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The statute of limitation expires five years from the last payment. They can't repo the car, but they don't have to give you a clear title either.
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∙ 14y ago
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What is the legal course that must be followed by a lender repossessing a car?
After repossession the lender must send a letter telling you where the car is how much is owed on the car and where it can\d be redeemed. This letter must be sent within 5 day after the repo
Will your car get repo out of town?
Yes and you will face up to 3 to 5 years for hiding it
Is a lender still interested in a vehicle that is down to the last 6 payments after paying on it for 5 yrs?
Look at it from the lenders viewpoint. They can repo a car with 1500.00 owed that might sell for 2500.00 from you. OR, they can repo a car from Joe Doe with 35000.00 owed that might sell for 23000.00. Which would you repo first? The one you lose money(Joe Doe) on oe the one you break even on (you)??
How can you find out where your repossessed car is being kept if lender will not tell you so you can get personal things out of the car?
LaTonya, it seems unlikely that the lender would refuse to let you get your PP UNLESS you are wanting something unreasonable(strip the car???) Even so, a call from an ATTORNEY should change the program. FL - repo agent has to inventory the car and send a "notice of siezure" of PP then you have 45 days to reclaim and pay the "inventory fee's" or items may be disposed of or sold to collect on the debt. Send a certified letter to the lender demanding your personal property back with a 5 day time limit.And if you don't hear back sue them not the repo co. in small claims.
How late do you have to be to have car repossessed?
you only have to be 5 mins late on your payment .. lol no joke any time the lender has reason to believe that you are void of your bill of sale ... it is too their descression, as long as they follow the law as they do it .. Repo Joe - Cincinnati Ohio
If a car is repossessed what happens if you filed bankruptcy over 5 years ago?
Let me get this straight. You filed B/K over 5 yrs. ago and the car was/is repoed recently? If this is correct, the car will be sold and the lender will want you to pay the balance still owed.
Would a repo-man actually want to try and repo a disassembled 5 yr old dirt bike that is hardly worth anything?
IF its worth enough for you to keep it LOCKED up in a garage, I suppose he would want to repo it. I'm sure he and the lender appreciate you taking such good care of it. Does it have that much sentimental value?
Is it legal for the lender to sell your 5-year past due loan to a collection agency and then the agency repossess your car in Texas?
YES, your loan was in default. NOW. the lender will likely get a judgment against you if the car doesnt sell for enough to pay the balance on the loan. Dont forget the interest for the last 5 yrs. Hey, you did good. A free ride for five years before you got caught! Say a grand for those last three payments, about $450 for 5 years interest, a couple hundred for repo costs, and three late charges (don't let them charge a late fee for every month you were late - they can only charge one for each payment missed). So you rode for less than $35 a month.
In Georgia can a car be repossessed if the borrower paid a lump sum to cover arrearages and wants to keep the car and make timely payments but the lender wants the car returned?
In Georgia, Has an "endangerment of security" if at any time the finance company fells that there security is in danger they can repo you car. A finance company can repo you car at any time even if you are current if they fell that there security is endanger. Example of Endangerment I have repo for: 1. Past Due Payments 2. You move and don't notify Finance Company 3. Cancelled insurance 4. Threats of destroying the Auto 5. Divorces 6. Threats of Filing Bankruptcy 7. Failed to make a payment on another vehicle that is financed with the same company
Can a lender repo your car if you have a clear title with no lienholder?
Can a lender repo your car if you have a clear title with "0" lienholder? YES, its called a "Perfected Security Interest".Can a lender put themselves on a title as lienholder without your knowledge?":Not likely, I've never heard of a lender trying it. How would they know your VIN on your car unless you borrowed MONEY against it? Do you think they just pick a random number and decide to put a lien on it?? NOT. No candy for you today. Merry Christmas Roosta, I like reading your replies. Shows you have a good sense of humor. this, if you have clear title, no lienholders, how can they repo the vehicle and sell it without the title.Now I was told the title is legal possession and no one can put themselves on as leinholder without any paperwork from the owner.Now the lender stated this was an unsecured loan and it needs to be secured by going to DMV, paying $40.00 and list them as lienholder. This was not done. My contract with the dealer states I paid cash for the vehicle. I have not been late for 2 years and could well afford the car when I bought it. I have a chronic illness, and lost my job. I have no income and was living off my savings. Still waiting for SS which takes forever. I asked the lender for an extention on the loan for just a few months and they refused. They want the car. The repo man has been around but the car is in a locked storage building. I plan to file bankruptcy when the money comes in. I have always paid my bills and was responsible with my credit. I bought my own house which I am also 5 months behind, but are willing to work with me as I have owned the house for 11 years and not once was I late on any payments. Two lawyers cannot even answer the question. How can they repo the vehicle and sell it without the title or them listed as a lienholder? The car is not being driven as I had to drop the ins. on it as I could not pay that either. I wouldn't take a chance like that, but I have to protect the vehicle since there is no ins.I am between a rock and a hard place. I am not a deadbeat, just trying to hang onto what I've work so hard for. The money will be coming in, just not as soon as I would like it. I live in the NE and also doing without heat. I've always worked for what I had and don't expect handouts.I hate to see people calling others deadbeats when certain situations are unforseen. We never know what the future holds.So you repo guys out there, have a heart and just be nice when you have to pick up a car. You shouldn't get a thrill out of someone else's heartache.
If you pay off the balance on your repossessed car to get it back do you have to pay the balance owed with interest based on the original 5 yr loan?
Unless you get the lender to agree to an offer, you will pay the balance due for payoff(repo fees, late charges,ect. have likely devoured any reduction in interest you would have seen for early payoff)
After your car was repossesed can you get another car?
No, after your car has been repossessed you're banned from ever driving, looking at or even being within 5 miles of a car again. If you are, then it is only a matter of time before the federal repo bureau finds out.
