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NO, unless the ins. on the car pays off more than you owe.The amount the ins. pays would be the the equivilent to the auction price in the balance due on the loan.

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โˆ™ 2015-07-15 21:31:58
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Q: Does the lender pay the loan off if the car is stolen while in his possession after a repossession?
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Can a lender report a vechicle stolen while trying to repossess in the state of Florida?

In the event that the possessor of the vehicle is not a contracted party, or if the contracted party is actively seeking to hinder repossession, then yes, the lender can report the vehicle stolen.

Do repossession agents take a picture of the car before they try to take possession of it?

That is a decision made by the lender, and some do have photographs taken before the car is seized, but it is not a legal requirement. The repossession agent/agency does not assume responsibility for any damage to a vehicle that happens while it is being recovered.

If your car is damaged while it is being repossessed who is liable for the damages the loan company or the repossession company?

The LENDER is responsible for every detail of a repossession. They may pass the costs of repair on to the repo company.

How do you stop a repossession in process?

Pay the past due amount on the loan or pay the loan in full. In the event you are able to do this, it is a good idea to have the lender contact the repossession agency to cancel the repossession while you remain on hold. If you fail to do this, it could take several hours for them to notify the repossession agency, and your vehicle could still be taken.

What is the statute of limitations on the lienholder trying to collect the balance of the loan after sale on a voluntary repossession of a car?

the same as an invol. Depends on your state laws. If the lender has gotten a judgement, it could be a long while.

When your car is about to get repossessed do you still need to have car insurance on it or can you just take the vehicle off of your insurance policy?

Daleann, take the car to the lender, get a reciept for the car, then drop the ins. IF it got stolen while in your possession(before repo) your LOSS would be much greater without ins. aS LONG AS THE CAR IS STILL IN YOUR POSSESSION, KEEP THE INSURANCE. ONCE THE CAR IS GONE, DROP THE INSURANCE. iT WILL BE DONE AS SOON AS YOU HANG UP WITH YOUR INSURANCE CARRIER.

What is a security deed?

A security deed is used as part of a mortgage type transaction. It is a conditional conveyance of the property to the lender while the debt is outstanding. Legal title is transferred to the lender although the original owner has the right to the possession use and enjoyment of the property as long as the conditions of the loan are met. When the debt is paid the lender executes a reconveyance deed of the property back to the owner.

I made a agreement of payment by this Friday can they still repo me?

Yes, as long as an active repossession order exists, the vehicle will eventually be recovered. If it is seen in towing position by a recovery agent, he will take it. Keep in mind that many repossession agencies have spotters who do nothing but stake-out wanted units, or look for them in public locations where recovery agents may secure them. Any attempt to hide the vehicle or prevent the recovery could be prosecuted. Repossession is a time game, an inevitability. Hundreds of thousands of vehicles are repossessed in the US every year. Less than 1% of 1% of the vehicles up for repossession are successfully hidden for any significant time. And, some states are passing laws that will prevent parties who have active repossession orders against vehicles registered to them from registering any vehicles in that state. If you have active arrangements with the lender, hope your payment reaches them before the recovery agent is able to secure the vehicle in question. Be certain to contact the lender and get their assurance that repossession activites have been cancelled once the payment is received. Your best course of action is to take the payment to the lender, and while there have them call the repossession agency who has the active order and witness them cancelling the order.

What if you are out of work what is the law of repossesion of your vehicle?

While the people who work for the lender who gave you the loan on your vehicle may empathize with your unemplyment situation, the lender does not. They want the money you contracted to pay them for the vehicle. Failing to pay them, they want the car so they can have it sold and pay off part of the loan you owe. When we borrow money, we are gambling that we will be able to pay it back. Sometimes we win, sometimes we lose. It is what it is. There is no law prohibiting repossession because you are unemployed. Unemployment is the primary reason for repossession.

What can the lender do to you after repossession?

If the repossessed property did not sell for enough to satisfy the debt the lender may decide to seek the rest of the payment through the courts. The courts may decide to require that you sell assets to satisfy the remainder of the debt. If you do not have assets to satisfy the debt the lender may be allowed to require, by court order, that your wages be attached to make payment. While all of these are possibilities courts do not always grant all of these options.

Can I be arrested for avoiding a repo?

In many states, yes. This is called hindering a linder in the recovery of collateral. In some states such as California, it is a felony, while in others it is a misdemeanor. In the event the lender obtains an order called a replevin against you, if you attempt to avoid the repossession, you will be arrested for contempt of court and the vehicle will be impounded and turned over to the lender any way.

What website do you check to find out if a firearm is stolen?

Sorry- there IS no website where you can positively determine that a firearm is not stolen. Law enforcement uses the NCIC system, but that is NOT available to private persons. Local law enforcement MAY be willing to run the serial number of the gun through NCIC, but will need to have possession of the gun while doing it. In case it IS stolen, they have it.

Can a soccer player steal the ball from a keeper while not having full possession of the ball?

If the goalkeeper does not have possession, then yes. Be careful how you define "possession" before attempting it. Having a hand firmly on top of the ball while it is on the ground is possession, for example.

You are in the process of your vehicle being repossessed - do you have any type of legal action to stop this until you can make the payment they want?

You have two recourses: First, and not always effective, contact the lender and try to make arrangements to pay current with the stipulation that they will put the repossession on hold until you can pay current or break the arrangements. Second, file for bankruptcy. The automatic stay prevents the legal self-help repossession of a vehicle, and any vehicle that is secured by a lender while the stay is in place is in violation of the stay.

If your vehicle is destroyed while in possession of the tow companies lot are they responsible?

If your vehicle is destroyed while in possession of the tow companies lot are they responsible?

What can one do to avoid repossession of their car?

Reposession of a car can be a problematic issue. Making payments on time is the most important and crucial step to avoiding repossession. Contacting the loan or lienholder to work out separate arrangements is often a good next step, as most loan holders will find it much easier to work out arrangements than go through the process of performing a repossession. Finally, while the legality of this action would be questionable, putting the car in the temporary possession of someone somewhat disconnected to the owner may provide some respite, as the repossession company would be unable to find the vehicle to repossess it, while the customer may make arrangements with the lienholder or loan holder.

Is a lender in Missouri required to send the borrower a Notice of Right to Cure before repossession action?

No, Missouri has no laws that require the creditor to notify the debtor that a vehicle is subject to repossession.The lender can have the vehicle repossessed without notice as long as the repossession does not commit a breach of peace as defined by the laws in the jurisdiction where the vehicle is seized.ADDED: While the above answer may have been correct at the time it was written - it is no longer applicable.Quote: "As per the UCC, repossession is allowed and permitted as long as it is peaceful, after a Twenty Day Right To Cure Letter from lienholder to debtor. One time cure law in effect in Missouri; all others per contractual agreement." unquoteSee below link:

Can the lien holder of the vehicle report it stolen in the state of Michigan?

not really sure on this one but in order for the lien holder to have the vehicle in his/her posssision it had to be repossesed... and then it was stolen while it was in their possession then i would say yes.. but other wise cant really see a reason why the owner would not be the person that reports it to be stolen..... if in fact the car owner is deleinquent in payment and the car is reported stolen and the car owner goes to jail that is false imprisonment and you can sue..

Who owns contents of a car upon repossession?

The owner of the articles in the car retains possession. While a car may be repossessed with articles inside, they must be released to their owner upon request. If they're not, the company can be liable for theft and a police report may be filed.

What is DIP Credit Agreement?

Debtor in Possession. The debtor (a bankrupt, normally Co), has possession of assets, that while there may be pre-BK filing claims against, it is allowed to use to secure a new credit line, with the DIP lender having priority over the original ones. It is done to provide the funds needed to keep operations and such going, maintain property for example, while the Corp re-organizes with help of the court. During the re-org process, the old debts are expected to be satisfied, a new permanent credit lender found and the DIP financing paid off.

What do you do if a repossession company damages your property while seizing the vehicle?

You need very good proof it was not damaged before the repossession. Nearly impossible to do as he can say it was damaged when he got it (and he will, believe me).

Can a leinholder repo a car and cause damage then returns it do to the fact it was a mistake?

Strange question. IF it was a mistake, then it wasnt a repo (ie: wrong car, not in default,ect) OTOH, the lender is responsible for any PROVEN damage done to the car while in their possession.

What happens if you get a traffic ticket while you are doing a repossession in ca?

Just like anyone else who might get a ticket while in the performance of their job - either pay it or go to court and contest it. Repossession agents are not immune from traffic tickets if they violate a traffic law.

What do you do if your car is damaged by the repo agent?

Once the bank has declared the loan to be in default and has initiated the repossession process, the vehicle becomes theirs to dispose of as they see fit. The agency towing the vehicle becomes the agent of the bank, taking possession of the property of the bank. After the repossession, if you and the bank work out terms for you to regain possession of the vehicle, you do so from the bank and the vehicle is returned to you without warranty or additional obligation other than the terms of the loan. Damage which occurred while in possession of the bank may be repaired at the disgression of the bank, but they probably won't cause trouble for the towing agency, since they want to maintain a working relationship with them. The bank will probably just tell you to keep your note current next time.

Can I refinance my mortgage taking my ex husband off while adding a different person who has better credit than me?

The owners of the property must sign the mortgage so the lender can take possession by foreclosure in the case of a default. Any co-signer should be fully informed that they will be responsible for paying the mortgage if the primary borrower defaults.The owners of the property must sign the mortgage so the lender can take possession by foreclosure in the case of a default. Any co-signer should be fully informed that they will be responsible for paying the mortgage if the primary borrower defaults.The owners of the property must sign the mortgage so the lender can take possession by foreclosure in the case of a default. Any co-signer should be fully informed that they will be responsible for paying the mortgage if the primary borrower defaults.The owners of the property must sign the mortgage so the lender can take possession by foreclosure in the case of a default. Any co-signer should be fully informed that they will be responsible for paying the mortgage if the primary borrower defaults.

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