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Most financial contract are written with allowing for this and other fees to be charge when the loan is in default. Read you contract line for line and have an attorney explain anything that is not clear.
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∙ 2005-09-08 06:37:20
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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 a lender charge you repossession fees if the car doesn't leave your driveway?
If it didn't leave your driveway, then it wasn't repossessed.
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.
Liability of debtor after vehicle repossession in state of Texas?
The debtor is liable for the payout balance of the vehicle less resale amount. Additionally, he must pay any repossession fees, storage fees, transportations fees, interest from the lender, and penalties. In the evnet these are not paid, the lender will have no other recourse but to sue for the balance along with court costs, and legal and collection costs and fees.
Can the lender charge any amount he wants to for the repossession fee to get your car back?
Not ANY, but it can vary. Most contracts just say "fees", amount not specified. Of course, 10K wouldn't stand up in any court.
What do you need to get your car back from repossession in Ohio?
Proof that you are you and MONEY to the lender. Plus any inventory fees for counting the mickey D's cups.
What will happen if you have been concealing your vehicle from repossession for over three years?
The lender has the option of foregoing repossession and filing a suit against the borrower for the amount owed plus interest, applicable fees and legal costs.
What are the repossession laws in New York?
Repossession without judicial process is allowed if the lender has not breached peace. A lender repossessing an automobile must issue a notice to the borrower, and a lender can sell an item via public auction after repossession.
In Texas do you need a writ of repossession?
No, all that is necessary is a valid repossession order from the lender.
How can you get your car back after it has been repossessed?
Contact the lender and make up all the past due payments plus the repossession fees.Answer:You can contact the lender, or you can contact the repossessing agency. If you contact the lender, they may allow you to make a payment arrangement. Your payments may be less or could be more than you believe you owe. When the lender contracted the repossession agency, there were fees involved. These fees will be transfered to you. The lender, however, is in most cases not as aware of the fees as they should be; they are focused on the principle and interest of the original contract. If you move quickly, the repo agency has not billed the lender for these repossession fees. If the repossession company acted in a less than legal manner, you may not have to pay these fees. The most common offense is for the repo agents to make contact after 9:00 PM; this is a violation of the FDCPA (Fair Debt Collections Practices Act). If the repo agency violated any of the provisions of the Act, contact the lender and demand your vehicle be returned or you will file suit in federal court and list them as a defendant. They are as liable as the agency they contracted with, and the vehicle will have been "wrongfully repossessed." Keep in mind, the lender does not want the car; they only took the car to cover the past due amount. If they keep the car, you will still owe on the loan, and legal action is not far behind.
You returned a car you purchased because you could not pay for it?
That is called voluntary repossession. You will be required to pay the difference in what the lender sells the vehicle for and the balance on the note after that amount is applied to the loan. You did avoid repossession fees by voluntarily turning the car in. Your credit will also show this repossession for 7 years.
What are NY automobile repossession fees?
As much as the repossession company charges. These are private companies with the latitude to set their own fees.
