What are the laws for a personal car repossession when the buying party has defaulted and the title is still in your name?
The laws vary by state. ALL states require that there is NO BREACH OF PEACE in a "self-help" repo. There are some states that require written notice of "right to cure" before repo can occur. Email me if you decide what state you are in. LOL
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Can a private party repossess a car if the Oklahoma title is still in his name and no maument has been made?
Looks Ok to repo in OK but call the MVD if you have any questions or stop by your local tote-the-note lot and ask them how they do it. LOL Oklahoma TITLE STATE: Yes SECURITY INTERESTS: Shown on title held by debtor. LICENSE REGISTRATION: Oklahoma Motor Vehicle Division, 2501 Lincoln Blvd., Oklahoma …City, Oklahoma 73194. Tel.:(405)521-3221. RECOVERY REQUIREMENT: As per UCC, repossession allowed without committing a breach of the peace. DOCUMENTS REQUIRED FOR LIQUIDATION: Out of state titles must be in the name of lien holder. In Oklahoma copy of a security agreement (certified), lien released or repossession title in the name of lien holder. PLATES: Remain with the vehicle. (MORE)
YES, limited they may be BUT you DO have rights. First, you should get any personal property back that was in the car at time of repo. That PP was NOT covered by the security agreement. Next, you have rights as to how the lender sells the car. It must be sold in a "commercially reasonable" manner. T…hat means the lender cant sell it to a cousin for $300.00 when its worth $3000.00. MOST lenders use a wholesale auction to sell the cars. In some states you have the right to buy the car at a public sale. The lender may get a judgment for the balance due after it is sold. You SHOULD attend that hearing. It will beyour only chance to convince the judge that you cant pay the balance.http://www.usacreditrepair.com/creditrepair/rights.htmlhttp://www.Phil.frb.org/consumers/creditrights.HTML (MORE)
Answer . Iowa\n. \nTITLE STATE: Yes\nSECURITY INTERESTS: Shown on title held by lien holder.\nLICENSE REGISTRATION: Iowa Office of Vehicle Registration, P.O. Box 9278, Des Moines, Iowa 50306. Tel:(515)237-3077.\nRECOVERY REQUIREMENT: After Twenty Day Right To Cure Letter from lien holder to debt…or, repossession allowed without committing a breach of the peace.\n. \nPLATES: Remain with the debtor.\n. \nhttp://www.iowa.gov/\n. \nhttp://www.legis.state.ia.us/IACODE/2003SUPPLEMENT/titles.html\n. (MORE)
You will have to pay the balance due after the sale. A creditor who has a valid security interest in a vehicle may repossess the vehicle without notice to the debtor where the underlying debt, an installment contract, has been discharged in bankruptcy and the debtor has not reaffirmed the install…ment contract. O P I N I O N KLAPHAKE, Judge Rosalyn Rodgers appeals from summary judgment awarded to her creditor, respondent General Electric Capital Corporation (GE Capital), which repossessed a vehicle under the terms of a security agreement after Rodgers' discharge in bankruptcy. Rodgers claims that despite her bankruptcy discharge and her failure to reaffirm the installment contract post-bankruptcy, she was entitled to notice before the vehicle was repossessed. We disagree and affirm. (MORE)
IF they are in DEFAULT of a contract, you can repo the collateral for that contract,IF the contract specifies repossession as a penalty for DEFAULT. If the contract doesnt specify the penalties for default, then you should go to the replevin process. Consult a local attorney with your contract for s…tate specific advice. (MORE)
If you are in the state of Oklahoma and you were personally selling a car to an ex friend who is not paying do you have the right to go repo the car if the title is still in your name?
Answer . \nIF the title is in your name and you have some sort of proof on a DEFAULTED loan agreement, it is your car. Go get it.
Answer . \nthat is like pulling wisdom teeth. hard to do. is it worth it? you would have to get a court order which will cost alot of money. once thay repo a car, they usually discard the items and you are found at fault .blah bla. but if you know where the car is, go their and ask if you can be …escorted to vehicle to get belongings. if the stuff is still there. if you have insurance on vehicle that covers damage or stolen items, you may be able to file a claim. but if they have a clause about repos with items and they won't be held liable for lost or stolen things, you are screwed. i use to repo cars. (MORE)
If you are in default and the company has agreed to a monthly payment but won't submit it in writing can they still repossess the car?
Answer . If you do not make the payments agreed to in the contract, on time, the answer is yes.. Answer . if they agree to accepting a payment get it in writing ,then you have them.otherwise your screwed they will lie and tell you anything to get the car. Answer . \nIf it ain't in writing… it ain't no agreement. (MORE)
Do you have the legal right to repossess the car if its still in your name and the person who bought it owes you over 1800 dollars still and is now in jail?
Answer . Absolutely, if the car is in your name, it is your car. Go get it.
Where can you find NYS law on car repossession and recovery of personal property inside the vehicle?
Answer . \nBriefly, if they(the bank via repo guy) have the car its theirs until you bring your account current and they give it back but they are not entitled to your personal property or the plates.\nThe repo guy will try and charge you bogus storage fees(for your p.p.) and try to get you to si…gn a wavier which absolves them and the bank of any and everything\nto do with the repo.This includes a statement that all of your p.p. are there\nso if stuff is missing(repo guys steal )or your car is damaged it makes it harder\nto sue.They will want you to sign it before you see your car or p.p.\nDo not sign !!!!!!!!!!!!!!!!!!!!\n. \nAnother question you need to ask is do you want the car back?\n. \nIf you do want the car back you have little choice but to pay the extortion because each day that goes by is another $100.00 to store the car.\n. \nIf you do need to sue remember sue the lender not the repo guy. (MORE)
Answer . Most states have adopted the U.C.C. but you might call the Colorado State Banking Department to be sure.
I will tell you this as I AM A LICENSED REPOSSESSION AGENT. We do not have to show you or tell you anything. It is a Courtesy if we even hang out long enough to talk to you. The RA Number as mentioned above does not have to be on the Vehicle we are using unless it is an actual Repo Truck, if we are …coming after your boat, a trailer, or a motor home for example most likely you wont even see a repo truck. and a Repossession Agent does not have to show you his license. The only persons able to request this information is a LAW ENFORCEMENT OFFICIAL. We will work with you if you work with us. The paperwork from the bank is a confidential agreement between us and the Bank so you have no legal right to see it. If we show you we are once again being courteous. If we let you get your possessions out expect to hand over the keys first, and expect the Agent to skim through your car quickly before they let you in. Many people hide an assortment of weapons in the car ans we will check for our own safety. We are not Heartless we are just doing our jobs. So be nice to the Repo Man and He will Be Nice to you. More Information: Well, I'll tell you what I know. The repossession company has to be licensed, their agents have to be licensed and they have to have a licensed qualified manager. If they have the proper licensing, here's how a repo would go: licensed repoman finds vehicle, put a hook on it. Reports it to the local cop shop, debtor comes out, demands that the repoman lets the car go. Repoman says "No, I can't do that" debtor calls cops. Officer shows up, sees a hook on the vehicle. Verifies repomans license number. Cop tells debtor, give the repoman your keys. Now, if anyone that is required to have a license doesn't, well, it would all go the same except instead of the cop telling the cebtor to give up the keys, the cop would be telling the repoman to assume the position and cuff and stuff him. The license that is required is commonly referred to as an "RA" number if you find someone on your property "repossessing" a vehicle, ask him for his RA number. If he can't tell you what it is, he's either an illegal repoman or stealing the car. If he tells you a number, well, just give him the keys and save yourself from the embarassment of the police coming to your house but write down the number he tells you. (MORE)
Yes, but the person who is the registered owner of the car will have to be included on the policy, unless they have their own coverage.. Answer . Yes. I was able to put insurance on my car after I got it before the title was in my name. Even with the VIN, my insurance company was able to put the c…ar on my policy. (MORE)
If you sell a friend a car and he defaults on the loan can you take the car back if the title is still in your name?
Answer . Was there a written contract between you and your friend that listed repossession as a cure for non payment? I would consider contacting an attorney on this one.
If someone has a car title that belongs to a person that someone paid for from a title loan place and the person didn't put his name on the lien spot so does the car still belong to him or you or who?
Answer . \nThe car belongs to the person listed as the owner on the title. Listing someone as the lien holder does not make them the owner. You can't transfer a motor vehicle when you know there's a lien on it. The lien would be reflected on the title and a prudent buyer wouldn't take title that …is encumbered by a lien. (MORE)
As long as you continue to make the payments, they would have no reason the instigate a repossession.. When a vehicle is financed or leased, the creditor has an interest in the vehicle and rights under the contract you signed. If you are in default of the contract either by default in payment or ot…herwise (failure to insure or other terms) the vehicle can be repossessed. (MORE)
If a car that is to be repossessed in Missouri has a mechanics lien on it what can happen to the person who was supposed to be buying the car?
Answer . \nYou don't have clear title to it so don't buy it till this mess is cleared up otherwise your money will be lost.
Answer . Well, if the title lists no lienholders, it cannot be repossessed. If it lists one, it would be best to surrender it or don't keep anything in it of value.. Answer . Yes. Even if the lien is not recorded on the title, it hass probably still been filed with the state.
Will your car still be repossessed if you are late two or three payments but pay up to date after you get the default letter?
Answer . Read that letter carefully. The one that I am most familiar with clearly states that you have 20 days to make any past due payments and if they are paid you may continue with the original contract, BUT if you become delinquent again, they may exercise their rights without giving you any… additional notice. That means from now on you had better not miss any payments, not even by one day, or your car could be repossessed. (MORE)
How do you obtain title to a vehicle that the bank never repossessed after you defaulted on the car loan?
You need to get a release from the bank for that title to be brought over to you free and clear. There really is no way around getting the loan paid off before you can sell the car. You may also wish to check your credit rating. They may have a mark against you that will prevent any future loans …until this issue is cleared up. This is not an unusual tactic for banks if the car has little net worth. You will realy want to get this cleared up before the car is gone! (MORE)
Answer . Yes, if you took a loan out and used your car as collaterol, then it can be taken away. If you own the title free and clear, then it cannot be taken from you.. Answer . Only if you owe money on it or the previous owner owes money on it. If the previous owner has an outstanding debt o…n the car and sells it to you without you knowing about the debt then the car can still be repo'd. (MORE)
Yes and no. The person you buy it from does not have to register the vehicle but they must title it before they sell it to you.
Answer . \nIf the vehicle was purchased after marriage YES most states recognize any purchases made after marriage as Joint purchases
When the buyer of a car that was sold without a written contract stops making payments can the car be repossessed if the title is still in the seller's name?
Answer . I believe whoever has the title or if the title is still in your name, then yes you may take the car back. You may want to ask for sheriff back-up if there are any problems. Or just key the ignition and take-off, if you can. Some state laws may differ.
If you buy a car in a marriage and the car is in one persons name can that car be given to the other party?
Answer . \nYes you should be able to sign it over into another persons name depending on the owners feelings toward the matter
No. Unless you go to one of the dealers that offer a little box on the dash board that requires payment to run. Total rip off. A repossessed vehicle will stay on your credit record for 7 years. Due the recent economy no one will get you a new car loan or lease. Your best bet is save mnoney and pay c…ash for a used vehicle. (MORE)
In the state of Ohio, your car may be repossessed if you miss one payment. Your car may be taken any time of the day or night by the repossession company. The repossession company is not allowed to keep any items that you may have left in the car. The company must inform you as to what they are goin…g to do with the car, including selling it, putting it in a car auction, or keeping it. (MORE)
If you mean how late do you have to be to get repossessed: Usually 3 months if you are financed through a bank or credit union and 1 week if you are financed through a buy-here pay-here. The banks prefer their money. They don't want to deal with reselling a car. The buy-her pay-here's get to ke…ep your money that you already paid, then turn around and resell your car for almost what you paid. They can do this as many time as they want, as long as people get behind. Anyone who has a car loan will fall behind at least one time in their 3-to-5 year contract. (MORE)
Can other family members still buy the car back if a car has been repossessed due to late payments and it was still in a deceased family member's name?
Answer . Should be able to as the lender really doesn't want the car. Call the lender and talk with a supervisor.\nTell them that you can give them a "certified death certificate" for the primary signer and that you want\nto make arrangements to buy the car.\n. \nWhether they will let you pay i…n installments or keep the loan in the primary's name is doubtful. More than\nlikely, you will either be financing a completely different loan or paying cash.\nGood luck! (MORE)
In Pennsylvania can you repossess a car that is titled in your name if the person has made car payments but has several parking tickets that are also in your name?
Answer . \nIt depends upon the exact wording of the title of the vehicle and if there is a written contract or a witnessed verbal agreement concerning the terms of the sale.\n. \nGenerally the title holder can recover a vehicle under such conditions.\n. \nThe best option is to obtain legal adv…ice before taking any repossession action. (MORE)
Cars repossessed laws in Canada a vary by provine.Whether yourcar will be repossessed depends on such factors as the province youlive in and how for behind you are with your payments.Vehiclerepossessed is negative impact on your credit rating. If you wantmore information email me atnatalsiapatterson…email@example.com (MORE)
According to Florida law, the repo agent must inventory the entirevehicle. The inventory is to ensure that all items that were soldwith the car. They have 5 days to contact the debtor, and tell themwhere they can pick up their personal items.
To redeem collateral, the creditor sends a letter authorizing anemployee or person to repossess the vehicle. The VIN number, aswell as any amount owed, must be displayed on the document. Thisway, if the client wants to pay the money owed he/she can do so. Atthat time, after paying all monies owed, t…he secured party can notrepossess the vehicle, and the payment agreement continues for theduration. If the money owed is not paid, after the vehicle has been seized,the police are notified that the vehicle has been repossessed. Thisway, if the person who owned the car phones the police, the policecan let them know that the car was repossessed. The vehicle isstored for 30 days to give a chance for the client to pay off theamounts owed. If not paid, the vehicle is sold. The creditor has totry to get full market value. If the vehicle is sold for less thanthe money owed, the client is on the hook. If sold for more thanthe material value, then the client receives any residual moneyleft over after ALL creditors have been paid. (MORE)
If your car is repossessed and the person who cosigned for you files bankruptcy are you still liable for the repossession?
Yes. If you default on your car loan you will remain liable for the debt.
In the state of SC, most title loan companies will wait for 30 days. After the 30 day mark, your vehicle can be repossessed from your home, job, parking lot or even at a gas station while you are refueling. The repo company they use, will usually be very aggressive and have been known to make threat…s, which they can follow through with. Calling an officer to assist them, dragging your car away, tearing it up. Unfortunately, it is now legally theirs. They can flip it on it's side and drag it if they want to. (MORE)
Your son gave you a truck as a gift you are on the title vehicle is insured and registered in your name He is in default on his loan Can the bank repossess your vehicle?
If there is a loan against the car then the bank is on the title and they own the car, your name would be on the registration but not on the title, so yes they can repo it. If you have the actual title in hand then their is no loan on it and you own the car.
In Massachusetts if you fall behind in your car payments, your car lender can not just take your car. However, after you are 30 days past due a lender can decide to repossess your car (this can also happen if you fail to keep your car insured). A lender must send you a notice called the "Rights of …Defaulting Buyer under the Massachusetts Motor Vehicle Installment Sales Act" giving you 21 days to cure the default. If you do not cure the default and the lender takes your car, you must be given a second notice stating the creditor's intention to sell the car and giving you an additional 20 days to redeem it. 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 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. Remember this repossession will stay on your credit for 7 years. A car loan Audit can get you relief even if your car has been repossessed. In a staggeringly high percentage of car loans, federal and state compliance laws were broken during the process of purchasing the vehicle and loan funding. Violations found during the compliance audit of these finance documents may prevent repossession and entitle car owners to a refund or modification. The Benefits of an Audit May Include: GETTING THE MONEY BACK Receiving all money (down payment and monthly payments), and returning the vehicle. KEEPING THE CAR, FREE AND CLEAR Keeping the vehicle and receiving the clear title, with no further payments or debt. WALKING AWAY CLEAN Walking away from the financing entirely, without any negative credit ramifications. MODIFIED LOAN PAYMENTS Payment reduction or modification of the loan terms. STOPPING REPOSSESSION Prevention of the vehicle being repossessed. Go to www.weaudityourloans.com to learn more (MORE)
In most cases the debts of the deceased are the responsibility of the estate. The estate, or its beneficiary should reimburse any valid debtors including the IRS and state tax boards, before giving any of the assets away. If the estate has been closed, there should be no further claims. Consult a pr…obate attorney in your jurisdiction for help. (MORE)
It may vary by state, but car repo (snatch and run) is against the law in Louisiana. If the repo man shows up wanting you to sign some papers, and has a cop sitting close by, don't worry. By law, if you don't sign that piece of paper, they cannot take your car. (The cop and repo guy are friends, or …just got a kick back.) But it's easier to do that than go to court and end up paying the court fees also. (MORE)
Check with your DMV but usually as long as the title is signed as released by the previous owner, and you have a bill of sale it should be good.
Can I repossess a vehicle to a car that I signed the title to my ex during our divorce in 2008 if he still has not had the title transferred out of my name?
that would just make it easy for him to go and have the title transfered into his name after you take back possession of the vehicle and then report it stolen. which means you would be charged with grand theft auto/receiving stolen property, which is a felony. if it was stated in your divorce decree… that he is awarded possession of the vehicle, then it is something that you would have to take to court. i would recommend contacting an attorney to find out the laws on this. there may be a statute of limitations on how long he has to transfer a title. (MORE)
Oh yes. You need to get that title in the name of the new owner.
Answer I don't think you should complete the sale, especially since you do not need the car for several months--it just doesn't sound like the guy really owns the car, or that there is something else going on in the background. The thing is, that this is a monetary transaction and not a friendship…. You need to separate the two and not be "nicey nice" about the whole thing. By the way, have you had your mechanic inspect the car? Both of you should visit the DMV together and find out what you need to do. It does sound like you have the story right (below), and it is just one move to get the title. But, you need to find out if this is still a "clear title" if you have bought it from an owner who never registered the car. Does he have a bill of sale (with the VIN and "paid") from the previous owner?? Then, you should also make sure that the car will pass the state's inspection so that if there is something wrong with the car you can avoid completing the sale. More info on the Question well from what i have been told (ive been talking with the seller for a few weeks now and he seems legit) the current seller purchased the car a few months ago, but was unable to get the title from the original seller until about a month and a half ago. the orig. seller has filled out the seller side of the title, but the current seller has not. therefore, he hasn't paid taxes on it yet, so the title is still in the orig. owners name. so could i just fill my information in on the buyers side of the title and then pay taxes myself?(i suppose if a date hasn't been filled in) or as long as i have the title, and a bill of sale, would that work? his uncle owns a car lot and said that his uncle would be willing to fill out the bill of sale with me(like his lot was selling the car to me) to kind of avoid any mistakes. I'm trying to figure out a way for this to work, without the seller having to pay the taxes and fees just to turn around and sell it to me. since he was not able to get the car registered his uncle was letting him barrow dealer tags to drive it. other than driving the car back home, i don't plan on driving it for a few months and wouldn't mind absorbing the taxes and whatever other fees i'd have to pay, i just would rather not pay them upfront. any help/advice would be great! (MORE)
It will depend on the lienholder. Most Credit Unions have a Cross Collateralization clause in their in-house contracts. This means that the vehicle you purchase will also be used as collateral for any and all other loans you may have with them now or in the future. SIMPLE INTEREST CONTRACTS FROM DE…ALERS DO NOT HAVE THIS CLAUSE. Make sure to read your contract carefully if you are getting a bank draft directly from a bank or credit union. . If the lienholder does not pick up the car and there is still money owed, they can hold the title indefinetely or until a settlement is made. (MORE)
The line to look at is whether there is a Lien on the title naming your bank. If so, even though your name may be on the title, it is not yours.
Absolutely, if the friend has not paid the payments that were agreed upon in the contract you can absolutely go and reposess the car, just before you do, ask yourself how good of a friend this is, maybe they are going through a hard time a need a little break from you, if you want the car back worse… than you want your friend, then by all means, go and get it, might want to go to the local police office and get a police officer to go with you just in case there is a problem. (MORE)
Repossessions do not show up on titles, however, they do show up on auto history reports. If there is a lien holder still on the title you will need to get them off by going to your local DMV.
Buy here pay here lots make the decisions themselves to sell you a car or not. They typically base this on a number of factors not over looking their gut instinct. The only way you will know if a particular lot will sell you a car is to contact them and ask.
Can a cop repossess your car if you have the title and the person that you got the car from wants it back?
The question does not contain enough information to allow a reliable answer to be made.
Your name is probably not on the car title in the first place. When you are paying off a car loan, the title is in the name of the lender. Once the final payment has been made, then the lien is removed, a title is issued in your name and you own it outright.. Of course, if you put your cleared titl…e car up as collateral and have failed to make good on a debt, then it can be repossessed. State law will give you time to buy the car back and pay penalties. Once your time is up, then the car is sold and the new owner takes possession with his name now on the title.. (MORE)