If your car is repossessed and you want to get it back, you can contact the finance company and clear any outstanding payments. They may agree to return your vehicle to you if they have not already sold it but be warned that lenders try and sell repossessed vehicles as quickly as possible to try and recoup funds.
The finance companies often sell the repossessed vehicles at a car auction. Here they can be sold "as seen" and at a lower price than market value, thus they can be sold quickly. It is often possible to find out which auction your car is being sold at and you can get your repossessed vehicle back yourself by attending the car auction and bidding.
They usually are.
There is no transfer of ownership - the lie holder was always the one who had ownership of the vehicle.
Bank or loan company who repossessed it.
you usually do. it happened to my brother.
no you dont
Being in the military is not bar to repossession of a vehicle
Amount owed on vehicle- unless vehicle is damaged then they can auction to the highest bidder
Pay what you owe.
7 years after the account is settled.
If the car is repossessed then that means the bank owns it. So if they own it and they have it, then no you do not need to pay for insurance on it unless you plan on getting it back.
yes you would have to pay all the back payments and probably a fee.
The person or company that repossed it.
If your was repossed you need to call the car company and pay your car
easy, tow it down to his house and dump it THERE!
Yes, a finance company or a bank is required to send the vehicle to an auction to dispose of it.
You need to be asking the lender this question. They can tell you exactly what to do to get your car back.
Yes and No... Once the vehicle is repossed you are afforded an opportunity to pay what you owe and retrieve your car... If you dont meet the requirements to satisfy the lien holder, the vehicle will go to auction. After the auction whatever is owed on the remaining balance is is the responsibility of the loan holder & or co-signer.
When your vehicle is in the process of being repossessed, the bank is starting the process of taking back ownership. If you have not maintained continuous insurance coverage on your vehicle, chances are the bank will force place insurance which will add to your loan balance. If you are anticipating repossession, keep insurance on the vehicle until the vehicle is claimed. If you intend to discuss payment arrangements to get your vehicle back, you must keep insurance prove you are financially responsible. If you do not intend to get the vehicle back you can cancel your auto insurance after the vehicle is no longer yours. When the bank takes possession, you no longer have a financial interest in the car. Notify the DMV before cancelling the insurance that you are no longer the registered owner of the car to prevent fines for no insurance with the state.
In Chicago, IL if your car is repossed by the dealer do you still have to pay back the money for the car?
did you mean resource? The lender has authorization called lean to hold your property after a loan debt.
Contact the repossessing agency and make an appointment. Make certain you get the address of the storage lot, and directions if you are unfamiliar with its location. If the vehicle was transported out of state, demand the immediate return of your property by the agency.
Probably. Anytime a vehicle is towed or repossed the person(s) who take the vehicle are responsible for taking necessary precautions for securing it and the contents. In the majority of cases this would be an issue for small claims court. In which the owner would have to present proof that the articles were in the vehicle and the value.
TO ANSWER YOUR QUESTION WHEN A CAR GETS REPOSESSED AND GETS RETURNED TO THE ORIGINAL OWNER ANYTHING AND EVERYTHING IN THE CAR IS LEGALLY GOING TO BE TRANSFERRED TO THE ORIGINAL OWNER OF THE CAR
When a vehicle is repossessed, it is usually put up for auction. If the monies recovered from the auction is not enough to cover the outstanding balance on the loan, the person the vehicle was repossessed from is expected to pay the difference. It's a bummer, but that's how it goes.