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Yes, usually at an auction.
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∙ 9y ago
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Can they take a car for repossion off someone else property?
Depends on the state you live in and their repossession laws. If you are smart you will return the car if you are unable to pay for it. The car belongs to the bank until it is payed for.
What is a performance deposit on a car repossion?
A performance deposit is to ensure the contract if followed and will come off the cost of the car. Its usually the lesser of three months payments or on third of the remaining loan on the car.
Car was recently damaged then was repossessed what happens?
If car is wrecked or damaged BEFORE the repossion takes place they still take the car "AS IS". In some states you may be liable for the damages but others it is repo'd AS IS.
Do you have to pay the deficiency on a car repossion in the state of Kansas?
Yes you do. You can file for bankruptcy and may be afforded some consolation, but by law you are responsible for the difference between what was owed and what the lender was able to wholesale the car for.
What can be done to stop auto repossion?
in the process of repossession?
When does a repossion occur?
When you fail to pay for something that is security for the loan.
What to do about unpaid balance on repossion of car?
Im going through the same situation. The credit company called me and said I owed a certain amount in order to get this off my credit. The problem I have is I dont have the pink slip and they think they repossessed my car when acctually I still have it.
What state laws do you go by for repossion when lender is out of state?
The laws of the state the vehicle is in.
Which state laws of repossion do you go by when lender is out of state?
The state the borrower lives in.
On a repossion can the IRS collect for the bank?
No. But any debt that is forgiven is taxable as income.
Is there a time limit for repossessing a car?
Unless you have a payment plan figures out with your loan company(I.E. i can pay 100 this month instead of 200) they will usually wait 90 days to proceed with the repossion process.
Who should be contacted for a voluntary repossion?
If you are unable to make the payments on your automobile, you need to contact the company that loaned the money to buy it. They are the ones that you need to work with on the voluntary repossession. You will have convince them that the car is worth the amount you owe. You have to understand that if they can't get the balance of the debt from the sale of the car, you will still have to pay the difference. In most situations, you would be better off to try to sell it on your own, because you would probably get more than the lender would.
