How can you buy cars that have been repossessed by the lender?
Each lender has their own way of disposing of a repo. Most will sale them at dealer only auctions. You can purse getting a used car dealer licenses from the state you reside and attending these auctions.
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%DETAILS% YES Yes, you owe them money or yes they owe me the title if it has been written off? Thanks for your help.
Here is a variety of advice: . If I were you I would check out your county for repossessions to be sold they generally sale for 2/3 of the loan value. . I would NOT buy a car that has been repoed. Simple logic tells me that the driver was NOT doing ANY repairs or even oil changes, before it got …pulled away. In my years of experience doing vehicle repos, (yes I do know what I am talking about here) the number of outright clunkers was higher than 75 percent. . Junk on wheels is what we used to call them. Run to death and barely able to be driven. Buyer beware is what I say . . What if my truck worth 15k is repoed because I quit paying on the 20k loan. Then I buy it at auction because I know I took care of it? Heck, I could even dirty it up inside a little first so it will auction for less. . It won't work. If it was repo'd by a buy-here-pay-here lot, they'll put it back on the lot and certainly aren't going to deal with you. If it was taken by a bank or manufacturer's finance company, it is going to a wholesale auction where you need a dealer's license to bid. Some smaller credit unions or finance companies will sell their repo's in their parking lot, but that's just like the BHPH place - they aren't going to talk to you. Besides, you STILL OWE the difference between the loan (plus repo fees) and what it brings. It's cheaper to make your payments. . It's fine to buy a repo car if you take someone with you who knows a bit about cars. Where repo cars are sold is different from place to place. Try Googling your city and car auctions or else looking up auctions in the phone book. . Call your local Credit Unions and ask them if they have any vehicles for sale. Most of them do these days. These are high quality cars for good prices and you are buying from a reliable source. Credit Unions will also give you good financing terms to get the cars off of their books. You could search online or just open the phone book and start calling. ( Full Answer )
Ron, the SAFEST thing to do is contact a local repo company. Explain what you know and see how much its worth to them to know more. The info you need is not available to the public and the process to find out is more costly than you would make. Let the repomen get the car and you get the cash. LOL
Tim, I have never heard such a request. Ill answer your question but first I have one for you.WHAT is soooo precious about the car that you don't want to give it up? Did you go on your first date in it??Tim, the car probably isn't worth anywhere close to whats owed on it. That's why they sued to get… a judgment.The INTEREST has been adding up all the yrs. you havent paid on it. so the lender gets the judgment and proceeds to collect. What else do you own worth taking? They don't seem to want the car so whats left? Nothing??? Well, they will wait for you to inherit something they want. OR wait for you to win at Powerball. Or marry a rich woman. Do you work?? yes? They can garnishee your wages. 25% of them. And pester you to death with phone calls. About the summons you were served....GO TO COURT, don't miss it. It will be your ONLY chance to fight the judgment. tell the judge how POOR you are ect. Make the lender an OFFER to settle right then. Have the CASH in your pocket. 8000??? Offer 3000. Never know, they might take the offer. good Luck ( Full Answer )
It is not required. However, if you do discover where the vehicle is to be sold, provided it is close enough for you to travel, you can attend if it is a public auction as opposed to a dealer aution, and you bid like everyone else. Now, that being said, it seems it would be much easier for you to p…ay the redemption and storage fees, reclaim your vehicle, and get out for less than if you were to attempt to purchase the vehicle. You will be help accountable for the fees regardless, and the money you pay goes to the lender either way. ( Full Answer )
IF you were in default, got repoed, the repo agency sent you the required cert. letters, the lender sent the required cert. letters, it is legal to sell yo ride.
Answer . If not having ins. puts you in default of the contract, that may be why they are going to repo the car. lenders insist that the collateral be covered by ins. to protect them, not you..
YES AWG is authorized by a Federal law (20 USC ï¿½ 1095a), which specifically preempts State law.
IF you know which lender to report them to, you can. Doing so is really a GOOD idea because we ALL have to pay so the deadbeats can try to ride for free. Reporting them SAVES them(the debtor) money in the long run cause the lender doesnt have to pay to find them. Some people just dont know when to s…ay" I CANT make these notes". Its a combo of pride and desperation??? ( Full Answer )
Not Legally, to do so would be called "CONVERSION". In some states, the repo company can charge you a FEE for inventory and stoarge of your PP, but they cannot keep it it you pay the fee. i am in Florida and they said it will cost 200.00 to get my personal belongings,is there a cap?
Answer . Same as if they do. Notification is common curtsey not law. Some jurisdiction have different rquirements, but what can they do if you dont??? Cant outlaw selfhelp repos..
I guess there are some lenders dumb/careless enough to NOT prefect a lein. In case yours is NOT one of them, YES. If you signed a contract using the car for co;;ateral and are in default of that contract, the lender can repo. Good try.
You certainly can. Its illegal NOT to let you get your PP. There will be a charge for inventory and staorage of iy.
If you are filing bankruptcy and your car is damaged and the lender will not repossess it what should you do with it?
Notify the LENDER by cert mail that they have 10 days to remove the car or you will have it towed by a wrecker company. IF they dont p/u the car, call a wrecker co. to come get it.
%DETAILS% Hold your PP?? NO, NO and NO. The MO??? Good question, I've not encountered it before. Call a local attorney for better advice.ASAP The MO??? It was NOT in the car when you bought it sooo there is NO security interest in it. Doesnt matter whose name is written on it. You could have writ…ten the lenders name in your BIBLE and it wouldn't be theirs. ( Full Answer )
Can the lender charge off the remaining balance of 850 dollars on a car loan of more than 13 thousand dollars which has been paid and then repossess?
As long as there is a contract with your car as collateral and the contract is in DEFAULT, the leinholder can repo(excluding B/K).
Can your car be repossessed if your insurance incorrectly told the lender your policy had been cancelled?
IF the ins. co. told the lender the policy was canceled, then you were in DEFAULT and the lender will repo.The lender and the ins. co. will have to get that straightened out.
Can a lender insist the borrower sign a new note for the balance owed after sale of a repossessed car when a Chapter 7 bankruptcy has been discharged?
There are attorneys who favor this line of thinking. It will ONLY to the LENDERS advantage for you to do so. Meaning ??? It CANT cost you any more NOT to sign it. The debt is only for X number of dollars. If they want you to sign, it means MONEY to them if you do. IF you do sign, it WILL be legal.
What can be done when a lender has not responded to the requests from a person whose car has been repossessed so the car can be retrieved?
Answer . Theres likely a REASON for it. Call a local attorney for state specific advice..
If you are trying to buy a specific car, you can contact the bankor whoever holds the lien on the vehicle for more information. Youmay also start online with a free directory search for banks andother financial institutions who are selling repossessed cars. There are also other alternatives. You ca…n go to either offline oronline public auctions. Even though these auctions are attended bya high number of car dealers, you can still find very good deals,particularly since you're buying for yourself ( not to resellafterwards ). Besides public auctions, you might also consider government carauctions. They're repossessed auctions where a government contractwas involved in the original purchase. They're pretty safeenvironments and you can save up to 90% or more by attending theright auction. Just find as many as you can in your area ( so thatyou increase your chances of finding one with few other bidders )and familiarize yourself with the local rules and codes. Beforebidding, always have the vehicle inspected by a mechanic and get avehic ( Full Answer )
\n. \n Answer \n. \n. \nYou contact the LENDER. Very simple.\n. \n Answer . Have the bank /lender fax the exact amount you need to pay and tell them you want the repo fees included in that number.
Contact the lender and make up all the past due payments plus the repossession fees. Answer: You can contact the lender, or you can contact the repossessing agency. If you contact the lender, they may allow you to make a payment arrangement. Your payments may be less or could be more than you beli…eve you owe. When the lender contracted the repossession agency, there were fees involved. These fees will be transfered to you. The lender, however, is in most cases not as aware of the fees as they should be; they are focused on the principle and interest of the original contract. If you move quickly, the repo agency has not billed the lender for these repossession fees. If the repossession company acted in a less than legal manner, you may not have to pay these fees. The most common offense is for the repo agents to make contact after 9:00 PM; this is a violation of the FDCPA (Fair Debt Collections Practices Act). If the repo agency violated any of the provisions of the Act, contact the lender and demand your vehicle be returned or you will file suit in federal court and list them as a defendant. They are as liable as the agency they contracted with, and the vehicle will have been "wrongfully repossessed." Keep in mind, the lender does not want the car; they only took the car to cover the past due amount. If they keep the car, you will still owe on the loan, and legal action is not far behind. ( Full Answer )
If a car is repossessed and sold at auction for less than the amount owed to the lender will filing bankruptcy discharge the remaining balance if it has been reduced to judgment?
It depends on the chapter. In either case, your remaining debt is now unsecured and a bankruptcy filing places the judgment on hold.. If it is Chapter 13, file a claim and you may receive a percentage of the bankruptcy estate, but not usually until near the end of the bankruptcy term (3-5 years).. … If it's a Chapter 7, again, it's an unsecured debt and highly unlikely that the debtor will sign a reaffirmation to pay you back.. If the bankruptcy gets dismissed (thrown out), your judgment is back in force, provided it has not expired. ( Full Answer )
Answer . You get into really good physical shape from all the walking.....\nno. Seriously, what generally happens is your vehicle will go to the repossession company's storage facility (unless the bank has told them otherwise) and you have a certain amount of time to pay the bank up to get it bac…k (I am not going to say how long you have because I don't know what state you are in. Most states give you 10 days but I don't know about where you are). If you fail to pay the bank up in that time, the vehicle gets remarketed. Be it by auction or private sale, again depends on your state. If the vehicle nets less than what you owed, it is called a deficiency and you are still liable for it. If it nets more than you owed, it is called a surplus and the bank owes you the difference. Again, it depends on your state. I would recommend you contact your state's attorney general's office to get the specific laws for your state. ( Full Answer )
Answer . 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. ( Full Answer )
Answer . \nYes, you can. My father did this. The thing is, you get a really high interest rate. You could try to have someone co-sign to get the interest rate down a little.. Answer . Yes but why would you want too??save your money and buy a used car outright.Then\nthere are no car payment…s or paying full coverage insurance.Think of the money\nyou will save. ( Full Answer )
After repossession the lender must send a letter telling you where the car is how much is owed on the car and where it can\d be redeemed. This letter must be sent within 5 day after the repo
Answer . \nContact your finance company. They will often give you the chance to get the car back if you pay up to date plus impound fees and usually some more towards your balance.
Can a car that a husband used as collateral to buy a van that was repossessed be seized by the lender if the car was awarded to the wife when the couple divorced?
Answer . You will have to take it up with the bank who repossessed the van. Since the car belongs to you, they should not be able to take it away from you. The laws may vary state-by-state. Talk to your divorce attorney to be sure you are protected.\n. \n. \n . \n Legally the vehicle could b…e seized if a deficiency remains after the repossessed van has been sold. This is possible because the transaction was made during the marriage and terms included in a divorce have no bearing on valid lending agreements. ( Full Answer )
Repo'ed car Contact the lender that had the lien against the car, and they will tell what steps need to be taken to get it back (i.e. making all overdue and/or current payments on the vehicle).
Can a dealership take back a car title from a lender and have the car repossessed if he is behind in payments even if arrangements have been made with the lender?
Huh? . This question is incomprehensible. Please use the discussion page to add as much background and explanation as you can, and maybe somebody can wordsmith the original question into something people can answer. You can use periods and commas on the discussion page.
\n. \n Repo Notify \n. \nTo my knowledge yes. However, you are notified once you sign that sales contract. Above all, you're the only one who knows whether or not you've missed payments and if you have, then it shouldn't be a huge surprise if you find your car gone one day.\n. \n. \n Mor…e Contributor Opinions \n. \n. \nIn the majority of US states prior notification is not required, but in a few states the lender must send the borrower a Right To Cure notice before recovering the vehicle. The notice will state how many days the borrower has to bring the loan current.\n. \nIn Wisconsin a vehicle may only be repossessed by means of a replevin order. ( Full Answer )
What should you do if the lender was rude to you when you tried to talk to them about your car payments and then they repossessed your car?
Answer . \nOh please! Are you saying he didn't speak to you with all the respect and concern you feel is deserved? And how much is deserved for someone who apparently asked for a loan, swore all over that you would pay it on time, exactly in a certain way, and even probably has mention of what… will happen if you don't, etc., and then you failed to do anything you promised. Probably (as it was then repossed quickly) not only without warning, but letting it go until it was desperate. All the while likely causing him tremendous effort and worry trying and recover some of his loss. Well, gee - maybe he was rude - no talk was needed - just payment...or were you trying to make excuses then and looking for another now? Consider...the honorable thing to do would be to pay this businessman for any damages you may have caused him - and then when you actually have done what you said...YOU say thank you to him. He doesn't owe you.\n. \nOtherwise, do whatever you think you should...but I'll bet that is feel it's OK to not pay or adhere to the agreement you made with him! You can really show him.... I guess you'll take your business elsewhere where it's appreciated and won't ask him for money again. ( Full Answer )
Answer . Not directly as a named lienholder would, but it depends on many things - mainly if the repossession reaped enough money to pay off the prior debt (which would include all late fees, interest, costs of collection, etc.). If not, the amount you would still owe may be turned into a claim… or lien against other things you own, or wages you earn, to get full recovery. ( Full Answer )
Yes, a vehicle is a secured debt and the lender can remain a lien holder even when the loan is charged off due to a default.. A "write/charge off" does not invalidate a debt nor does it relieve the borrower of the obligations of the original contract.. Ans . And more than that...you can expect th…at (as required) the lender will now send you a Form 1099-C, and report the amount they charged off as taxable income to you to the IRS. And hence, you will be paying taxes on it!. IMPORTANT CONCEPT: CHARGE OFF IS AN ACCOUNTING ENTRY BY THE ONE OWED, IT IS NOT FORGIVENESS OF DEBT.. Explanation Charge Offs & Forgiven Debt. Below is more than everything you ever wanted to know, but feel free to ask more or challenge any of my answer.. Lets limit this to business charging off a debt that is owed to them through some type of transaction. That includes the $ provided by a Cr Card co as a transaction, or the loan made on a car or such.. A charge off (or write off) is the accounting process where a business acknowledges a receivable (an asset) it believes is uncollectable effectively does not exist. It is taking the cost of not collecting that receivable as a charge against current earnings. Hence the companies net current earnings is lower than they would have been and subsequently, the amount of income taxes they pay is also lower. IMPORTANT: It does not mean the debt is forgiven, just that they can't collect it, or some portion of it. (See below). Many have asked why they should still pay because they think the Co gets a beenfit by making a charge off.. They had an increased expense, made less money, they pay less taxes. unlike Kramer on Seinfeld proudly proclaiming its fine with them (they just write it off"...the Post Office/stereo episode), it's fair to say given a choice the Co would have preferred to have made the less net income by increasing say, salaries, medical benefits, advertising, new machinery, etc. than essentially giving away their assets/earnings to someone else for nothing.. Taking a $100 sale on credit, the company shows the $100 as income on its income statement when the sale is made and, as no cash was received, reflects it by establishing a $100 asset (due from customer) on its balance sheet. If the transaction is completed, as the customer pays the balance sheet cash account is increased by the $100, and the due from customer account is decreased ? no income effect (as that was recognized with the original posting).. So, say a company sold $100 in year 1, reported the income (through the income statement) and paid taxes on it and establishes an asset for the receivable. Then in year 2 finds that customer isn?t going to pay, it will have a charge of -$100 in year 2 (reducing the balance sheet asset account, with offset to the income statement), effectively recovering the taxes it paid in year 1.. While this seems fair there are, not suprisingly, a number of accounting, especially IRS tax accounting rules, that complicate it and it is not unusual at all for a company to not receive a complete or timely benefit for all of its charge offs. The tax rules for when an asset can be charged off are stricter than accounting). And for there to really be any benefit, the company must actually be making enough money on a tax basis in all those years. It must have taxable income and a tax it would have had to pay. If it was already losing money, paying little or no tax, losing more doesn't get it more! But also at the State level where, the taxable income need is even greater, but another tax is frequently encountered. If that $100 also had say $6 sales tax collected and paid over to the State, the state makes recovering that $6 that was in reality never collected, very difficult, near impossible. (Note that the $6 is normally NOT part of the company's income or sales but a collection in trust for the State and paid over on behalf of the customer).. I think one would be hard pressed to call the above a benefit! The one not paying (who still owes and will forever owe the money), actually receives all the benefit, by basically enriching themselves through a theft. (Walking out and agreeing to pay, then not doing so is really very similar to simply walking out with out paying).. However, there is another consideration: What happens if the debt (or some portion) is forgiven?. Lets start with a basic tax concept: If you receive something of value (remember we?re talking in business, so from someone other than family), you have received a taxable income. (The one giving it rightfully has an expense). For example, remember the Oprah Winfrey thing where the audience got cars and then found out they owed taxes on the value of the cars. In fact, when Oprah stepped up to pay the tax for them, she had to actually pay more than the tax on the car, (called a gross up), as the money she gave them to pay the tax is also taxable.. Hand in hand with that, and the example above, if you get a loan, it is NOT taxable income. The money was exchanged for the equally valued promise to repay.. So taking the example above, if a buyer receives the $100 merchandise and gives $100 value for it, obviously nothing income taxable to the buyer. But in this case the buyer receives the $100 of value and say makes a deal in year 2 that if the $100 promise it gave is forgiven for a payment of $75 sent today (frequently offered with words like ??because it?s all I have and otherwise you ain't getting nothing?.?), then the $25 is considered a cancellation of indebtedness. COD income is taxable to the recipient. It isn't a loan/exchange of value anymore, it's a gift of value, and value, as in Oprah is taxable. While no one likes to pay tax, it is the correct outcome. The advantage is the debtor doesn't owe anything anymore?other than tax on the gift.. This COD is a very big issue in major corporation financial reorganizations. When these companies financially restructure (Chapter 11 Bankruptcy), and creditors, generally Bondholders, agree to take less than the bond was issued for?and we are talking billions of dollars here frequently, the company has COD income of the amount forgiven. ( Full Answer )
Answer . Yes, you made a financial pbligation by signing the documents for the sale of this car. So, they can legally repossess that vehicle.
After the sale of the vehicle if there is a difficency balance the lender can file a judgment for the difference. Depending on the jurisdiction of the judgment the process used to try to collect on the judgment varies. First you must determine what assets the person has if any, and then that will de…termine your course of action. If the person has no assets then you're just wasting time and money although they may obtain assets in the future. In some jurisdictions you must renew a lien or judgment every two years. ( Full Answer )
In most states, the lender will sell the car.. If they sell it for more than you owed, they keep the extra money.. If they sell it for less than you owed, they send you a bill for the difference.
Buy a bus pass. Or get ahold of your lender and see what they want to get the car back.
You can buy a car right after your car has been repossessed. Itwill however, depend on whether your credit is stable enough toqualify or if you have the cash to pay out of pocket.
It is not YOUR car if you have not fully paid for the car or, have not been making payments. You need to either catch up on the payments or return the vehicle soon. Driving it is not so much illegal as it is borrowing trouble. A repossession will save you from paying the total price of the car shoul…d it be ruined in an accident. ( Full Answer )
Technically, probably. Your loan contract usually requires you to keep the lender informed about any changes of address, among other things. If you have a history of late or missed payments, they would be especially concerned.
The biggest turn-off when buying Repossessed Car: As you already know, Repossessed Car Auction is a great way to buy your new car or other types of vehicle (boat repo auction, RV repo auction, ...); however, it seems almost too good to be true, because the price is very low. The catch lies in the… fact that Repossessed Cars were taken from their previous owners by the government, so they are basically used cars. Therefore, you must take all the steps necessary to find out about the history or the damages of the repossessed car yourself. Why you should still go for Repossessed Car: The easiest answer is: because it is very cheap. Normally, you can find one at as low as $200. Furthermore, even though repossessed cars have been used, they were taken away because their owners couldn't pay the bills, not because they were damaged or got into accidents. Thus, most of the times you will find very good repossessed cars that are perfectly normal and usable. Still, remember to check its history and VIN number! Also, remember to visit websites like www.vehicleshq.com to prepare your knowledge before going to a real repossessed car auction. ( Full Answer )
Repossessed cars can be purchased directly from Banks and Credit Unions. Many larger Banks and Credit Unions will simply send the vehicles off to "dealer only" auctions, but most of the smaller Banks and Credit Unions will offer these vehicles for sale on their websites to the general public. If you… view the "related links" section on this page there is a website which is a free repo finder tool that lists direct links to Credit Union repossession across America. You can browse local repossessions in your area and then contact the individual Banks and Credit Unions about purchasing the vehicles. ( Full Answer )
You owed more money than the car was worth and they wish to collect the balance.
Each lender will have different time periods they will allow before they send out an order for repossession, and their terms will usually be stated in the contract which you signed for your automobile loan. Technically, they could send out an order for repossession the moment you're declared delinqu…ent on a payment, but most will usually wait at least a month before they take this course of action. ( Full Answer )
Yes, you are entitled to get your belongings out of the vehicle, but you will need to check within your state's laws to see if a company can charge you for retrieving your items.
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 they're mounted already, you won't be allowed to, unless yousucessfully petition the lienholder to allow it.
If you're behind on your payments, the lienholder for the car certainly can. Other creditors probably can't, at least not without a court order. "Getting it out of towing" doesn't have much to do with it either way.