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Answered 2006-08-25 11:58:19

First of all you call the repo company. After that keep trying to call the bank. As long as they don't sell the car you can still get it back by paying the reinstatement amount. * A repossession agent/agency is contracted by the lender, they have no authority to release a vehicle unless the lender orders them to. The lender has no legal obligation to reaffirm the vehicle loan or make any other financial arrangements for the person to recover the vehicle unless state laws allow a time limit for redemption or other applicable remedies.

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Does a creditor have to notify you if repossing a car?

In some states yes. In some state the lender is not required to give any notice at all before or after. In some states, the lender is only required to give you notice after the vehicle has been repossessed.

If your truck is repossessed can you still be sued?

When a vehicle is repossessed by the lender it is sold at a public auction for as near the fair market value as is possible. The amount the vehicle is sold for is deducted from the balance of the loan and the borrower is responsible for the repayment of that amount plus any interest and additional fees. If the borrower is unable to make a payment agreement with the lender, the lender does have the option of suing for the amount owed and legal costs. It isn't possible to give a definite answer on if the lender will or will not sue the borrower for the debt.

What personal information can your lender legally require in order for me to get your repossessed vehicle back?

No more than they asked on the application when they loaned you the money. Name, current address, current pH #. SSN, ect. the usual. What are they asking for that you cant give?? Ins, info??

If your car is repossessed for being three payments behind can the bank refuse to give the vehicle back if you pay the repo fee and catch up your payments?

Read the contract again. What part of it are you in DEFAULT on? There is a clause in most contracts that says the lender can accelerate the balance due for a number of reasons.

Does having the title to a repossessed truck give you any legal rights?

NO, the truck probably has been sold already and the lender got a repossessed title to sell it with. Of course they do make mistakes. LOL

When your car gets repossessed are you able to get your tag back and can you get something from them that says it has been repossessed?

You are allowed to set up a time with the tow company that retrieved your vehicle to get any personal items of yours out of it, that does not include installed stereos or custom wheels. As for the notice, you will need to speak with your finance company, they will usually offer to give you back the vehicle if you can pay what is delinquent.

How do you voluntarily let your car be repossessed?

You need to give the car to the lender - if they are too far away then you need to call them and tell them where it is and ask them how they want to get it.

How do you get your car back from repo and how long do you have to get it back?

If a vehicle has been legally repossessed, then the bank has absolutely no obligation to give it back to you. Ever. But many banks will work with you in rder to get the loan repaid, but from a legal standpoint the bank has ownership at that point.

If the bank never repossessed your car and you gave to your landlord for back rent then your wages were garnished after it's paid off can you get possession of your car back?

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.

When will your car repo balance get wiped out?

The balance remaining after a repossession will remain due for a minimum of seven years after the vehicle was repossessed or ten years in the event of a judgment. Also in the event of a judgment, an additional ten years can be requested by the lender. Here is another secenario: the vehicle is repossessed and the debtor refuses to pay. The lender can opt to seek a judgment for the outstanding balance, or the lender can wait for 6 years, 11 months before doing so. This in essence give the lender 17 years to collect the debt. Now say the debtore continues to refuse to pay; the lender can then seek that ten year extension, given them 27 years to collect. In addition to the unpaid balance, the lender can add on repossession fees, collection fees, court costs, and legal fees, and in some states simple interest. That $1000.00 you owed when the vehicle was repossessed can quickly turn into $20,000.00 or more. The lender is not going to sit by and let that remain uncollected. Once the judgment is obtained, the rules for collecting change as well. With the judgment, the lender can attach your bank accounts, garnish your wages, place liens on other property, petition the court for forced sale of other property, and attach your income tax returns.

Can a finance company check references for a repo car?

Any information you give the lender or the lender obtains in the attempts to recover the vehicle by repossession is legal to use for that purpose.

How do you give back a vehicle?

You return it.

If you can not keep up the payments on your vehicle and it gets repossessed what will happen to you?

The car will be sold at auction and bring a relatively little amount of money that will be applied toward the amount owed on the car. After reducing the amount owed by the sales proceeds, the lender will sue you for the balance. Most likely, if you cannot come to a settlement, the lender will get a judgment against you for the amount owed plus costs. This will give the lender the ability to garnish wages or seize assets. Your credit standing will be hurt and you may never get another car loan again unless you prove that you can handle the payments. There won't be any criminal consequences at all. One thing to try before it gets repossessed is ask for some time to sell the car privately, then give that money to the lender. You will get more money and reduce your debt more than by letting the lender auction it off.

Can you recover personal property if your vehicle was repossessed and the lender said they would give you two weeks but sold it after 10 days?

If you read the letter that the lender sends you within 5-7 days your answer should be there. There is a date that is stated when your car will go through the process of sold or auctioned if you don't reinstate! Sounds like they gave you 10 days instead of business days but.... did you read the date?!

What if a vehicle payment is not missed and the owner repossess it?

If you have never been delinquent or defaulted on your vehicle loan, and it is repossessed, it may have been wrongfully repossessed. It must be returned to you, at no cost to you, ASAP. It is not uncommon for this to occur. So many similar and like vehicles are out there and VIN numbers can be so close that confusion occurs. More often than not it is a simple mistake. Go ahead and ask the lender for a concession due to the inconvience it has caused you. They may give you nothing, but if you are friendly and understanding, they very well may.

How much time does the creditee have to give back the vehicle after a bankruptcy court grants a Release Of Motion To Stay?

That's the decision of the lender. The lender can take repossesion of the vehicle immediately. Sometimes a lender and borrower can come to an agreement to make up any missed payments and adjust payments so the car can be kept. The BK court does not usually take action involving secured debts. Unless there is a forced sale of such property.

Which states require the lienholder to give notification before repossessing a vehicle?

There are 7 states that require the lender to notify the borrower that the lender is asserting their "right to cure". Connecticut, Iowa, Kansas, Maine, Massachusetts,South Carolina and West Virginia. Wisconsin requires the lender to obtain a replevin order before the vehicle can be recovered.

Can you sell a vehicle that is about to be repossessed so you can pay off the lien?

YES, IF-IF-IF you can pay the loan off. The lender will have to be involved in the sale to get the paperwork done.Lenders will NOT release the title until the loan is paid in full. Dont get yourself in a mess trying to do it alone. Find out from the lender what the payoff is and then make sure you have that amount ready to give the lender when you complete the sale. Good Luck What if creditors already are looking for it/reposession order already out for it? Can this still be done? Likely the only way to do it is CALL the lender, get the payoff and get that amount to them NOW.They want the money more than the car.....

If your car was wrecked then repossessed can you use the insurance check to fix the truck or do you have to give it to the finance company?

Most likely the check will be made out to you AND the LENDER. The insurance check will most likely have the lender name on the check. therefore, the lender will either use the check for the original intent, to have the repairs made, or keep the check and salvage the vehicle holding you responsible for any shortage in the original loan value. by the same token you should be refunded any money if the check exceed the balance of the outstanding loan.

How much time must pass before your car is repossessed?

It can be one day, but usually 30 days at least. Best thing to do is stay in contact with lender and they are most likely to give you time

Your car was seized on a judgment now your lender wants to repossess it from the sheriff and give it back to me can that happen?


How long do they have to reposes your vehicle when you file for bankruptcy?

If your Statement of Intention (in a chapter 7) says you intend to surrender the vehicle, you should offer the keys or the vehicle with the keys to the lender or tell the lender when and where to pick the vehicle up. You may want to send a certified return receipt letter to the lender with this same information. Your state laws may give the creditor a definite period of time to respond or the claim will be deemed abandoned. Consult your bankruptcy lawyer.

If car title does not list lien holder can they repossess car?

Technically, no. The lien must be perfected, that is the security interest must be recorded with the state DMV. It is rather common that this does not occur, and several things can happen. To avoid the worst: First, contact the DMV and get a copy of the clear title. Next, contact the lender and notify them that they have wrongfully repossessed your vehicle. Demand it's immediate return. Contact the repossession company as well and notify them of this. Finally, and quickly, once you receive your vehicle back, pay the past due balance and the outstanding balance if possible, as quickly as possible. Failing to do this all quickly will give the lender time to perfect the lien, and your car will be lost. At minimum, you will be at the mercy of the lender again.

Can you convince the lender to give the car back and get back on the payment plan after repossession?

I cant, you might can IF you pay current. The lender wants their money, on time, blah blah blah. SOS different day, LOL Yes, they have to give your car back if you pay the reinstatement ammount, in other words all the payments and fees you owe to make the loan current... the only exception will be if they have a reason to believe that you hide your vehicle to avoid that case they have the right to refuse the monthly payments, and they will ask for the full payoff amount to give your car back, if they have not sold it yet...

Is the lender or repossessor required to notify the borrower before taking the vehicle?

It isn't needed for them to inform you. It depends on the Repo company really. Your loan bank, or "lender" pays to have your car repossessed, gives you a chance to buy it back for the either the amount that you owe (plus maybe a delinquency fee), otherwise the lender will give it to a dealership to sell it. If it doesn't sell at the dealership, the dealership CAN give it back to the lending bank, in which case they will put it up for auction somewhere. So, they SHOULD notify you, but they CAN just take your car and wait for YOU to contact THEM to pay your amount before the try to get their money back for the car they paid for. But if you have some Jerk company the might not notify you and just try to sell the car immediatly. Sorry, about your situation, but I hope that helped. I hope you didnt owe taxes because that is a whole other story! -NeoMikeTx