Repossession
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Can a charge off become a repossession?

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Wiki User
2006-10-19 23:43:54
2006-10-19 23:43:54

yes - I am suprised they didn't force place insurance coverage on the car when they found out you had no insurance. I am also suprised they didn't report it as a reposession in the first place rather than a charge off. Are you sure this is the case? More input from FAQ Farmers: * Whats the difference? Neither make your credit report look like a SMILEY face. The best part is yet to come.

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In the state of California, the lender of a repossession may only charge fees that it incurs and that are in the contract. If the lender pays for the storage or houses the repossession, then yes, the lender is allowed to charge both a repossession and a storage fee.

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No you cannot remove a repossession off your credit report if your cosigner has a judgement on the repossession.

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Yes, a charge off does not mean that the debt is not owed nor collectible. The creditor/lender will generally use whatever means necessary to recover property and/or money owed, including repossession and litigation.

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The repossession company is not responsible for returning belongings. The repossession company is responsible for notifying you where you can pick up your belongings and at what times. Some companies charge you a storage fee or only give you a few weeks to pick up your belongings before they become theirs.

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Yes. The repossession fee is like a tow bill. They did pick up the vehicle. The storage fee is the time it takes to get the vehicle off of their lot. Each day adds another day of storage fees.

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Yes, if the lending agreement was in default and the lender found it necessary to implement collection or repossession action at their expense. The majority of financial contracts contain clauses allowing the lender to charge the borrower additional fees and penalties for, late or missed payments, collection or repossession costs, and so forth.

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To become a repossession agent in Minnesota a license from the state is required. A tow truck and license to operate it are also needed.

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If my vehicle was repossessed at 8:00 pm and I paid the lien holder the full amount to pay off the loan. Can the towing company charge two days of storage when I picked up my vehicle at 1:00 pm the following day?

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A repossession hurts your credit score whether it is voluntary or not. The creditor will report late payments, a charge off status, and a balance if one is owed. A repossession may hurt your credit score anywhere from 60 to 120 points.

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They can if they have an order for repossession. You can ask to see the order, and if they do NOT have the order, then they can not take the car. The repossession would become invalid without the order to take the car.

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It means the creditor has essentially given up on trying to collect a debt from you (though they may have sold it to a collection agency for pennies on the dollar). There's also a "paid charge off", which means that, after they gave up, you paid it off anyway, which really doesn't do you much good, because a paid charge off looks just as bad on your credit report as a charge off. A charge off, of either kind, is the third worst thing you can have on your credit report, after (1) bankruptcy, and (2) repossession/foreclosure.

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my answer is to just go to oklahoma and just you becomes a repossession agent..........this is not real DONT DO IT.

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Actually, it doesn't just come off your record. It will show as a repossession, but it will show as no balance due.

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In terms of credit score, about 10 points worse. You might pay off a repo so its slightly better than one that you never did anything about and the lender charged it off.

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i need to get a repossession off my credit report

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Yes, they can. Ultimately they have to PERFORM WORK to gather, label, secure, and keep safe your belongings. They can charge you for this because they were forced to perform work. The law allows them to be compensated for it.

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Yes. The term "charge off" does not mean the debt is not valid and subject to collection procedures, including the possibility of a lawsuit.

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They don't charge you to get your personal belongings back... they charge you a "storage fee" for the time they stored your personal belongings. And yes, they can do that.

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Unless you want to be sued, you bet you do.

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search on "recovery agent" + OHIO" in your browser.

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If your power gets shut off and you go in and pay the bill current, did your power get shut off?

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No, the iPod will not charge if it is off. The iPod must be on for it to charge.


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