After your car gets repossessed and you pay the outstanding amount how long do you need to wait before they give you your auto back?
Depends on your state. In AZ, they cannot liquidate the collateral for ten days after repo. If it has been longer than 10 days, they can sell it and you would still be liable for the amount due (minus what they made off of the sale of the vehicle).
When a auto repair repossessed your car do they have to call the police to say they are going to repossessed a car?
I live in Houston Texas. my car was repossessed from a auto repair shop. can they keep my car forever.?
yup The creditor who repossessed the car has to sell it (usually at auction) within a reasonable amount of time (2-3 months). They have to notify you that it will be sold. They have to give you any amount above what you owed plus reasonable attorney and other fees, or if there is a deficiency (the sale price and fees was less than what you owed), they can sue you for the difference.
In NC what can be done if lender refuses to negotiate bal due on repossessed auto if they want 20000 for auto worth 10000?
No. A car is repossessed because you failed to finish paying for it. Since you never fully paid for it, it's not yours. No. You do not own the car once it has been repossessed. To sell the car you would need the title, which is in the hands of the finance company. After a repossession, usually 30 days later the finance company places the car in an auto auction. There it is sold to…
Can a repossessed vehicle be driven instead of towed I thought they were't supposed to add miliage.?
They can take whatever the security for the loan was. For example, if you have an auto loan, they can repossess the auto. If you have a home loan, they can repossess the home. If the loan was a recourse loan and the value of whatever was repossessed was less than the amount still owed on the loan, they can get a deficiency judgment in a court of law. If the court grants a judgment…
Can you use an auto loan amortization schedule to help you track the outstanding amount left on your car loan?
It's luck of the draw. Try the Auto Trader website. Police impound auctions and auctions on repossessed vehicles sometimes yield results, but there's never any guarantee they'll have what you're looking for (not to mention that maintenance usually falls off well ahead of time before the vehicles gets hooked in the case of repossessed vehicles).
If your vehicle has already been repossessed can they repossess a different vehicle that you own outright to cover the outstanding amount?
Only if that car was put up as collateral to secure the loan. Otherwise, it is theft; grand theft auto to be exact. The creditor (company you owe money) has the recourse of the courts. They can place a lien against any real estate you own. They can get a judgment from small claims court. They can get your wages garnished, etc., but they cannot simply come and steal your other stuff. They cannot repossess…
Im storing a motorcylcle for an ex- friend that needs to be repossessed will the finance company pay for storage?
When an auto has been repossessed and auctioned is the difference owed determined by the payoff amount including repo fees at the time of repossession?
Do you need auto insurance while driving a car you just repossessed are there any penal codes that state that you don't or do?
If you have a car repossessed how much notice does the claims company have to give you before demanding the balance be paid in North Carolina?
Can a person be charged with grand theft auto under repossession if the vehicle can not be repossessed?
Not with respect to personal auto insurance. However, when commercial auto insurance is involved, especially fleet coverage, there sometimes is. It is not called a deductible, but a "self-insured retention". The insured selects an amount that it is willing to pay toward the indemnity of a third party before the insurer's obligation to pay is triggered.