When you finance or lease a vehicle, your creditor holds important rights on the vehicle until you've made the last loan payment or fully paid off your lease obligation. These rights are established by the signed contract and by state law. If your payments are late or you default on your contract in any way, your creditor may have the right to repossess your car. Talking with Your Creditor
It is easier to try to prevent a vehicle repossession from taking place than to dispute it afterward. Contact your creditor when you realize you'll be late with a payment. Many creditors will work with you if they believe you'll be able to pay soon, even if slightly late. Sometimes you may be able to negotiate a delay in your payment or a revised schedule of payments. If you reach an agreement to modify your original contract, get it in writing to avoid questions later. Still, your creditor may refuse to accept late payments or make other changes in your contract and may demand that you return the car. By voluntarily agreeing to a repossession, you may reduce your creditor's expenses, which you would be responsible for paying. Remember that even if you return the car voluntarily, you're responsible for paying any deficiency on your credit or lease contract, and your creditor still may report the late payments and/or repossession on your credit report. Seizing the Car
In many states, your creditor has legal authority to seize your vehicle as soon as you default on your loan or lease. Because state laws differ, read your contract to find out what constitutes a "default." In most states, failing to make a payment on time or to meet your other contractual responsibilities are considered defaults. In some states, creditors are allowed on your property to seize your car without letting you know in advance. But creditors aren't usually allowed to "breach the peace" in connection with repossession. In some states, removing your car from a closed garage without your permission may constitute a breach of the peace. Creditors who breach the peace in seizing your car may have to pay you if they harm you or your property. A creditor usually can't keep or sell any personal property found inside. State laws also may require your creditor to use reasonable care to prevent others from removing your property from the repossessed car. If you find that your creditor can't account for articles left in your car, talk to an attorney about whether your state offers a right to compensation. Selling the Car
Once your creditor has repossessed your car, they may decide to sell it in either a public or private sale. In some states, your creditor must let you know what will happen to the car. For example, if a creditor chooses to sell the car at public auction, state law may require that the creditor tells you the date of the sale so that you can attend and participate in the bidding. If the vehicle is to be sold privately, you may have a right to know the date it will be sold. In either of these circumstances, you may be entitled to buy back the vehicle by paying the full amount you owe, plus any expenses connected with its repossession (such as storage and preparation for sale). In some states, the law allows you to reinstate your contract by paying the amount you owe, as well as repossession and related expenses (such as attorney fees). If you reclaim your car, you must make your payments on time and meet the terms of your reinstated or renegotiated contract to avoid another repossession. The creditor must sell a repossessed car in a "commercially reasonable manner" - according to standard custom in a particular business or an established market. The sale price might not be the highest possible price - or even what you may consider a good price. But a sale price far below fair market value may indicate that the sale was not commercially reasonable. Paying the Deficiency
A deficiency is any amount you still owe on your contract after your creditor sells the vehicle and applies the amount received to your unpaid obligation. For example, if you owe $2,500 on the car and your creditor sells the car for $1,500, the deficiency is $1,000 plus any other fees you owe under the contract, such as those related to the repossession and early termination of your lease or early payoff of your financing. In most states, a creditor who has followed the proper procedures for repossession and sale is allowed to sue you for a deficiency judgment to collect the remaining amount owed on your credit or lease contract. Depending on your state's law and other factors, if you are sued for a deficiency judgment, you should be notified of the date of the court hearing. This may be your only opportunity to present any legal defense. If your creditor breached the peace when seizing the vehicle or failed to sell the car in a commercially reasonable manner, you may have a legal defense against a deficiency judgment. An attorney will be able to tell you whether you have grounds to contest a deficiency judgment.
NO, not for just being repoed.
Yes, you can be arrested for theft.
It is possible; Wisconsin is a self-help repossession state. Hiding the vehicle is called hindering repossession and is comparable to auto theft. When you purchase a car by loan, you do not technically own the car outright. You own it cooperatively with the loan provider. When you default on your loan, you give up the rights you had to the vehicle, and via lien law, the loan provider now owns the vehicle. Therefore it is not yours to hide.
Yes and you will face up to 3 to 5 years for hiding it
NOT just for a simple repo NO. IF there are other complications added to the repo, maybe.
Yes, it is a felony.
maybe, but first there gonna just repo the car
if its not yours and you keep it it is stealing. stealing a car is grand theft auto. yes, you will go to jail for it. it is a felony.
He will try to find out where you are hiding it if that is what you are doing.
Possibly, if someone else has a legitimate claim on it and you are preventing them from taking the car.
First you have to find the car, then you can repo it yourself or hire a repo company to do it. Email me if you need more help. Good Luck
Yes In most places hiding the car from the repo man is illegal. If he is sure the car is in there he can enter a storage place and reposes the car. But he is not allowed to intimidate or do violence to the person or property damage to make the repossession.
they can either repo the car, and you won't get into trouble, or they could find you and the car and there is a chance that you will go to a county jail for 2 to 30 days.AnswerFirst of the repo guys are not "authorities" they represent the bank that's it.They cannot have you arrested and you will not go to jail Repo guys like to scare you with that kind of crap.Look at it this way don't you think the repo guys (some of the laziest people around)would have the cops do their job for them if they could???This is a civil matter not crimminal!!!!! Cops deal with crimminal !
Yes, a repo man can drive by a house in an undercover car. They employ various means to see where people are hiding their cars and are usually allowed to take them unless they are in a private garage.
YES, If the note is not paid on time they can. If you want to know what they can and cant do read your contract (all of it) It spells out what would cause them to repo.
According to the repo handbook, any debtor purposely hiding collateral from the bank to defraud them is illegal and you can be arrested when summoned to the court. I am a Repo man, and even if you hid thecar, no matter what eventually you will slip up and we will get the car...
You need to know who the leinholder/lender is OR which repo company is looking for it. The VIN is used to trace the leinholder. IF you need more help, email me.
It'll be reported stolen. So yes, you can. So long as there's a lien against the vehicle, it belongs to the lienholder, and they have a legal right to reclaim their property. If you try hiding it, you're committing theft.
A repo guy is likely to say anything to get your car. If he's looking for it, you owe the money and he gets to take the car. Hiding it in the garage will keep him at bay for only a short time. Whether or not you have homeowner's insurance does not factor into the equation.
Will i be able to purchase another car later on if my car is repo
can my car be repo 38 day's in default?
There is a possibility that you licenses could be suspended. If you are hiding the car from repossession, you technically are stealing the car. The finance company can contact DMV and have the registration revoked and report it as stolen. Give the car back. Nothing good ever came out of hiding one from the repo man. They WILL get it eventually.
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.
You cannot go to jail unless your are hiding the vehicle where the bank cant get it then they can report it stolen and if you still have you can go to jail.