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What happens if you are no longer in possession of the car that is being repossessed?
YOU are responsible for the car to the loan is payed off. The more it sells far after repo, the less you will have to pay later. get the car back, clean it up, and give it to the lender. WHY??? Folks who drive cars that don't cost them anything usually don't take care of them and the car isn't worth much when it gets to the auction. Basically you are GIVING them money that YOU will have to pay back. Its NOT good.
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Answer . \nThey will then sell the car and you will be responsible for the difference in what the car sells for and the balance on the note. Don't let it happen. Contact th…e lender and work something out.
Answer . you have sixty days from the date of the reposession to redeem personal property you need the primary driver /who the car's name is in to go to the repo lot with p…icture I.D. and they will have to sign a hold-harmless and personal property report which lists all the items in your car.If you had a firearm in your car then it would be unloaded and you will not receive your ammo back but can receive your firearm.If you come after the sixty days then your personal property most likrly has been disposed of as the saying goes finders keepers or we throw it in the dumpster or give away to GoodWill.
Answer . \nYou need to contact your lender to see if they will work with you on getting caught up on your back payments. \n. \nSome state laws allow the lender to require …you to pay the vehicle off in full and some state laws require the lender to return the vehicle to you if you can catch up on the amount you are behind.\n. \nYou need to check your state law and contact your lender.
Answer . \nI can can be legally repossessed no matter where it goes in the USA. As long as the repossessor can find the car and identify it as the one to be repossessed. …It may not be cost effective if it is a long distance unless the vehicle is of greater value than the cost of returning it and paying someone to do that.. Answer . They can also wait until you return.
Answer . It depends on who did the driving. If it was the Repo guy, that's the way it should happen. If the person who THOUGHT they still ownd the car drove it off, they a…re stealing it. Once the judge drops the gavel, the vehicle belongs to the bank and if you try to hide it or keep it after an authorized agent of the bank shows up, you're guilty of auto theft.
According to the repo handbook, any debtor purposely hiding collateral from the bank to defraud them is illegal and you can be arrested when summoned to the court. I am a Repo… man, and even if you hid thecar, no matter what eventually you will slip up and we will get the car...
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If you have missed even one payment you can assume you car is due for repossession. Catch up on all late payments and you will have nothing to worry about.. 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.
Yes, they can be repossessed. This is a common trick many debtors try to pull. Switch the cars and the repo agent will never catch on is the thinking. Wrong. Finding cars is w…hat these guys do. And, working for many of them are people called skip tracers who are very good at finding things. So you can try this, but it will only work for a short time. The car will be taken anyway, only you might lose a friend in the process.
In some states you could be charged with hindering and arrested. In others the lender could seek a replevin against you at which time you would either give up the vehicle or f…ace criminal charges. Other lenders will simply take you to court and seek a judgment against you, at which time you will have no choice in how the debt is recovered or when. It will be taken from your pay check, your bank accounts, your tax returns, it could aid in the forced liquidation of other property. Your two easiest options are pay the note or turn in the vehicle. As long as active repossession is in place, you will lose the vehicle; it's just a matter of time.
You should be told what you need to do to "redeem" the vehicle within a short period of time (30 days usually): pay the outstanding payments, late fees and, oh yes, the costs …of repo and storage. If you do not pay, the vehicle is sold at auction for pennies on the dollar, and you will be sued for the balance plus costs, etc.
The tow/repossession company has to notify the police of the repossession so the car can't be reported stolen..
Depends on the specific laws of where you live. In general, if the car you bought is being repossessed because you cannot pay for it any more, consider selling it to someone… who can. You basically sell the car at a really low price, practically just below the amount the you already spent on it. The person who bought the car from you, then would have to continue paying for the remaining balance to the dealer from where you bought the car. This way, you're credit won't go bad.
Yes. there have been several instances when I located a vehicle at a repair shop and sent a field agent to secure it. Often this requires the agent show the order of repossess…ion to the shop owner, and potentially paying any outstanding costs for repairs, but these are transmitted to the existing debt, increasing the balance owed.
Your insurance would be responsible for the value of your car, minus the deductible. Make sure you have a police report and a very good alibi as you could be a suspect for the… theft.
What happens to an unpaid parking ticket when the car is being repossessed in Miami and the plate no longer exists?
The ticket remains the responsibility of the person who had the licence plates registered to them at the time the ticket was issued.
The repo agency will likely charge a "storage fee" for those itemswhen you go to get them back.