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The collection agency typically does not report to the credit bureaus, the original lender does. Lenders report to the bureaus, collection agencies collect on delinquent debt.
Under Texas law, a vehicle may be repossessed even if payment was only late for 10 days. This means that is payment was due on the first day of the month, and payment has not been settled on the tenth, then, vehicle will be repossessed on the eleventh.
You are entitled to any property that is not physically attached to the vehicle. In many states, you may remove after market speakers you have installed, provided doing so causes no damage to the vehicle. You will be given only thirty days to recover private property after the vehicle is repossessed.
If it has been repossessed the lender will usually stop all collection activities until the vehicle is disposed of through sale. It is unusual but the lender could decide to keep the vehicle but should they do that than they waive their right to a deficiency.
That is not possible to recover money that has been invested into a car that has been repossessed. Usually there is a 10 day grace period to recover personal possessions from within the vehicle. If you want to recover money invested into the auto, try to get the vehicle back from the bank. Good luck!
A disabled person's vehicle can be repossessed just as any other person's vehicle can be repossessed. You must make all payments on your vehicle if you want to keep it.
YES, you should get a notice from the lender outlining what ya need to do.
It depends on you locatily, but in general, yes, if you are behind on your payment, your vehicle can be repossessed.
A vehicle is a secured debt, therefore bankruptcy action would not reverse the repossession. Bankruptcy only places a temporary halt to repossession or foreclosure of secured property. The only option available to the borrower to recover a repossessed vehicle is to reaffirm the lending agreement or make some other type of settlement with the lender.
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.
A car that is actually YOURS cannot be repossessed, as it's paid off. If you have a vehicle being repossessed, they're able to do this because it's actually the finance company which owns that vehicle and possesses their title. A recovery agent can, on behalf of the lienholder, go onto private property in order to recover the lienholder's property - with limitations. They cannot cross a locked gate, and they cannot enter a locked building.
by paying the bill or rebuy it at an aucton