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Depending on the laws of the state you live in, you will have to pay the following charges:
1. The payments you're past due.
2. The repossession fee charged by the lender or dealership (if a buy here pay here).
3. The tow charge.
Depending on the flexibility of the lender or dealership that repo'ed your vehicle, you may be able to set up some kind of additional payment plan or try moving a payment or two to the end of your current loan.
Good Luck!
Wiki User
∙ 12y ago
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When does a repossion occur?
When you fail to pay for something that is security for the loan.
What can be done to stop auto repossion?
in the process of repossession?
Can i buy a car after repossion?
Yes, usually at an auction.
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.
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.
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.
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.
If you turned in a lease vehicle and had one more payment but you can't pay at this time can they say its voluntary repossion in five days?
It appears they are trying to help you with the 5 days part. READ the lease agreement for more info on when the lease is in DEFAULT.
What happens if you are ordered to pay money to your ex husband for a repossion of a car and you are unable to pay it off in the time that was given?
If it was a divorce or other court order, it has nothing to do with bankruptcy, but you can be held in contempt after notice and a hearing. If your only income is from a protected source (child support, welfare, Social Security, etc.). you cannot be ordered to pay, as a rule. State laws vary, so check with local debt collection lawyer.
When the cosigner dies is the spouse responsible for a repossion that she did not cosign for?
The spouse is not responsible and should not have this on her credit. But the estate of the deceased will still be responsible for the debt.
