He had seven cars, but the bank repossessed five of them. He had a cookie, but someone ate it.
The lender that you paid off, OR the lender who officially holds title per the registry of deeds. (You'd determine this by reviewing the title exam).
You contact the LENDER. Very simple. Have the bank /lender fax the exact amount you need to pay and tell them you want the repo fees included in that number.
Banks often keep repossessed vehicles in their parking garages. or in an appropriate storage area a reasonable distance from the bank. Walk into the bank and ask for the person in-charge of repossessed vehicles. Once onto the right department, state that you wish to purchase a particular repossessed vehicle when the title has cleared with the bank...and don't be intimidated into thinking you can't bargain, you can. Good luck.
Susan, what state are you in?? Who was the lender?? Laws vary by state. Email if you need too. Thanks
Depending on the bank used to finance the car, after failing to pay 3-5 payments the vehicle will be repo'd.
It was never yours to give to the landlord. IF the landlord settled with the LENDER to get title, then YOU are out of the picture completely. EXCEPT for the garnishment of course.
Yes, they also have to send you official letter from auction at the price they sold it to deduct from the amount you own to the bank.
If there is money owed to the lender with the vehicle used as collateral, the lender will be shown as a lien holder on the title and can if the contract is defaulted recover the vehicle according to the laws of the state in which it is registered. yes
You'll have to pay off the bank and get the title cleared.
Repossessed cars are typically cleaned up and resold on a dealers lot. However, if the lienholder (the person who repossessed it) feels that it will cost too much to restore the vehicle to a sellable status, they will just put it in an auction and take whatever they can get for it. Repossessed cars are first examined fully to determine the remaining value of the car. If the car is suitable for repossession, it will be resold to another person for a discounted price.