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How do car repossessions get paid for?

Updated: 8/20/2019
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10y ago

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The financier gets billed, then passes that cost on to the debtor.

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Q: How do car repossessions get paid for?
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Related questions

How does Chrysler financial handle repossessions?

Chrysler sells their repossessed car at auction.


What will two car repossessions in three years do to your credit?

it will spoil your credit but will be cleared after seven years


When was Repossessions created?

Repossessions was created on 2002-02-12.


Why do car repossessions happen late at night?

Many repossessions are done late at night because most cars are home at night. It is often safer for the repo man to work while people are sleeping because people do crazy things when 'their' car is being taken.


Who get the equity from repossessions?

Any equity on the account after repossession, auction fees, etc is to be paid to the customer. Example: Car is worth $20,000, $5000 is owed, $1000 in various costs of recovery and disposition, Customer should be getting a check for $14,000.


Whats worse voluntary car repossessions or regular car reposessions?

It's the same on your credit, However it will save you money on repossessions fees if you voluntary Take the car back, because the Lender or finance company wont have to send out a repo. team to recover the car witch cost a lot of money and time. The repossessions will look about the same on your Credit, However it best to voluntary give it back, Because if you cant pay fo it then the right thing is to give it back to the Legal owner! It's the same on your credit, However it will save you money on repossessions fees if you voluntary Take the car back, because the Lender or finance company wont have to send out a repo. team to recover the car witch cost a lot of money and time. The repossessions will look about the same on your Credit, However it best to voluntary give it back, Because if you cant pay fo it then the right thing is to give it back to the Legal owner!


How long do repossessions stay on your credit report?

Vehicle repossessions stay on you credit report for 7 years.


If your car is in the driveway with a Club on the steering wheel or other source of intentional imobility can a repo man still take the car?

YES.Clubs are designed to prevent THEFT. Repossessions are NOT theft.


I sold a car to a friend and he's stop making payments how do I repo it?

It depends on where you are. In some states, you can just simply go get the car. In some states, repossessions require a court order.


How fast doesToyota Finacial reposses a car?

Having located repossessions for Toyota, repossession can occur as soon as one week after default. That is one week after your payment has not been received, the vehicle will be sent for repossession. Additionally, Toyota is one of those lenders who make heavy use of the Driver Resource Network, the system of nationwide camera car spotters for repossessions.


Can you still finance a car with two repossessions after chapter 7?

With enogh down payment, you can get a car with 10 repos. The more repos, the more DP needed. probably get a higher interest rate too.


Can you be charged repo fee if car was not repossessed?

No. Keep in mind,however, that there are several different ways to view repossessions. There are voluntary and involuntary repossessions. There are standard and ordered repossessions. It depends largely on the laws of your state. By and large, though, if a repo company has done nothing to recover a vehicle, they cannot charge a fee. If you are the customer, check your contract. If you are the debtor, look up the Fair Debt Collections Practices Act, and the repossession laws of your state.