IF you have collateral for security, YES. Not likely to happen.
In California, repo people, also known as repossession agents, are allowed to repossess a vehicle as long as they do not breach the peace. This means they cannot use force or threats. They must also have a valid repossession order or authorization from the creditor to carry out the repossession.
of course he can, if he's tough enough.It's short for "Repossess". Loan companies that are not getting their loan payment from the person that borrowed the money hire or pay a fee to "Repo" companies that repossess such vehicles, ie. also boats, RV's, motorcycles, tractors trucks etc.
Yes, You are still considered a signer of the note. You will have to pay repo costs and any other charges that may have occurred, but you have every right to get vehicle back. talk to your bank where the loan was processed and they should help.
Generally, the answer is yes. If you contact the finance company, pay the outstanding payments and cover the repo and storage fees, they will be more than happy to let you continue paying your loan. Finance companies would rather you pay your loan as agreed than have to repo your car, auction it, and come after you for the difference on the note.
yes this goes on your history report
IF the lender posts a repo on your CR, you have one. You will have the repo on your credit report, but it should also show up as "redeemed".
Yes! A repo man stole into my locked backyard to install a GPS system when I did not pay on a TITLE LOAN. I noticed him following me over the next two weeks. The repo man stole back into my yard to remove the GPS after two weeks with no repo success. I settled with the CASH STORE for the original loan amount no interest.
1st repo?? Pay the arrears and repo fees, have ins. coverage 2nd repo??? Most likely have to payoff the loan unless the lender is in a really good mood. Read your contract
As cosigner on the loan you are equally responsible for for payment on the loan. If the lender has hired a repo company to take back the ATV for non payment, then the repo company is going to do everything possible to get it. That includes the frequent visits to your home in an effort to locate the ATV. If you want the repo man off your back, tell him where to find what he is looking for....or contact the lender and bring the loan payments current immediately.
YES! A repo is a repo. If you turn the vehicle in to the lender and stop making payments this is called a voluntary repossession. The lender will sell the car and you will be responsible for the difference in what the car sells for and the balance on the loan. It will be reported to all 3 credit bureaus as a default on a loan, and your credit will be ruined for 7 years. You would however save to repo fees such as towing. Do not do this. Call the lender and work something out if possible.
pay your bill Paid 3 months back current payment due and bank has issued repo Who can help until can get caught up
You may be confused. A repo is an act pursuant to a secured loan, wherein the vehicle is security for the loan. There is no need to use the word "repossession." A repo is only one remedy available to a lender on a secured loan.