When my car was rep'd, The finance company went to court and garnished my pay check for what I still owed on the car after they sold it at auction. This was in Kansas 10 years ago.
No you cannot remove a repossession off your credit report if your cosigner has a judgement on the repossession.
yes
No. You can not be pulled over or forced out of your vehicle during a repossession. It has to, by law, be accomplished "peacably."
Yes, the lender can file suit for the outstanding amount and if they receive a judgment they can execute the judgment in the manner in which the laws of the judgment debtor's state allow.
A "repossession notice" is a civil matter. A police oficer cannot hold the vehicle for repossession. Unless, there has been a court proceeding and the judge has ordered the vehicle held if stopped. A repossession notice also cannot stop the registration of a vehicle.
If the lender decides to sue the borrower and wins a judgment, the judgment can be executed as a wage garnishment
No. Not if the circumstances are as simple as stated. Repossession is a civil law procedure, not involving criminal law -UNLESS- the vehicle HAD already been re-possessed and you went and took it back from the repossession impound lot, or the repossession agent or the bank. If it had already been taken and impounded then, yes, you could be charged with auto theft.
Call a local attorney for state specific advice on the SOL.
YES, if they get a judgment against you, garnishment is next.
a voluntary repossession is where you turn over the vehicle instead of us having to come get it from you. www.aerecoveryandtowing.com
The lender may garnish your wages for a judgment against a debt in Illinois, even after repossession.
Repossession occurs when the borrower fails to make payments on a loan secured by a vehicle. If "the bank" is not the lien holder then it has no authority to take possession of the car by repossession. However, if a bank obtains a judgment lien against you in court for a different debt, it can use the judgment lien to seize your car, or any other property, to satisfy the judgment.Repossession occurs when the borrower fails to make payments on a loan secured by a vehicle. If "the bank" is not the lien holder then it has no authority to take possession of the car by repossession. However, if a bank obtains a judgment lien against you in court for a different debt, it can use the judgment lien to seize your car, or any other property, to satisfy the judgment.Repossession occurs when the borrower fails to make payments on a loan secured by a vehicle. If "the bank" is not the lien holder then it has no authority to take possession of the car by repossession. However, if a bank obtains a judgment lien against you in court for a different debt, it can use the judgment lien to seize your car, or any other property, to satisfy the judgment.Repossession occurs when the borrower fails to make payments on a loan secured by a vehicle. If "the bank" is not the lien holder then it has no authority to take possession of the car by repossession. However, if a bank obtains a judgment lien against you in court for a different debt, it can use the judgment lien to seize your car, or any other property, to satisfy the judgment.