Where in Western New York can you buy a repossessed car?
First off buying a repossessed car is a horrible idea. You are buying a car that someone could not even make payments on. Do you think they took care of this vehicle? Do you think it was serviced regularly, the oil/filter were changed, and anything else necessary was done. More than likely the car was neglected and just driven. Unless the car as very low mileage, these cars are usually run to death. You can wear a car out in short order if you neglect it and drive it as though you know you are going to loose it. Saying that, if you insist on buying one, contact the lenders in your area and ask about their repo cars and when/where they will be sold.
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Simple. Ask to see the title. If it has the name of the person selling it, he/she has full ownership. If it has a bank name or another name on it, or they cannot produce the title don't touch it.
Here is a variety of advice: . If I were you I would check out your county for repossessions to be sold they generally sale for 2/3 of the loan value. . I would NOT buy a car that has been repoed. Simple logic tells me that the driver was NOT doing ANY repairs or even oil changes, before it got …pulled away. In my years of experience doing vehicle repos, (yes I do know what I am talking about here) the number of outright clunkers was higher than 75 percent. . Junk on wheels is what we used to call them. Run to death and barely able to be driven. Buyer beware is what I say . . What if my truck worth 15k is repoed because I quit paying on the 20k loan. Then I buy it at auction because I know I took care of it? Heck, I could even dirty it up inside a little first so it will auction for less. . It won't work. If it was repo'd by a buy-here-pay-here lot, they'll put it back on the lot and certainly aren't going to deal with you. If it was taken by a bank or manufacturer's finance company, it is going to a wholesale auction where you need a dealer's license to bid. Some smaller credit unions or finance companies will sell their repo's in their parking lot, but that's just like the BHPH place - they aren't going to talk to you. Besides, you STILL OWE the difference between the loan (plus repo fees) and what it brings. It's cheaper to make your payments. . It's fine to buy a repo car if you take someone with you who knows a bit about cars. Where repo cars are sold is different from place to place. Try Googling your city and car auctions or else looking up auctions in the phone book. . Call your local Credit Unions and ask them if they have any vehicles for sale. Most of them do these days. These are high quality cars for good prices and you are buying from a reliable source. Credit Unions will also give you good financing terms to get the cars off of their books. You could search online or just open the phone book and start calling. (MORE)
In most states they can repossess anytime of the day. More often they will repossess while you are at work. This way you won't see it happening, they are in a public place, and if you do catch it its less likely a scene could be caused. And yes of course they know where you work. You disclosed …this info when you took out the loan. Even if you change jobs they will find out. Repossession companies employ specialists who do nothing but find out what you do not want known, such as employment, banking, additional property and storage locations, family connections, and their information. (MORE)
Answer . Mike, that depends on how great your credit is. A repo on your record is NOT going to help. Any interest rate you get will be HIGH because of your credit rating.\nWith a decent down payment you can always get a ride at a buy-here-pay-here car lot. Good Luck.
Nancy, you can buy one as soon as you find someone to finance you. You will probably pay a higher interest rate and need a bigger down payment,but the choice is yours. Good Luck
Can you stop paying car insurance on a car with blown motor and continue to pay off loan to avoid voluntary repossession in New York?
If your loan agreement requires you to carry ins (most do) and you drop it, then you will be in default of the contract. You better make SURE the payments get to the lender PROMPTLY so they dont take a second look at your record when the ins. co. tells them you dropped the ins.
IF you mean a car that is being searched for by the lender, YES. You sure can RISK spending the money one day for ins. and watching it be towed away the next. Its your gamble.. If you just want insurance to drive any car, I once read that you can get insurance without a car. Ask an insurance agent.… (MORE)
YES, they are called FINANCE COMPANIES and charge HIGH interest rates. If the car is already repoed, your chances are NOT good.
In NYS how long do Banks/FCU's look for a car that needs to be repossessed? UNTIL they find it. Cars DONT fall off the face off the earth, now do they? Is the Bank or credit union automtcly notified when the car is registered? In some states YES, common skip practice by lenders and repo companies is… to check that. What does a bank do when they cannot find the vehicle?": IF it is WORTH finding, they dont "not find a vehicle". The Lender gets a JUDGEMENT against the debtor for the balance due on the loan in any case. They can then garnish wages, attach other property,ect. MERRY CHRISTMAS (MORE)
Repossession without judicial process is allowed if the lender hasnot breached peace. A lender repossessing an automobile must issuea notice to the borrower, and a lender can sell an item via publicauction after repossession.
If you are trying to buy a specific car, you can contact the bankor whoever holds the lien on the vehicle for more information. Youmay also start online with a free directory search for banks andother financial institutions who are selling repossessed cars. There are also other alternatives. You ca…n go to either offline oronline public auctions. Even though these auctions are attended bya high number of car dealers, you can still find very good deals,particularly since you're buying for yourself ( not to resellafterwards ). Besides public auctions, you might also consider government carauctions. They're repossessed auctions where a government contractwas involved in the original purchase. They're pretty safeenvironments and you can save up to 90% or more by attending theright auction. Just find as many as you can in your area ( so thatyou increase your chances of finding one with few other bidders )and familiarize yourself with the local rules and codes. Beforebidding, always have the vehicle inspected by a mechanic and get avehic (MORE)
Answer . \nno, but you better keep it in there.. Answer . \nLet me revise that, check your contract and make sure it says nothing about giving up your rights to let them come on to your property
In New York State can a lender repossess a car even if it's current when you are in default on another loan with the same creditor?
Answer . It depends how are you in default.... is it because of insurance coverage??Need\na little more info here to give you a better answer.
In New York State can a lender repossess a car if it's not delinquent and has proper insurance even when you are in default on an unsecured loan with the same creditor?
Answer . \nYou need to contact your Attorney General about this one. You will get the correct answer based on NY law.. Answer . \nRead your contract it should state if there is any "linkage" between the loans.
Answer . Read the contract you signed. it likely states that when in DEFAULT, the lender can repo the collateral. Default is when you dont pay a payment as agreed or any other condition of the contract. No rocket science here.
O' yea, that is a brilliant idea. If you can afford to buy another car, then you can afford to pay for the one you agreed to pay for. Make the payments on the car you now own, and your problems will disappear. Stop being stupid and trying to work the system. They loaned you money in good faith. You …signed a contract to make payments each and every month. Be a man of honor and do what you said you would.. 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. (MORE)
Is a car loan company allowed to repossess and put a hold on your bank account then over draft it in New York?
Partial answer . What did you sign? Do you have copies of all the paperwork you signed and that was ever associated with the loan? They repossessed the car, and then put a hold on your account? Generally an ACH (if that's the way it was done) has to have your signed authorization to do a wit…hdrawal, which is why it's important to know what was signed. (MORE)
Answer . There isn't one.This is a civil matter between you and the lender.The lender can try and repo the car for as long as they want.But usually after a number\nof years they write the loan off.
\n. \n take back your car \n. \nI am trying myself to determine if NJ has different rules from most other states. According to this website http://www.lawdog.com/states/nj/sta1.htm it looks like we can just take our cars provided we don't break any other laws, such as breaking and entering a… garage.\n. \n . \n . \nSuch laws relate to the repossession agent and the lender not the borrower/debtor.\n. \nRetrieving or attempting to retrieve a repossessed vehicle without using the prescribed legal procedures is a criminal act. (MORE)
In New York State does a car loan company have the right after a car has been repossessed to freeze and over draft your bank account?
Answer . You need to read your loan agreement very carefully you may have given them that right.
Answer . \nYes, you can. My father did this. The thing is, you get a really high interest rate. You could try to have someone co-sign to get the interest rate down a little.. Answer . Yes but why would you want too??save your money and buy a used car outright.Then\nthere are no car payment…s or paying full coverage insurance.Think of the money\nyou will save. (MORE)
What you have to do first is get some land or a suite as a Hq than if you expect to make more than 30000 dollars a year (I think it's that) you must get a business liscense. That's all I know.
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)
Answer . \nYou will not be able to immediately buy a new car if you are financing it because it will be difficult to get a loan. After some time has passed you should be able to get financed with a higher interest rate.
When is the best time to buy a car? In summary the best time to buy or trade in a car will be as below: End of Year End of Month Monday to Friday
In New York State can an automobile be repossessed if it is in a carport and the repossessing agent does not notify you of his presence?
Answer . \nYes.\n. \nNew York follows UCC laws when it pertains to the repossession of a vehicle.\n. \nThe borrower does not need to be notified of the action and the vehicle can be taken if it is not in an enclosed garage or locked property and there is not a breach of peace.
What are the repo laws in New York because your car was repossessed and they say they sent a notice but you never received it and now the car was sold with your stuff?
Answer . \nYou should call the company that the car was finaniced through. They should have given you a number to call so you could schedule a pick up for your personal belongings. They should not of sold the car with your items in it. I would call the loan company and ask them where you things… are and what they are going to do for you now that your things are gone. (MORE)
Answer . Not directly as a named lienholder would, but it depends on many things - mainly if the repossession reaped enough money to pay off the prior debt (which would include all late fees, interest, costs of collection, etc.). If not, the amount you would still owe may be turned into a claim… or lien against other things you own, or wages you earn, to get full recovery. (MORE)
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You can buy a car right after your car has been repossessed. Itwill however, depend on whether your credit is stable enough toqualify or if you have the cash to pay out of pocket.
Yes. But you might have a difficult time getting a loan for it. If you just go pony up for a "beater" to get around in, you shouldn't have a problem.
License, registration, and proof of insurance. You might want to include a notarized letter stating they are transporting the car for you.
The average temperature in Western New York is 18Â¡C. This isdepends on specific location, time of the year and nature of anarea.
0.36 percent of cars purchased by owners acquiring loans arerepossessed in a quarter in the New York. Repossession occurs as aresult of failure of stressed borrowers to come to an agreementwith their debtors.
The biggest turn-off when buying Repossessed Car: As you already know, Repossessed Car Auction is a great way to buy your new car or other types of vehicle (boat repo auction, RV repo auction, ...); however, it seems almost too good to be true, because the price is very low. The catch lies in the… fact that Repossessed Cars were taken from their previous owners by the government, so they are basically used cars. Therefore, you must take all the steps necessary to find out about the history or the damages of the repossessed car yourself. Why you should still go for Repossessed Car: The easiest answer is: because it is very cheap. Normally, you can find one at as low as $200. Furthermore, even though repossessed cars have been used, they were taken away because their owners couldn't pay the bills, not because they were damaged or got into accidents. Thus, most of the times you will find very good repossessed cars that are perfectly normal and usable. Still, remember to check its history and VIN number! Also, remember to visit websites like www.vehicleshq.com to prepare your knowledge before going to a real repossessed car auction. (MORE)
Repossessed cars can be purchased directly from Banks and Credit Unions. Many larger Banks and Credit Unions will simply send the vehicles off to "dealer only" auctions, but most of the smaller Banks and Credit Unions will offer these vehicles for sale on their websites to the general public. If you… view the "related links" section on this page there is a website which is a free repo finder tool that lists direct links to Credit Union repossession across America. You can browse local repossessions in your area and then contact the individual Banks and Credit Unions about purchasing the vehicles. (MORE)
Most if not all states require you to change your licence if you live in that state but since you are buying a car it should not make a difference since you can prove your residence. You will have to register the car in Virginia first then get the title changed to New York. This would be extremely d…ifficult if the car is not paid in full unless you are a dealer which might make it easier for you. You can buy a car anywhere as long as you don't mind the car being registered in that state and paying the appropriate fees to the state you bought it in. (MORE)
When a vehicle gets repossessed it either goes back to the dealer who leased it, or, and more commonly, it is auctioned by the reclamation company. You would need to attend one of these auctions to be able to bid on one, and even then, a lot of times you have to be a licensed dealer to participate…. Check on the local regulations and restrictions on the auto auctions in your area. (MORE)
Yes, at least for a short time. But you will have to pay what you missed and borrowed in order to keep it.
of course you can. you can buy a car from any state and live in any state too. you just have to do an out of state title transfer. and if your state requires an inspection, youll have to do that too.
Even though it is a buy here pay here dealer it is in the contract you signed. You dont pay they will take your car and you WILL have to pay the late payments on top of the repo cost before you get your car returned.
You pay sales tax to whichever state you buy something from. It this case, it will be NY. However, you will have to pay property tax for your car in NJ because that is where you live.
In this state buying a repossessed vehicle is no different from buying any other vehicle as far as insurance is concerned. The insurance agent checks over the car, takes pictures, checks the odometer, and quotes the rate just like any other used car. Of course if you have one car and you purchase a …second car, your insurance goes up. (MORE)
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.
Notification occurs within 24 hours, however this may be satisfied by the lender issuing notification that your vehicle is subject to repossession due to your default on the loan. In many cases, notification is done by next day delivery to the address where the vehicle was recovered (private residen…ces) or to the home of record. In most New York state jurisdictions, it is necessary for repossession agents to notify law enforcement. This is as easy as contacting local dispatch and letting the operator know that a vehicle has been secured not stolen. This can also substitute for debtor notification, especially in situations of antagonistic debtors. (MORE)
i don't know, you find the answer! Generally speaking, yes. To PURCHASE a car, all you have to have is money or credit and some sort of ID.
A "Repossessed" car is one, I would consider, to belong to the legal "LIEN HOLDER" typically a financial institution. Legally speaking they are the rightful OWNER of the vehicle until the day it is paid off, or LIEN is SATISFIED- so after successful repossession occurs, I can imagine the goal is to …sell the vehicle ASAP to recoup financial interest. However, a title must be requested from the NYS DMV which is currently 4-6 weeks from delivery. Vehicle could not be sold without a proper transfer of "ownership". Garageman's or Mechanic's Liens takes a minimum of 30 days to notify the owner via certified with a return receipt and 2 publication ads to be run. Proof of contract (contesting the contract has been broken) must be provided and all proof of actions be supported. Entire process takes 6-8 weeks MINIMUM. Sheriff or Marshal's may sell cars 30days after car has been Towed/ Impounded, they produce their own ownership documents (Marshal's Papers). (MORE)
Before buying repossessed cars, you should first research the frequency of repair and maintenance costs on the models in auto-related consumer magazines. You can also ask for the car's maintenance records from the owner, dealer or repair shop.
If you have had a car repossessed, you have not kept up with thepayments. You probably still owe money on the repossessed car. In these circumstances, the fact is that you can not afford topurchase another car and would not be able to obtain the finance todo so.
Each lender has their own way of disposing of a repo. Most willsale them at dealer only auctions. You can purse getting a used cardealer licenses from the state you reside and attending theseauctions.