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Well, there's not much to it. The car loan company has already decided to write your loan off, so one day a tow truck will appear in the driveway to take the car away. It will then go to an auction and the loan company will get what they can for it. You are all done with this loan, but you might get a courtesy letter from the loan company telling you what the car sold for at auction. DO NOT think that this is a demand for the balance between what you owed and the auction price. IT ISN'T. SO DON'T PAY ON IT, just throw it in the garbage. I don't know why they send them, because you certainly don't care, so I assume it's some kind of legal requirement on their part. Don't assume that this means the end of your ability to get a car loan either. You will just have to pay a higher interest rate, because your credit rating will have taken a hit, but if you really need to get another car on credit I'm sure you will. Maybe try a Buy Here, Pay Here kind of joint, or even try and get a car you could pay cash for. Plenty of 500 dollar cars for sale on Ebay on in the local automart papers. It's not the end of the world, unless of course now you have no car you can't get to work or something. I mean it's not the end of the credit world for you.
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∙ 16y ago
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Can they move another car while repossessing a car?
Yes As long as they do no damage to it and put it back, it is legal. Per U.C.C.
Can they come and reposses a car from a private condominium?
Apparently, it is legal for the owner -- in this case, the title holder -- to repossess an automobile so long as the repossessing agent does not break the law in the repossession process.
Is repossessing a car from an open private parking lot legal in new York?
Yes, as long as they dont break anything to get to it.
What is the legal course that must be followed by a lender repossessing a car?
After repossession the lender must send a letter telling you where the car is how much is owed on the car and where it can\d be redeemed. This letter must be sent within 5 day after the repo
Can a car be repossessed from your employers private driveway .?
Yes. If the person repossessing the car finds it then they can take it!
How do you go about repossessing your car in Kentucky?
Repossess your own car? What did you do, meet your wife at a family reunion?
How do you reposess a commercial vehicle?
It's more the same as repossessing a car.
Can you stop a bank repossessing your car?
Yes, pay your payments on time.
How do you get a car repoed witthout owner knowing?
Unless you have a lien on the car, you have no rights as far as repossessing the vehicle goes. If you send a repo agency - even as a joke - and they collect the car while you have no legal claim to it - then both you and the repo agent have committed theft.
While repossessing your vehicle the driver used his car to hit you and threatened you and your husband with being arrested if you did not give him the car is this legal?
No what he did is called assault.....is this a repo co. or a private individual? If your car is up for repo the police will not arrest you it is a civil matter between you and the lender.
Towing driver damaged car repossessing it so who is responsible?
Towing driver.
Can a tow truck just take your car?
If they are repossessing the vehicle for the bank, Yes.
