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Can finance company take personal possessions if you owe on a car repo?
Wiki User
∙ 13y ago
I believe what you may be referring to is a conversion of collateral.
Say for instance your 2011 Tesla Roadster is repossessed and sold at auction, but you still owe in excess of $100,000. The lender wants that money. So, they take you to court and obtain a judgment, but you still refuse to pay. The lender will hire a person with my skill set to find your assets. Say in my search I discover that you own a 2002 Donzi 38 Daytona with a clear title. This boat is worth $78,000.00 and represents a sizable asset. I will notify the lender as soon as I locate the boat, and continue my search. In the meantime the lender will take this information back to the courts, and show that you refused to pay the debt you owe and that you own clear title to a sizable asset. Likely as not the judge will issue a Conversion of Collateral and permit the lender to issue a notice of repossession for the boat. When they have done this, they will call me, and I will contact my field agents to notify them where the boat is located. Later that evening, when they see your lights go out and are certain you have gone to bed, they will back up into your driveway, verify the VIN on the boat and trailer, hook up to them and drive away. You will still owe the lender a substantial amount, however that amount will be significantly less than you did before your big, beautiful boat left your driveway for the last time.
Wiki User
∙ 13y ago
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How can you get your possessions from your repo car?
The repo company will remove personal items from vehicles they repossess. They'll typically charge a storage fee for you to retrieve those items.
How do you get your personal items out of your repo?
Call the repo company.
Your vehicle was repossessed and the finance company charged you ''storage'' fee on the invoice to get your vehicle back can the repo agent still charge for storage?
no because the storage fee that the finance company charged you was what the repo company charged on the invoice. the finance company had no other reason to charge storage fee's they did not store it
Can a repo agent be charged with grand larceny?
Only if they do not have the correct paperwork from the finance company whom has the right to repo the vehicle.
A finance company is trying to repo your car in Tennessee can you get in trouble for hiding it?
yes
Can the repo man remove your possessions from your car after they repo it?
Yes
Can you pay the tow truck driver for your repo fees?
It might be possible. Depends on the company and their agreement with the finance company.
What do you do with a vehicle when a finance company has refused to repo it?
state of Michigan automobile the has abandon for two yrs
How do you go about getting your car that has been repo?
Contact the finance company and pay the bill[S{
Can your car be repo if you have no insurance?
The repo man will not care if your car has insurance or not. If you haven't been paying for your car, the finance company or bank will take their car back.
Can a repo car lease be reported stolen too by the financial company?
No! If this is a threat by the finance company contact a attorney. He/She will advise you what you need to do.
Who do I contact to turn in someone who is hiding a car due to repossession?
If you know who there finance company is you can call them directly. Or you can call the repo comapany. Some finance companies and repo companies actually give a reward for contacting them and telling them where it is.
