A borrower should not have a title in their possession that they have borrowed money against. This belongs with the lender. Should the borrower sell the car, they would be libel.
Yes, voluntarily relinquishing a vehicle does not relieve the borrower from the original contract obligations. The lender/leaser can sue the borrower for the amount still owed on the contract and any applicable fees.
Considering that the LENDER will be the one to report it as a "repo", wouldn't it be best the discuss it with the LENDER?
No, the car has a lien on it. You cannot legally sell without a lien release from the lender. Be careful, you will get into serious trouble trying this. You can sell the car if the lender agrees but if they are trying to repo it i doubt they would agree to a sale at this point.
You pay the LENDER what you are behind and the repo fee and go get it.
The DEALERSHIP won't repossess the car, but the lender might if you don't make the monthly payments as scheduled.
It all varies by your state laws. but normally the lender will search for repo and towing companies in the area where they think you are and they search for you and come and tow your car to a tow company or repo company lot, then they contact your lender, so you need to contact your lender to arrange payment or to get your stuff out of your car. Hope This helps Adam OUT
If they have a judgment against you, yes.
It isn't YOUR car until you have paid the lender.
yes they can stop you , you need to return the car back to the lender in other for you to register a new car.
The lender has to get the STAY lifted before they can repo.
Contact the lender they are the ones who call off the repo.
If "you" are the lienholder then yes. If you're not the lienholder or their authorized agent (e.g. a repo man working for them), then no.
A repo is a repo, voluntary or not. Do not do a voluntary repo or any other repo. Terrible idea!!! Call the lender and work something out. See if you can find someone to take over the payments or possible sell the car to another part and pay off the loan. If you are upside down on the loan, then sell the car and borrow the balance to pay it off. Having your car reposed is a very bad idea. Your credit will be ruined for 7 years. You will also have the pay the difference in what the lender sells your car for and the balance on the note, plus repo fees. Do whatever it takes to prevent this from happening. I can assure you the lender does not want to repo your car. Call them!!!!
YES! A repo is a repo. If you turn the vehicle in to the lender and stop making payments this is called a voluntary repossession. The lender will sell the car and you will be responsible for the difference in what the car sells for and the balance on the loan. It will be reported to all 3 credit bureaus as a default on a loan, and your credit will be ruined for 7 years. You would however save to repo fees such as towing. Do not do this. Call the lender and work something out if possible.
Until the LENDER cancels the repo order with the repo company, you are fair game.
Depends on the lender. Legally, one!
NOT unless the LENDER agrees before you do IN WRITING.
IF the lender posts a repo on your CR, you have one. You will have the repo on your credit report, but it should also show up as "redeemed".
IF the loan is in DEFAULT that has the car as collateral AND the LENDER issues a repo order, YES, the repo man can take the car from a 3rd party in possession.
Husband dies, his car left at a friends house, friend would not give car up, car was voluntarily repossesed, can you still get car after a repo? What is needed?
As licensed repo man I can tell you we must notify the local P.D. within 1 hour that the car was picked up as a repo, where it will be stored, and what the name of lender is. To find it call lender or call local P.D. and report it stolen at which time P.D. will tell you its a repo and where it is.
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.
Ok, you say that you didn't pay for the down payment on the car....but.....did you sign the promissory note as the borrower or as a cosigner. Because if you did, it is your car also and you will also be charged for the repo. Call the lender and try to work something out....it will be better than taking care of it when it is too late and you are being waged. Good Luck
Who cares? Let the lender repo it, then sue 'em. File charges for stealing the car. Really, why would a lender even think they can repo a car that they have NO security interest in? especially if they never loaned any money on the car?