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Repossession

~16400 answered questions
Parent Category: Debt Collection
Seizure of property bought on credit for which loan payments are not being received. Please note that when asking a car repossession question, it is often useful to include the state that you live in. This will enable people to give you better answers.
Choosing a repair shop Here are some tips to consider before you start, when you're at the car repair shop, and after the car repair. Read your owner's manual to become familiar with your vehicle and follow the manufacturer's suggested service schedule. Start shopping for a repair facility before …
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Intervals Here is what I recommend for maintenance intervals. There are exceptions to all of these including severe duty, which most northern cars fall into. Change Transmission filter-30,000 miles, 90,000 and 150,000 miles and fluid at 60,000, 120,000 and 180,000 miles. Change oil every 3,000 mi…
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Here are some tips for preparing your car for summer. Some of these tips can be performed by any do-it-yourself; others require an auto technician. Air Conditioning - A marginally operating system will fail in hot weather. Have the system examined by a qualified technician.Make sure that there are …
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Here are some tips for how to prepare your automobile for winter, i.e. "winterize your car." Some of these tips can be performed by any do-it-yourselfer; others require an auto technician. Engine Performance -- Get engine driveability problems (hard starts, rough idling, stalling, diminished power,…
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1-Compression test. This tests the state of the 'bottom half' of the engine and the valves and seats. All cylinders should should be within 5 psi, and near the high end of spec. If your compression gauge is old or of poor quality or the vehicle battery is suspect, look only for equality between cyli…
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%DETAILS% There are two possible things you can do:1. Sand the area, then lightly spray your color over it. With newer cars with clear coat, you'd have to also spray a layer of clear coat over the touch up job to make it match.2. If the nick is small enough, you can take a fine tip brush and brus…
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keep in mind that "total loss" only means that it costs more to repair your car than it is worth on the market. that 89 beretta that you had since highschool is probably a total loss from a monatary standpoint. but can it be fixed? of course it can. my wife had an 85 Buick skylark (x-car) that she t…
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Selling an Old Car You can offer your car directly to auto wrecking yards. Create a flyer listing what is desireable about your truck and fax or deliver it to wrecking yards. Tell them you are accepting bids and give them a time and day to respond. The salvage value could be $500-600. They will come…
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Just a common sense approach with this suggestion.The reason you would buy a newer or new car is your current vehicle is costing you more than a car payment each month.My recommendation is research the cars your interested in on overall reliability and resale value.All cars have there good and bad p…
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Answer The following information assumes you're talking about a closed-end lease, the most common type of vehicle lease. With a closed-end lease, you may return the vehicle at the end of the lease term, pay any end-of-lease costs, and walk away. At the beginning of the lease, you may have…
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Lemon VehiclesStates with lemon laws allow the owner a refund or replacement when a new vehicle has a substantial problem that is not fixed within a reasonable number of attempts. Many specify a refund or replacement when a substantial problem is not fixed in four repair attempts or the car has been…
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Registering a car You have several issues here. If you plan to drive the car in California it must be registered there, but your Military stautus exempts you from certain fees. If you plan to drive the car straight to Florida you may obtain a "One way Trip" permit from the DMV. On arrival in Fl…
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The Kelly Blue Book is the "Bible" of the Car Industry. The "Lease-end" Value is a projection of what the car will be worth "Wholesale" (not Retail) at the end of the "Term" This assumes you stay within the miles allowed for the Lease. Generally 10-15K per year.This also assumes the condition of the…
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Try asking the question a different way.I have been in the business for a long time and have never heard of substitute plans.
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According to Texas's top seller of new and used car, SoloAutos, the color white is the sought after color for new as well as used cars.
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Try the VW Jetta TDI model 2000 through 2004. This is a computer controlled Turbo Diesel with Intercooler European solid build sedan. 40 MPG for me. Max torque at the low end. Unstoppable going up hills. Doesnt bog down at all, and you dont need a "running start" before going uphill. The turbo sucks…
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In the next section of this answer are a lot of responses about returning cars because you don't like the car, don't like the deal, whatever. The QUESTION, however, was about returning a lemon. Every state has a Lemon Law, which requires the dealer to take the car back if it can't be fixed in a "rea…
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One thing to keep in mind is a lease, most new cars are allowed to finance more than the new car is worth I.E. our dealership can finance 115% of the new cars MSRP note that you can by a car well below MSRP there for hiding your neg balance keep in mind this is carried over into the next loan so you…
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Absolutely. The only issue will be how much equity you have in the car. In other words, if the car is worth $5,000 and you owe $4,000, you have $1,000 in equity. If the car is worth $5,000 and you owe $6,000, you have $1,000 in negative equity. Be sure to verify your pay-off amount before you begin…
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When 'that' particular vehicle holds the least real value to the consumer vis a vis cost to the manufacturer. -pay attention projected yearly gas prices -look around you for mode-income (not average but the amount of income made most often in that area at that time of year). A lot of oilfield money …
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The majority of car dealerships across the United States do not have a three day return policy or cooling off period on new or used car purchases. "Buyer's Remorse" will not be enough to get you out of a vehicle purchase or return a car to the dealer. Is an emotional response from a car buyer durin…
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Answer Your credit score will go down. Answer. This is known as a voluntary repossesion. It is not very different from a involuntary repossesion. You will ruin your credit score and also will not be eligable for other auto financing anytime in t…
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No, the minute you've signed the contract, the vehicle is yours. "Buyer's Remorse" is a myth pertaining to the buyer's supposed legal right to change their mind and return a vehicle after signing the contract. Not at all based in reality! This myth probably stemmed from a stipulation called the "Rig…
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They don't sell cars to "couples" they sell cars to individuals. If there is one name on the contract, and that name has a signature, then the car is sold. They don't care if your spouse is in agreement. The spouse is not a factor in the contract.Yes, this is true provided that your spouses name is …
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you went to a car dealership, didnt you? You DIDNT go to a casino. Did you sign a loan contract?? The B/K trustee and the manu. of the car will be looking for the car. Dont worry you wont have to pay TAXES on the gift of the car.
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likely NOT without an attorney because once the dealer gets YOUR money in HIS hands, it just don't want to come out. ANSWER: In Texas, the DOT regulations state that the contract is set once it is signed and the car is in your posession. Posession is when you look over the car and tell what flaw…
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Toyota is one of the top brands in the industry for reliability, fuel economy overall, and rigidity. However, Honda deserves notoriety, as the Honda Accord outsold the Camry in annual sales by a mere 941 more than the Camry.
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Mehcanic inspection It's best to have any used car inspected by an independent mechanic before you buy it. For about $100 or less, you'll get a general indication of the mechanical condition of the vehicle. A pre-purchase independent car inspection is a good idea even if the car has b…
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Repo Business Insurance You can also contact me! I represent an Industry driven Program that was designed to package all of the coverages that are required by the major lendors. The hard coverages to acquire through your average broker are the wrongful Repossession and the Drive away coverage. Th…
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Here are a few ideas: Some insurers write new companies, but not all of them will. You may have trouble obtaining insurance until you have a "loss record" or track history for an insurer to examine. DO NOT CONFUSE tow insurance with repo insurance as they are different for example, if you have a tow…
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Any time you borrow money to buy a car, you should know that: The lender can repossess if you miss a payment or for any default (a violation of the contract). The lender can repossess without advance notice. After car repossession, the lender might be able to accelerate, meaning the lender can …
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It is not legal to hide a vehicle from repossession! Regardless of your intent, you are obligated by contract, and by law, to turn over the vehicle. Charges could be filed against you and additional out of pocket expenses incurred along with criminal charges. Please consult with the attorney ge…
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%DETAILS% Answer The financial institutions use auctions for such issues. They, for the most part, do not have lots where they will attempt to sell the vehicles. They cut their loss and auction them off to recoup what they can prior to the end of any fiscal reporting for that quarter. …
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Answer The co-signer of any loan has the same financial obligations and liabilities as the creditor! They can be sued and have their wages garnished or bank account frozen, just as you can. Answer The co-signor has the same responsibilities as the signor. If the signor can be sued, the co0sig…
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Yes, your car will be sold and if the price they sell it for is less than the balance left on the loan, plus the repossession fees, you will be responsible for that difference and will have to pay it.
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Notice of Repossession In 9 (nine) states the lienholder has to send you a "right to cure" letter before they can repo. The time given ranges from 5 to 20 days depending on the state. Other than that, the lender has been trying to contact you for 0 to 60 days and obviously didnt get a response. So y…
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You may have a certain right, known as a right to cure, whereby you are given a grace period to resume the original contract (cure the default) with the finance company. In Pennsylvania, for example, your repossessed vehicle may go on auction after 15 days following notification that it will be sold…
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It varies from state to state, but in your case about 10 to 14 days. Its time of process is counted on importance.
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Repossessionalthough it is unlikely they would know about it (unless they called her and she told them) the only way to be completely safe is keep it in your name. They can't lien other property of hers without a judgment and they would have to take her to court to get that. you could draw up a prom…
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Car repossession Bottom line: YES it can. Although many things could factor into this answer, such as, have they given you anything in written form stating the new terms? Have you renegotiated your loan terms? When faced will something or nothing, most creditors are willing to wor…
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Yes, you can get your car back but you only have ten days to do so before the car goes to auction, in order to get your car back you must bring the full amount of payments you are behind to the repossessing company. The lender can deny you the car back also, depending on how many times you made late…
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Most places cannot repo a car that has another lien on it, such as in your case. You will have to check your local law. In ALL states, the storage lot is REQUIRED to notify the OWNER and LEINHOLDER within a certain period of time. Usually 5 days. That way everyones interest is protected.  …
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You could get an answer from your state court consumer protection division re this question.But my common sense would be no!Nothing is needed with your signature on it. You failed to repay the loan as laid out in the terms of your contract, suit more than likely was filed against you regarding this …
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%DETAILS%%FOLLOWUPS% I don't have an answer for you, but I can tell you that you are not alone. The repo man who picked up my truck was midway through dismantling a custom stereo system when I got my truck back, and even told me he had planned on keeping it for himself since the bank didn't know …
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Most automobile financing agreements allow a creditor to repossess your car any time you're in default. No notice is required. If your car is repossessed, you may have to pay the full balance due on the loan, as well as towing and storage costs, to get it back. If you can't do this, the creditor may…
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This depends on where you live. In Florida and California, you have to be certified by the state. State permit etc. Other states, mostly wide open. It's NOT a very regulated industry yet.In California you must be employed by an agency that is already licensed by the state. You must then be registere…
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Personal Property in the Vehicle According to the FTC: Regardless of the method used to dispose of a repossessed car, a creditor may not keep or sell any personal property found inside. In some states, your creditor must tell you what personal items were found in your car and how you can retrieve t…
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Any activity that results in the recovery of the wanted vehicle is legal, provided the peace is maintained and there is a perfected lien-holder, and that lien-holder has issued a legal order for repossession. There are minor specifics for each state, and some for specific metropolitan areas. These …
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Your contract most likely states that the lender can demand payment in full at anytime. This means they can repossess the vehicle after demanding you pay it off. If you are 5 days late, they could repossess it. There is no legal requirement for the lender to wait any amount of time before taking you…
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The Correct :Most Finance Companies make this very difficult.1)Take the vehicle to the manufacturers nearest dealer for a service appointment. Leave the car there. Remember the Service Reps First and last name.2)Contact the finance company and let them know what dealership the vehicle is at.3)Notify…
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Yes they can take you to court, try to get a judgment, and then try to garnish wages, put leins on property, etc. THis varies by state law but they can't "SUE" you and have a judge force you to pay. They got rid of debter prisions a while back thank goodness. The finance company will sell your aut…
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Well, "repo man", a bankruptcy will allow folks to get their car back - even after repo. The clincher is, if the car was auctioned or not. That would be the only obstacle preventing the car from being returned, at least in terms of a Chapter 13. So, if you want your car back: file Chapter 13 and do…
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First, talk to the lender and find out where they would want the car brought to, Second, before you take it there, make sure the paper work is there and ready for you to sign, third, make sure you clean out the car before you get there and fourth, make sure someone is still in the car when you g…
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%DETAILS% To the best of my knowledge there is no limit. This is their way of robbing people and unfortunatly the city usually just wants the car MOVED so they don't crack down on the fees the companies that move the cars charge. The finance company that has it repo'd pays them to tow it and all…
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They generally do not keep the keys, as it would be too many keys to keep track of. Each vehicle usually has a special code that can be used to cut a duplicate key for your vehicle. They do not need an original key to do so. They can keep it, and I'm sure they would feel just as uncomfortable gi…
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RepossessionCall your local dispatching service for your law enforcement. The Repo man is required to report the repo immediately to them. You could also call the bank or company that has financed your loan.In Illinois, we are required to report repossessions immediately to the police. In some citie…
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Repossession If they are accepting payments - that will reflect negatively on them if they try to take you to court on a deficiency balance, however they have the right to demand full payment of the loan at any time and take the car if you don't pay. Also - if you are just sending in partial p…
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After a judgment, a creditor can take other property of yours (even your house) in some states. Each state has different exemptions so the answer depends on the state you are in. Input from FAQ FarmersThere's one asset they probably CAN get. If you have any deposits in the same bank - checking, sav…
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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 …
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The law can come and remove anything from anywhere if it is on a no parking place, tresspassing, or if you haven't been paying your bills. If you signed the contract to the car saying the car could be repossessed, the government practically owns your car. If you didn't read a contract that you signe…
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My car is about to be repossessed. I spoke to the lender who has the second mortgage on our house concerning how bad this would be on my credit report. This particular lender is CitiFinancial. I was told that car payments are not looked at as crucially as credit cards, rent or mortgage payments, and…
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There is no set fee for a repo. I charged 375.00 per car if it was a good address. 150.00 and up if i had to locate the car. and 1.00 per mile both ways. so a repo could cost 375.00 to 1500.00 easy. This varies by state, company, and voluntary repo vs involuntary repo. I have paid up to 250.00 to …
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this can vary by state, but in most if they get a judgment against you by taking you to court, then can - but there are rules about this as well that vary by state for example where I live they can't garnish the head of household, can't leave less than a certain amount in the check, etc. There a…
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You must get the finance company to agree to terms. You can't get the car back by any means other than getting the finance company to agree to something. You do have a certain # of days to pay it off in full, but after than and other than that, it's their car. I filed bankruptcy, Chp 13, 2days af…
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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 p…
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Repossession yes - I am suprised they didn't force place insurance coverage on the car when they found out you had no insurance. I am also suprised they didn't report it as a reposession in the first place rather than a charge off. Are you sure this is the case? More input from FAQ Farme…
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Repossession That is a repossession. Anytime the lender get's the car back instead of the money agreed to on the contract, it's a repossession. It will show as a voluntary repossession. And hurts the credit. Doing it Doing it does not relieve you of any deficiency between the amount…
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It really depends on where you reside. Some states such as Illinois, under their new licensing laws for recovery agents mandate that the repossessor notify the police before the repossession and again after it is complete. Most states require notice after the repossession but there are a few jurisdi…
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Purchasing a repossessed car Most lenders run their repo's through "dealer only" Auctions, but you there are still a lot of smaller banks and credit unions that may sell to the public for a deep discount.   Jo, the odds are NOT good unless you are or have access to a mechanic. BUT, you may hav…
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Cosigning a loan means that you are willing and able to ensure that loan payments are made in any situation in which the other party fails to pay. As a cosigner you are just as responsible for the loan as your adult child. If the bank repos and then auctions the car you are responsible for any bala…
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In MOST cases, you are responsible for the BALANCE DUE. Read the contract you signed to find out more on it. It is NOT something you want to forget about. lenders do get judgments for the balance and do collect them. Your responsible to pay back the loan, plus all accumulated interest, fees, costs …
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Take cars for the loan companies.
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Keri, I suggest you think long and hard before you let it go back. The results are not nice at all on your credit rating. Read your contract where it mentions "deficency balance". Chances are that you will be responsible for any amount owed after the car is sold. If the payments are toooo high, ask …
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See related links for more information. CHAPTER 11. REPOSSESSORS Article 1. General Provisions ............................... 7500-7500.3 Article 2. Administration ................................... 7501-7501.8 Article 3. Application of Chapter ........................... 7502-7502.6 Article 4. L…
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#1 qualification is GOOD SENSE, Patience and a cool head under fire. 21 to drive under commercial insurance. Some companies require HS diploma, but some don't. #1 is most important. Age is not a barrier to learning, second driver(helpers) start young. A lot depends on the company. CA and FL have tig…
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Georgia's Repossession Laws TITLE STATE: YesSECURITY INTERESTS: Shown on title held by lien holder.LICENSE REGISTRATION: Georgia Motor Vehicle Division, 270 Washington Street, Atlanta, Georgia 30334. Tel: (404)362-6500.RECOVERY REQUIREMENT: As per UCC, repossession allowed without committing a brea…
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Making Payments After Returning a Car No, you do not have to make payments HOWEVER.....once they sell the car you still owe the left over balance. Just because you don't have the car anymore DOSEN'T mean you didn't borrow the money #2 No you do not have to make payments after returning a car as lo…
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Whenever looking for car loan deal you need to remember the following 4 point : 1)Lower rate: Compare the rate of interest of loan and select the lowest rate. 2)Hidden charges: See if there are any hidden charge. Ask for full details. 3)Loan amount: Compare how much loan amount you would get i.e.…
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There is dialouge that indicates how you should contact the creditor that has charged off the account, and indicate that you wish to settle the debt, though charged off, in exchange for a written promise to correct your credit report. There is even a form letter you can modify for your own use. &nb…
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Trading a Car When More Owed than Value You can't really trade it without staying in the hole. You can go to a car lot with about 8000.00 dollars and trade it but if your buying a new car that's 12995.00 and you trade a car you owe 9995.00 on they will just add the amount you owe minus what they …
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You can sell it. Just call the finance company and see what the cash pay-off amount (the minimum cash amount that they will accept in order to give you the title free and clear) is. Sell the car for an amount equal to or more than the cash pay-off amount. Take the cash to the loan company and pay o…
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Title Insurance Rates Title insurance rates vary from state to state and market to market. In some states, the fees are set by the AGENT, and are market competitive -- they may be negotiated by the Agent. In other states, the rates and fees are regulated by that state's Department of Insurance …
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There are a number of possible reasons for this, including: Your answer may not have been unique, i.e., someone else may have given the same basic information in another answer. Your answer didn't directly address the question. Your message may have been offensive, illegal, or otherwise inappro…
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In Texas, when your car is impounded, it is best to go immediately and retrieve your car. The towing charge and daily storage mounts up. The longer you let your car stay in impound the more you are charged. If you have a mortgage on the car, the company that has the mortgage is notified and they pay…
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My 2011 Honda Fit Owner's manual says: During the first 600 miles Avoid full throttle starts and rapid acceleration.Avoid hard braking during the first 200 miles.Do not change the oil until scheduled maintenance time. -------------------------------------------------------------------- Well in a w…
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A vin number on a car can tell you a number of things about a car , whether it is a 4, 6 or 8 cylinder, it can tell you about the interior of the car, or the if it is a classic or tire size but im pretty sure that a vin number doesnt have the state of where it is from, my advice to you would be to d…
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According to the "Fair Debt Collection Practices Act", a collection agency must submit to you in writing who the original creditor was, the original creditors contact information (if account was sold who owns the account now), and the amount owed. After you request this information, they must send t…
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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…
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Examples of computation methods include the following: The most common credit card balance calculation method credits your account from the day payment is received by the issuer. To figure the balance due, the issuer totals the beginning balance for each day in the billing period and subtracts any…
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I am also in the same situation you are in. According to my attorney, I don't have to move out until the mortgage company successfully forecloses on the property. I was already in foreclosure before I filed the bankruptcy but by doing so I bought more time with the "stay" and now the mortgage compan…
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Bankruptcy One person can file a bankruptcy in a marriage. You will need to take into account the income and expenses of the parter. The Trustee may ask some questions to make sure you are not trying to hide assets in the other person's name. Be sure you can back everything up and you sh…
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One can file a bankruptcy case at any time. The only issues upon filing will be:1. Under what Chapter will one be permitted to file;2. Whether one will get the benefit of the automatic stay while the case is pending; and3. Whether one will get a discharge at the end of the case.If a prior case was f…
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The most common type of bankruptcy is a Chapter 7, commonly called a 'straight bankruptcy'. You may be allowed to keep a vehicle up to a certain value and reaffirm the loan after the bankruptcy is discharged with the bank to continue payments. A repo, voluntary or not, will torpedo your credit scor…
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Most likely. They are two separate issues.  Yes. It will show that you no longer owe the debt, as well.  AnswerIt MAY show up, however, if the debt for the vehicle was discharged in bankruptcy, it cannot be reported. There can be no negative reporting on a discharged debt - not even for …
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Answer Lenders do not want you to default on your mortgage. As with any other mortgage, in the case of the balloon payment, your lender will try to work with you to refinance your mortgage into payments you can handle. If you can't refinance, you may be forced to sell the property (unless the ban…
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A creditor must sue in civil court, obtain a judgment and then request a judgment lien that can be recorded in the land records. A judgment can be rendered for different types of debts such as default on a promissory note, credit card debt, personal injury award, wrongful death, etc. Once a judgment…
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There are a lot of significant tools for asset recovery and skip tracing, however the trick to the trade is having the right person do it. Ive been a skip tracer for 14 years. To recommend a piece or software or a product that's going to locate your asset/subject all on its own is impossible.
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Repo Law and Leins in Texas 41.024 - Sale of Excess. An officer holding an execution sale of property of a judgment debtor whose homestead had been designated under this chapter may sell the excess of the judgment debtor's interest in land not included in the homestead. A lien can be placed …
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How many days csn you be late befor repo
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Depending on the state, it can be downright illegal to repo your car if you object, unless it is by a sheriff (see: New York). In almost all states, it is illegal to tow a vehicle with someone inside it. A court order would be necessary to deal with such a repossession. No matter what, you aren't ke…
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