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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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โˆ™ 2006-10-19 23:43:54
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Q: Can a charge off become a repossession?
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Are the Lender of a repossession allowed to charge a storage fee and a repossession fee in the state of California?

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.


Can you remove a repossession off your credit report if your cosigner has a judgment on the repossession?

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


Can your car be under repossession after it has been charged off by the finance company?

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.


Is a repossession company in Michigan responsible for returning belongings?

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.


Are the repossession agent allowed to charge a storage fee and and a repossession fee in the state of Missouri?

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.


Can the bank or the repossession company charge a fee if the car was never recovered by them and the loan was paid off?

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.


Can a bank do a repossession and charge off on your car and also demand payment of balance after selling the repossessed car?

YES, its an accounting thing. READ your contract.


How do you become a repossession agent in Minnesota?

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.


Are the repossession agent allowed to charge a storage fee and and a repossession fee in the state of Arizona?

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?


How does a willing reposession effect your credit?

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.


Can a repo man proceed with repo after being ordered off property if he does not have a court order?

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.


What does charge off on a credit report mean?

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.


What is needed to become a repossession agent in Oklahoma?

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


How can you stop a vehicle repossession?

Pay off the loan.


Can you get a repossession off your credit if you pay the past due amount immediatley?

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


What is the difference in a charge-off showing on your credit verses a repossession?

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.


Need to get a reepo off my credit report?

i need to get a repossession off my credit report


Is it likely that the original lender will accept a settlement offer on a charged off repossession if repo and charge off happened one year ago and you have been making payments?

They wont if you dont ASK or make the offer. Call 'em...


Can a debt buyer collect on a two-year-old car repossession that has been charged off?

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


Can the repossession company hold your personal belongings after a repossession in Wisconsin and charge you for the storage fee?

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.


Can the dealer repossession your car off private property?

yes


Do I need to pay off a repossession?

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


What certifications do you have to have in Georgia to become a repossession agent?

check with the State assoc. gapra.org


How do you become a repossession agent in Ohio?

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


If your car is repossessed but you get current within say two weeks of repossession does the repossession appear on your credit report?

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