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Repossession

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.
  if you are asking about the limit a creditor can put on a garnishment, it is a percentage, depending on the state you live in, not the state the creditor is in
Contact the collection agency that is doing the garnishment, .I would also ask them to email you all the documents as we'll. Keep for your records.
You will need to work with the financial institution to work out a settlement where you retain the vehicle and become current on your payments. Each loan institution is going to be different but the only way is calling until you get to the correct employee.
Depending on what state you are in you can file for title based on abandoned vehicle laws,but in West Virginia you can only re-title if your a state trooper or a auto repair business owner
Most likely you will. You need to notify your insurance company of  the move immediately so that they can change the garaging address.  Ask your agent about whether or not your company even does business  in your new state. If you are an adult, you need your own insurance  in your name. You...
It would depend on local law; generally repossession is done after  forfeiture on the loan on that car, or as part of a general claim  on a person's property (to pay of debts or a fine, for instance).  If such laws are not in place locally, or the rules aren't  followed, repossession would still...
Most lenders would only give you an auto loan if they are the lien holder until your car is paid off. This way you cannot sell the car or do anything legally without their consent.
If it was not you it is not your business. If it is not your  business you cannot find out about the situation. Privacy laws are  taken seriously and everyone privacy must be protected. Don't think  you can find out some else's financial business. 
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In many jurisdictions, about as long as it takes the repossession driver to get to the nearest courthouse and fill out the paperwork.
Not until the estate has gone through Probate. If an Executor or  Administrator has been assigned by will or by Court then they have  responsibility to secure property belonging to the estate until it  is settled. If a loss occurs, they could be personally liable to  the heirs of the estate.
A duplicate title can be issued if there was previously a bank that  owned the vehicle, this can include a lease or a loan. Once the  amount is paid in full, a duplicate title will be issued to person  who signed the contract, with the exception of the lien holder  listed.
Some parks are located on private property and some are public  property. It would depend on the owner of the park. A homeowners  association for instance can own a park within their subdivision.  This would be a privately owned park and can be only for members of  the homeowners association if...
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Sure, hopefully you have a signed promissory note as evidence of the loan. If not, its your word against the defendant.
Answer . \nused car dealers usually will repair, if not call the better business bureau or write to them NOW!!!! Look at your sales agreement and see if you have so much time for them to fix repair or warranty of 6 mo or more
  == Answer ==   If they are still in the car, the person that stole the car is responsible, unless he can convince the police that someone else is responsible.
If the title is in your name only, then the new buyer will not be able to put the title in his name. If it was repossessed, then the lienholder was able to sell it and the sale is valid.
 Cars repossessed laws in Canada a vary by provine.Whether your  car will be repossessed depends on such factors as the province you  live in and how for behind you are with your payments.Vehicle  repossessed is negative impact on your credit rating. If you want  more information email me at ...
A charged-off loan is one where the lender of the money no longer  believes the loan is profitable, due to the loss of value of the  car. This is an accounting term and has no bearing on the amount of  money a car will go for.
A co-buyer can move out of state with car as long as car paymentsare current. The co-buyer should update the new address with thelender.
Once the deal is signed, you have the power.......
You lose the car ... simple ... it is returned to the company that lent you the money to purchase it ... it then gets cleaned up and at the option of the lender either gets sold to someone else or it gets auctioned off. This is their right to do this - they own the car, not you ... if you don't have...
Let it go.I know the legal theory. I also know that it would take an attorney so expensive for you to pull that off that you might just as well not hire him - and buy a $10,000 to $15,000 replacement car with the money saved.You agreed to pay the car people, and you didn't. It may not have been your...
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Answer . It seems like a lot of the questions are about cars. That means they have a high chance of coming up as a car question.
That would likely depend on the laws in the country they moved to. maybe one should check that BEFORE they move.    AnswerNo, the above poster hasn't a clue about much and even less about international law.It always makes more sense to fight than run.The problem with running to another...
Yes, if a leinholder reposessed a vehicle from a person that owes adebt. then that vehicle is taken to an auction and the person itwas reposessed from must pay difference. If the amount owed is$12000 and the leinholder sells it at an auction for $8000 theprevious owner must pay the $4000 difference...
You have to pay a $1000 or more.
  The VIN number (Vehicle Identification Number) tells the company exactly which options your car has, like engine size, transmission type, trim package, heavy duty cooling or not etc.
A house for a car would be called a garage.
  I assume you are asking about repossession. 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...
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NO the repo person can not. Who ever owns it can or if they give someone else permission to move it.
Answer . That depends on the lenders qualifications for a home loan. Some will, some wont.. Answer . The repo is on your credit.. voluntary or not go down talk to a good home loan person and find out what they think.Don't forget the bank will still come after\nyou for the balance on the car loan...
  == Answer ==     You need to have paperwork showing the bike as collateral for the loan, (like banks do), you need to show that the loan is in default, and last but not least, you need to know where the bike is. You CANT go in a locked door/gate. NO breaking and entering. It must be a...
Keep paying or trade and finance that amount onto your next car
Answer . NOT unless it was stolen. Stolen cars are reported stolen. Cars securing a loan in DEFAULT are reported as DELINQUENT to the credit bureau.. Answer . \nIf you choose to report the car stolen, go ahead. I would not reccommend it though. Filing a false police report is illegal in most...
  == Answer ==   No. You sign a contract agreeing to keep the car for the specified time & any repairs not covered by the warranty are on you. you can turn the car in early but there are usually large penaltys involved.
Yes, if you have proof that you loaned them the money to purchasethe car and you are a lien holder on the title. Otherwise do notget the car or you can be charge with auto theft. I would contactyour local police for advice on how to proceed.
It depends on what state you are in, call your states attorney general or your state police and ask them for the pertinent laws including section, chapter and paragraph then look them up yourself just to be sure. In Texas you can have a long gun anywhere in your vehicle, you can have a pistol...
No... Barrett Jackson no longer allows reserves on cars consigned to their auction. All car are sold to highest bidder.
It is not illegal to park your commercial truck in your driveway.  However, there may be other relevant rules that apply. This  includes any homeowners association rules, or rules by the company  that employs you.
I think the highest ever recorded price of a car being sold was a 1937 Bugatti Type 57C Atlantic sold for around $40M!
I think not because they will need to go to work and so... Maybe if the person didn't pay rent for like 3 months + and so you can but if the person didn't pay rent for like 1-2 months I would say no, so it all depends.
if a deferrment has been done on a student loan wll IRS still garnish refund.
  == Answer ==     Get the loan company to put the price in WRITING for you BEFORE you take it back. If it is not a good price, go find another car.   == Answer ==   Tell the loan company to take a hike.
As far as student loans and financial aid goes, yes. That's exactly what your supposed to do. It's actually illegal not to pay back the loan.
Generally no, though the company may give you one. They are not obliged to.Perhaps see related links....You can get a reward.
  == Answer ==     No, not to insure it just to drive it. You can insure it and let someone else drive it as long as they have their Class A CDL.
no you will not get it back, if you are the owner and it was used in the crime. however, if there is a second owner and they new nothing about the crime, and it is a parent you may be able to get it back, after the court case is done, but it will be returned to them, and not you.
Your insurance will only pay off what the blue book value of the car is, whether that's enought to pay off the vehicle is unknown to me. If you owe $7k and insurance says the car is worth $5k you owe the $2k difference.
Yes, you are entitled to get your belongings out of the vehicle, but you will need to check within your state's laws to see if a company can charge you for retrieving your items.
no, but it is recommended. the repo co has insurance and is bonded for this type of situation. you will have to provide proof of repo to your insurance co.
  == Answer ==   If a leased vehicle is in an accident, the lessor has to notify the lease company, along with their insurance company. Sometime the lease company will have you go through your insurance for repairs, other times they send you to their repair shop (if they have one).
If his fee is a percentage of your debt - he can charge it until the whole debt is repaid !
  == Answer ==     You may or may not be sued. A collector has a specific time set by the laws of the state where the debtor resides; to refer the account to a collections attorney who can file a lawsuit. When a creditor wins a suit they can obtain a writ of judgment which can be executed...
  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 lease obligation. These rights are established by the signed contract and by state law. If your payments are late or you default on your...
Names on title appear as either (and) (or) if the title is and then both signatures are required. if it is or then only one signature is required to modify ownership of title.
In simple terms ,a Chattel Lien is the process of a person or business taking ownership of the vehicle or vessel. They may file this lien due to services and or materials provided at the request of the owner or if they have not been compensated for the services and/or materials.
Rousseau believed that people should not own private property because it would make them greedy. He believed that the government should manage all property, and everybody should get an equal amount owned by the government.
Oklahoma has what is called a title 42 where you place a lien on a vehicle to claim ownership. however you can take death certificate to your local dmv and prove you are heir of the estate and the estate has went through probate and the estate is clear.
  at any time your loan runs into default. look at your r.i.s.a retail installment sales application most financial lenders give a 15 day grace period but after that all bets are off also not carrying current/valid insurance on collateral is cause for repossession with no grace period   at...
  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 lease obligation. These rights are established by the signed contract and by state law. If your payments are late or you default on your...
  You bet. The lender does not care if it is your only vehicle. They want their money. 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 lease obligation. These rights are established by the...
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  == Answer ==   Sure.    But understand, that regardless of those maybe saying otherwise, who generally have an interest in your doing so, bankruptcy does not automatically make your life better...or simply eliminate all your debts....it is an action to be taken when there is no...
Civil court is about all. Do your homework have before and after  pictures, contact a lawyer and build into your claim the legal  expenses.
AFTER the lender gets a JUDGEMENT, there are other legal options available to the lender. A lien on other property is one of them. This is MAJOR the drawback to CO-SIGNING.    AnswerUnlikely even though they threaten to especially if the deficiency is less than $10,000. Most lenders will run...
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  == Yes. You need to discuss this with the lender. ==
  == Answer ==   The bank will sell your car at what ever price they can get and apply the proceeds to your account. If you owe them more than they get for it they will want you to pay the difference.  You should try to sell it youself for enough to pay off the loan. Banks won't
When you first meet with your attorney, and fill out the initial paperwork, normally all credit collection is to stop including car repossession ( if you have included your car's creditor on your list). You may also be allowed to keep your car anyway, depending on its value. Even then, if it exceeds...
  Some creditors will not do voluntary repo's because the collateral is not worth what the repo process costs them. I do recommend that you send them a letter certified stating you request the vehicle be picked up by a specific date and you will not be responsible for anything that happens to...
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