Can a loan company repo car at 12am on a Saturday?
Legally, once you have defaulted they have the power to take your car at any time...even after dark. Many cars are repossessed at night as the repo men can expect less chance of confrontation when you are sleeping.
Can a repo company put a seize on your license and license plate and threaten to have you charged with a felony if caught driving the car they are trying to repo?
If you are a cosigner on a loan will a loan company repossess the vehicle then let you pay it off and take possession without ruining your credit?
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 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…
You live in Tennessee you Co-Signed for him a Motorcycle Do you have to wait till he is late to repo it Or is it mine as much as his and you can just get a repo company to go get it for you?
It is yours as much as his because you co-signed the paper, so go get a repo company to repossess it to you. When you co-signed the loan, you became a party to the loan. If you didn't get your name on the title as a joint owner, you are legally not entitled (literally) to the bike. You accept all the risk and get no benefit from co-signing his loan. If he defaults, it will…
If your car is damaged while it is being repossessed who is liable for the damages the loan company or the repossession company?
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?
If they have collected the entire amount owing (all principal and interest on the original loan) they have no legal right to repo the auto. If they have only collected the past due amount and there's still a sum due, then they can repo the auto. It doesn't matter one bit if they've charged it off. That's just for their tax purposes. REPOMAN IN TEXAS: YES, THEY CAN WRITE IT OFF (CHARGE-OFF) AFTER A CERTAIN…
Can a lender repossess your car if you were behind on your loan but made it current before the repo agent got to it?
Yes. The terms of the loan were defined when you signed the paper. Most loans state that they can repo the vehicle if the loan is in default and they can declare the loan to be in default at any time after you have failed to meet one or more conditions of the loan. When you didn't pay on time, you were in default. Once you were in default they can repo the vehicle and…
Generally, the answer is yes. If you contact the finance company, pay the outstanding payments and cover the repo and storage fees, they will be more than happy to let you continue paying your loan. Finance companies would rather you pay your loan as agreed than have to repo your car, auction it, and come after you for the difference on the note.
What are the repossession laws concerning a title loan company and are they able torepossess a vehicle 2 weeks BEFORE the first payment is due?
If your payment was made on your vehicle and they still repo'ed do you have any right against the rep man or do you have rights against the loan company what options do you have?
Is it the same thing as repossession if you call the loan company to pick up the vehicle since you can no longer pay for it?
If someone drops their name from a car loan and it has been paid for over 1 year can the financing company repo it?
Yes! A repo man stole into my locked backyard to install a GPS system when I did not pay on a TITLE LOAN. I noticed him following me over the next two weeks. The repo man stole back into my yard to remove the GPS after two weeks with no repo success. I settled with the CASH STORE for the original loan amount no interest.
If your loan is current and you turn the vehicle back in to the lender can it still be reported as a repo?
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…
Is it procedure to have to fill out a new credit application with your current finance company to get the car out of repo in CA?
If your stepdaughter has defaulted on her car loan which is in your name solely and she is in TX and you are in NC and the car is financed in MS how can you easily repo her car from so far away?
Do you have any recourse if the repo company is trying to charge additional storage fees when you were told previously that there wouldn't be any?
I have been trying to get a new home loan with a repo showing and so far I have found no lenders that will take the loan. From what I have been told by about 15 lenders, is that as long as the repo is showing on my credit I will not be able to get a home loan. They said even if my score was 700 pts the banks just will not approve ANY…