After you buy a repossessed car does it stay marked as repossessed as long as it is driven even though it is paid off?
The car isn't damaged, the debtor's credit rating is. There is no permanent record of the car as a repossessed vehicle like there is for a salvaged title.
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If a car was repossessed and the loan was immediately paid off how do you get the repossession off of your credit report?
Getting it off SHOULD have been part of the deal when you paid it off. that's when you had the most leverage with the lender who put it on there. Now.... contact an attorney b…uy your chances are slim. The repo was a fact, not an error that can be corrected. Good Luck
Is a repossession marked on your credit report when the car is repossessed or when the loan is paid off?
Think about it. IF the lender waited until the loan was paid off,zillions of repos would NEVER be reported. Sooo, they report them as they happen.
If a service station worked on your car but you never paid the entire bill can they repossess it even though they never owned it?
IF their paperwork is right for your state, YES. its called a Mechanics Lien or Workmans Lien.
Is it legal for the finance company to repossess your car for late fees even though the loan is paid in full?
Answer . \nYes, the loan is not paid in full if there are unpaid lates fees
Answer . Most states have a law that requires that the title be sent within 3, 10 or 30 days of final payment being made. The law usually doesn't have much in the way of te…eth, so you may need to remind the lending institution that the loan has been paid and that you want the title. After you have requested the title the lending institution may be in default and you may have recourse, depending again on your state and the laws that regulate title loans.
Yes. The car will be sold at a public auction and the borrowers will be responsible for any difference between the selling price and the loan balance plus the allowable reposs…ession and other fees. The lender is legally required to make a reasonable attempt to get the fair market value of the vehicle, unfortunately this does not always happen and that sometimes leaves the borrowers with a substantial amount of debt to repay.
Answer . \nIf your car was paid off, then why was it repoed? Or if you mean you paid it off after it was repoed, then if the loan company accepted your money,then they hav…e to give you the car and title back. I would call them and get it back or your money back.
Well, that all depends on who is taking the car and why. If the bank that financed the car has repossessed it, then maybe...maybe not: It all depends on how much the sale of t…he item brings. The proceeds will not only have to be enough to cover the loan, but the costs incurred to recover, store, and sell the vehicle. Odds are, that given the rate at which cars depreciate; no. I am unsure whether the lien holder can then go after a deficiency judgment for the amount still owed, but probably (depends on laws in your state probably). As to some other entity seizing your car, like in satisfying a judgment.... In Louisiana if the lien holder, or superior creditor, asserts their rights prior to the sale, the sheriff is required to disperse the proceeds first to them and then to the subsequent creditors. If you owe quite a lot on the car, the judgment creditor must decide if they think the item will sell for enough money to satisfy the first superior lien, the sheriff's fees, and still get enough to make it worth their while.
Some do, most do not.
no not until it drops from your credit file
Yes, when they auction it you will get back money if there is any left after the banks recovery expenses and the money you owe them. That is assuming the car is worth more tha…n what you owe.
In Credit Reports
all negative info stay on your credit report ten years.none negative itiems stay for seven years.This info is from transunioun.
In Auto Loans and Financing
Does a private party have the right to repossess a car for not doing the title transfer even though the loan was paid?
It depends upon the laws of the state in which the vehicle is sold and/or to be titled. Engaging in a self help solution (repossession of vehicle) may not be the best choice,… as it could possibly legally complicate matters further. The best option if for the seller to contact the state DMV explain the situation and obtain factual information according to the current laws.
In Auto Loans and Financing
Yes you can. The main interest of the financial institution or or owner of the property is to have the property paid for.
In Cars & Vehicles
Laws vary by state. Seven years is a general rule of thumb.However, there is the potential for it to be perpetual - the lendercan "sell" your debt to another company, who in t…urn add a fee andinterest, and it remains on your credit report. Ten years is thefederal upper limit though.
In Cars & Vehicles
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.