Repossession
Personal Finance

How long can they try to collect money from a repossessed car?

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2015-07-16 19:23:02
2015-07-16 19:23:02

Until the Statute of Limitations tolls on the judgement.

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As long as you owe them money they can take it.

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The lienholder has an option to repossess when you become deficient on your payments for as long as you owe money on that vehicle. If you skip your last payment, that car can be repossessed.

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not if you still owe money on it

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You do not owe money for a car if it has been repossessed, so your wages can't be garnished for that reason.

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It depends on which state you live in really. I lived in Louisiana and my car was in my mothers name she decided not to pay and it was repossessed well 11 years later they contacted me again and requested the money for the car. But that was in 1994.

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get it back?? prolly, depends on your payment record,ect. They really dont want the car, they want the MONEY. How long?? a day or two

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As soon as the lender sells the car, they will know what the balance due is. Then they will come after the money. You will know when that happens.

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If you have had a car repossessed, you have not kept up with the payments. You probably still owe money on the repossessed car. In these circumstances, the fact is that you can not afford to purchase another car and would not be able to obtain the finance to do so.

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On the surface, no. As long as you have not defaulted on the loan contract, there is no reason for repossession. The lender wants your money, not your car.

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It will be auctioned off and the bank will want to collect the difference of what it sold for and what your loan was.

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The car isn't damaged, the debtor's credit rating is. There is no permanent record of the car as a repossessed vehicle like there is for a salvaged title.

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If it is repossessed, you will owe the difference between the loan amount and what they sell the vehicle for.

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The one who BORROWED the money and/or the on who COSIGNED the loan.

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Yes, it can be repossessed. If you owe money on a vehicle and do not have a clear title of the car - In reality, this car is not yours until the debt is paid. The car is collateral until your pay the loan off. If the car was repossessed, the personal contents like the car seat must be given back to you.

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No. They can repossess their collateral (the car which was repossessed), and they can send a collection agency to hound you for money, but they can't confiscate your property.

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It depends on the reasons the car was repossessed and what the local laws are. If the car is being held as evidence or to be processed for evidence, it can be held as long as it is needed.

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if i get my car repossessed, can they put a llien on the house?

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Your car was probably repossessed by the lender who owns the car until you pay for it. Call your lender and they will be able to tell you how to locate your repossessed car.

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No, a car can not be repossessed due to having no registration. A car can be repossessed for non payment. The police can have a car towed to an impound lot if there is no registration.

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No, but your car can be repossessed if you don't make the payments.

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Buying a repossessed car today can be a great way to save money, but be careful to inspect the car to be sure there are no hidden problems since they are typically sold "as is". Some dealers specialize in repossessed cars and you can also find them at a local auction.

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Yes, there are some instances that a person can get a repossessed car back in the state of Iowa. If the person pays all the money owed plus a repo fee, the car may be returned.

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To determine how long one will have to be delinquent on a loan before a car is repossessed depends entirely on where the loan was taken from. Different places allow different payback requirements.

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If you still owe money, it may be repossessed at any time.


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