Does anyone know the specific law prohibiting a repossession off of an Indian Reservation without a replevin or voluntary arrangement?
A vehicle belonging to a Native American who resides on a reservation cannot be repossessed if 60% or more has been paid on the balance of the loan. Relinquishment or repossesson of any property belonging to a NA on reservation land, has to be voluntarily submitted in written form by the purchaser or by an order from the Tribal Court. Tribal Codes will vary slightly, but the basic codes apply on all NA reservations. See link to this answer page www.tribalresourcecenter.org
How will a voluntary repossession affect your purchasing a car within a year from the voluntary repossession?
The second to last sentence should read - Never will a voluntary repossession cost you MORE than a forced repossession. A repo is a repo. Voluntary Repos will, in most cases, save you money due to the cut in fees associated with the repossession. In some cases these fees will not be any less and the cost of a voluntary repo and the cost of a forced repo are the same. Never will a voluntary…
Do you call the finance company or just take the car to the dealer if you want to do a voluntary repossession and do you need to inform the finance company you're taking it back or will the dealer?
When the borrower agrees to a voluntary repossession but their mother contests the action is that a wrongful act of repossession?
Any repossession will negatively impact your credit. Organizations using the credit report do not differentiate between voluntary and non-voluntary. Rather, the organizations see that you were not responsible with credit and what you purchasd needed to be taken away. Generically, a repossession is considered the same as a chargeoff or writeoff, so the impact on the credit score may be anywhere from 50 to 200 points, depending on one's personal credit situation.
Is it still considered repossession if you willing give the bank the keys to your property before it goes into foreclosure?
Yes, a voluntary foreclosure (deed in lieu of such) is a foreclosure just as a voluntary repossession of a vehicle is a repossession. All the same penalties/fees, recovery of debt laws apply and the information entered on the debtor's credit report will be as a foreclosure regardless of the circumstances involved.
Under US law as I understand it, any repossession is detrimental to your credit record. Both a voluntary repossession or a standard repossession have the same effect on your credit rating. Both will appear as repossessions, and either will result in a negative mark on your credit history. Any repossession will appear on a credit report for 7.5 years from the date of first delinquency. You will likely see your credit score drop significantly, as…
What happens when you dont payfor a car if you dont pay after signing a agreement to keep the car after bankrupty.?
Delinquency of 3 months or more (in some cases 2 months) will result in repossession of the vehicle. If you are unable to keep your payment arrangements I would suggest contacting your financial institution to see if they are willing to work out a different payment arrangement with you. If that is not an option than voluntary repossession is the way to go. It will save you money in the long run.
Voluntary repossession" is a term used to describe a situation in which a consumer voluntarily surrenders the property securing a loan, such as an automobile, to the lender that financed the purchase. Voluntary repossessions generally occur when a consumer has fallen behind on his or her loan payments, and decides to surrender the property rather than forcing the creditor to proceed with repossession. Voluntary repossessions occur most frequently with vehicles, but can occur with any…
I have a car for 2 yrs now and is not fully paid but i want to return it will returning it affect my credit?
That is called voluntary repossession. You will be required to pay the difference in what the lender sells the vehicle for and the balance on the note after that amount is applied to the loan. You did avoid repossession fees by voluntarily turning the car in. Your credit will also show this repossession for 7 years.
What will happen when a loan on a motorcycle has been defaulted and the finance company will not reprocess it?
The effect on your credit will depend on how the lender chooses to report it to the credit bureau. Sometimes a lender will be willing to report it 'paid as agreed' or 'settled' entry on the credit report rather than an actual repossession. If it is reported as an actual repossession or foreclosure it will be on your credit for seven years and negatively effect your rating.