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YES, but so can I and it wont buy yu a cup of coffee. What they "tell" you to do and what you "can" do maybe be FAR apart. Tell the lender "Good TRY, NO candy bar for you".

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โˆ™ 2015-07-14 16:09:19
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Q: Can a creditor tell you to go get a loan to pay a car repo balance?
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Related Questions

How do you find out your car loan balance?

Contact your lender they will tell you.

What is an involuntary repossession?

Voluntary repo is you call the loan holder and tell them to come get it or you take it to them. Involuntary they have to come & get it.

Do the same rules apply to the voluntary repo of a mobile home?

Basically. YES. You decide you cant pay, you tell the lender you are moving, you move out, lender sells home(not as quik as a car), lender wants balance due on the loan.

If your son bought an ATV and you cosigned for him and then filed bankruptcy and your son is behind on payments can the repo man come to your home every 48 hours after you told him your son moved out?

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.

Is it legal for a company that sold your loan and received cash for it to try to repo your car without contacting the company who now holds the loan?

Lets try this; Co.A sells your loan to Co.B for "cash". Now Co.A wants to repo your car? IS that the question? If so, how Co.A got paid is immaterial to you. They could have been paid in widgets as long as Co. A and Co. B were happy. Id Co. A sold with RECOURSE to Co.B and you DEFAULT on the loan, then Co. B will tell Co. A"its back to you now, GO REPO IT". If i understand your question right, the answer is YES.

If you are home and in your garage can the repo man come inside your garage to try and repo a motorcycle even if you tell him no?

Not if you tell him no nicely.

Is it legal for a repo company to call your job and tell your employer your business?

Under the Fair Debt Collection Act the only information that a creditor is allowed to give anybody else is their name, and telephone number. If a repo company, which is a collection agency, gave any other information then you should consult an attorney and sue them.

When can a creditor repossess a car?

As soon as you default on your loan terms, the authorization to repossess can go to a repo man. This is why it's important to remain in contact with your bank/car lot. If you are having financial trouble, call them to tell them what's going on; they can usually set something up to help you. Usually an order to repossess won't go out until you are three months behind--but this is with banks. Small car lots (buy-here-pay-here lots) can and will send out the repo order much sooner. If you are required to have auto insurance and drop it, the repo order usually goes out the next day.

Can your truck be repossessed if you are using it for income?

Yes, your truck can be repossessed even if you are using it to earn an income, however, you can tell your creditor that you are earning money with your truck, and that if the creditor does not repossess the truck you will use that income to make payments on your loan. Of course, if you are not making payments, and spending all of your income on other things, then the creditor has no motive to let you keep the truck.

Can they repo if payment is less than 30 days late?

Yes, they can repo your vehicle if it is even one day late. Check your contract, though. It might tell you how long exactly you have. If it gives you a time period of, say, two months and they repo it after one month, then you may be able to get your car back because they breached the contract. However, if there is no guaranteed grace period, that probably means they can repo it anytime you default on your loan.

If the loan company says you have to give the car to repo and you can buy it back within 15 days do you buy it for what is owed or will they make you pay blue book?

Get the loan company to put the price in WRITING for you BEFORE you take it back. If it is not a good price, go find another car. Tell the loan company to take a hike.

Do you have to tell the repo man where someone is if they are no longer living with you?


Would like to know auto balance how much is left?

In order to find out the balance on your auto loan this is not the place you need to be. You need to either call the lender or go online to their website and log into your account. Only the lender can tell you the balance on your loan. In addition, most of the time if you will look at the bill they send you each month it may have the balance, listed as pay off, listed on the bill.

Can they still put it on your credit report as a repo if you paid off the loan within 24 hours after they took the car in California?

They reported what happened (a repo). Yes!!!! You should have never let it get this far. Take care of your business. Unlike the repo guys who are perfect and never make a mistake we mere humans are mortal and do err from time to time so please bear with us ...painful as it is for you(of course most repo morons couldn't make it as auto wreckers so what does that tell you). Yes lenders will put a repo on your credit regardless of what they may tell you and it stays on.You can write a letter to the credit reporting agency and dispute it.

Can a repo man tell your neighbors?

Yes, a repo can man can speak to neighbors about you. They can't give out any private information about you, but can ask if you are home and tell them they are there to pick up a vehicle.

Car is repossessed in Virgina can the bank notify you when they feel like it Is there a time limit Can they demand the entire loan to be paid before giving your car back and can repo man come at 3am?

Most banks do not tell you they are repossessing it. Yes to the loan question and yes he can come at any time.

If your truck was included in your bankruptcy but it was not reaffirmed however you continued paying on it but you don't want it anymore can you just take it to your creditor and leave it?

If you quit making payments your creditor will reprocess it, the same thing will happen if you just take back to them yourself. Anyway you do this it will show on your credit report. The best thing would be to try and sell it or get someone to take over the payments. You can call the creditor and tell them you do not want it. As long as it was incldued in your bankruptcy and not reaffirmed they must take it back. It can only be marked on your credit report as discharged through bankruptcy not taken as a repo. I did this with my car. Yes, you can do that. You will have to pay a dime. It wll be listed as backruptcy, not a repo.

If you have a vehicle voluntarly repossessed will you continue to have to make the payments or pay the balance after auction?

Yes, you are required to make the payments, before and after the car is repossessed, after the vehicle is auctioned you will receive a letter from the bank stating what your car was auctioned for and the remaining balance you are required to pay. just to end the ultimate myth if you surrender you car it will make no difference on your credit DO NOT LET THEM LIE TO YOU! a repo is a repo voluntary or invol. it will just show up as a repo, and you get no where close to the value of the car remember it's going to a dealer auction and they normally get rock bottom price. example: if you have a 2002 mustang that you paid 20,000 for you will probabley owe 17,800 that vehicle will bring 5,000 - 6,000 tops! probabley less and you are required to pay the remainder of the balance. also you will not get a car loan for about a year after the rpoessession if you are lucky... I cover more about this and the other lies that the banks tell you at my website

Can a loan calculator tell me if I am eligible for a loan?

There are calculators out there in the internet that can tell you if you are eligible for a loan. One calculator that is reliable is

How do you find out who repossessed your car?

The bank/lending company are the ones who repo your car the repo chimps are just their agents.Your bank should tell you.

How do you stop a creditor from calling your work?

pretend you're the supervisor and tell creditor that the he/she was let go/laid off weeks ago!

If your car gets repossessed how long until you find out how much you owe?

The lender will tell you ASAP after the repo if you call and ask. Or they will send you letters stating the BALANCE due after the car is sold. Communications is the way to go.

Will a bank tell you if they are going to repo your car?

They should tell you that you have till A certain date to catch up all due amounts or they will "take action to collect the debt" that means they will repo. the vehicle, Some banks will tell you when and where they intend to do the pickup of assets, almost all banks will not do A repo. until the note is 90 sinse last payment.

If the loan is in your name with a stepson as cosigner but he is not making payments on time can you repo the car?

Only the LENDER can repossess the vehicle. Is this stepson a minor? If so, you have parental authority to tell him he cannot drive the car. Even if he is over 18, if you are the primary on the loan, I'll bet your name is also on the title and if it is you can just take YOUR car.

What is a good sentence using the word creditor?

There is no good sentence using the word creditor, unless that is how you make your living: That creditor keeps calling, no matter how many times I tell them that they have the wrong John Smith.