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How much time does bank have to notify us that they have repossessed your car in New York?
Notification occurs within 24 hours, however this may be satisfied by the lender issuing notification that your vehicle is subject to repossession due to your default on the loan. In many cases, notification is done by next day delivery to the address where the vehicle was recovered (private residences) or to the home of record. In most New York state jurisdictions, it is necessary for repossession agents to notify law enforcement. This is as easy as contacting local dispatch and letting the operator know that a vehicle has been secured not stolen. This can also substitute for debtor notification, especially in situations of antagonistic debtors.
Is there a reward for turning in a vehicle that the bank is unable to collect for repossession?
I doubt it but you can always call and ask.
Can the bank take your car at the dealer if it is in the process of repossession?
The bank can repossess their (not 'your' vehicle until you possess the pink slip) vehicle at any point where it's accessible to them, including places of business.
How can you find out how the repossession guys found your car?
No, you have it wrong. The repossession guys found THE BANK'S car. Once the bank takes the right paperwork to the court, the vehicle is no longer yours and you have no rights to it. The bank may have hired a private investigator to find the vehicle, especially if there is enough value that they want to pay off some of the loan.
Can a bank take your other assets after repossession of vehicle in Ga?
Our company that refinanced the vehicle is threatning to garnish wages and garnish our other vehicle (of which is paid for) and other assets.
How long after a vehicle repossession does the bank or car company have to sell the vehicle and is there a maximum time limit in Tennessee?
30 days and 20 minutes dude
What paperwork does a vehicle repossession man have to have with him at the time of the repo?
Not much really, he just has to make sure it's the right vehicle and that the bank has done THEIR paperwork.
Does the bank have to tell you they are going to repossess your car.?
Yes, the bank must tell you that your vehicle is being repossessed. The bank will usually try to reconcile the debt before the repossession takes place.
If you are in repossession status and are making efforts to pay on your late payments can they still repossess your vehicle?
Once the loan is in default the bank has the right to refuse payment and repossess the vehicle.
If vehicle is in repossession phase and you are pulled over will you go to jail for auto theft?
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.
What is the average price a bank pays a recovery company for the repossession of a vehicle in the state of Mississippi?
The average price a bank pays to repossess a vehicle is anywhere from 200.00 to 400.00. The actual price will vary depending on the company and location of the car.
What is your obligation if you take the car back to the bank before they come to get it?
When the car gets back to the bank, its sold and the debtor owes the difference between what it sold for and the outstanding balance on the loan. IF it sells for more than is owed, debtor has to pick up the check for the surplus. There are no differences between a voluntary repossession/relinquishment of vehicle by the borrower and the forced repossession/recovery by the lender, except for some of the repossession costs such as towing. FYI, a bank will not allow you to return the vehicle in the sense that you can "drop it off" somewhere.
