wants balance due on the loan.
Your car was seized on a judgment now your lender wants to repossess it from the sheriff and give it back to me can that happen?
No.
