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A "repossession notice" is a civil matter. A police oficer cannot hold the vehicle for repossession. Unless, there has been a court proceeding and the judge has ordered the vehicle held if stopped. A repossession notice also cannot stop the registration of a vehicle.
After repossession, the lien holder or agent sends information on how to reclaim the vehicle; if the owner does not respond or cannot repay the outstanding debt, the agent removes all personal belongings and sells the vehicle at auction. You will then be liable for the difference in what it sells for and the balance on the loan plus repossession fees.
Pay the past due amount on the loan or pay the loan in full. In the event you are able to do this, it is a good idea to have the lender contact the repossession agency to cancel the repossession while you remain on hold. If you fail to do this, it could take several hours for them to notify the repossession agency, and your vehicle could still be taken.
im Missouri it is 10 days after repo, the title can be filed for repo by institution.
good luck hiding a vechile from the repo-man! they cantrack down a vehicle by using the vin number and plates. after they get a hold of the vehicle, you'll either go to jail or have to pay a really big fine
If you have signed the vehicle title over to them as security for the loan, or they hold some kind of legal paper giving them ownership, yes. If you don't pay back the loan, or fail to surrender the vehicle to them, legally the vehicle belongs to them. ----------------- No, it is a civil matter. They can repossess the vehicle, report as a default on your credit and sue you for defaulting on the contract. ------------------ READ YOUR LOAN CONTRACT! If you default, and then conceal the vehicle from them, or their repossession agents, you have "converted their asset to your own use" - which is the definition of larceny - which is a criminal offense.
You can receive a credit card for a small business by approaching your local bank or credit union. Chances are if you had the capital to start your business you also have the credit needed to receive a credit card.
Yes. That's why the credit union has possession of the title. If you used the car as collateral for a loan and default on the loan the lender will take possession of the car and sell it to offset what you owe on the loan.
You have two recourses: First, and not always effective, contact the lender and try to make arrangements to pay current with the stipulation that they will put the repossession on hold until you can pay current or break the arrangements. Second, file for bankruptcy. The automatic stay prevents the legal self-help repossession of a vehicle, and any vehicle that is secured by a lender while the stay is in place is in violation of the stay.
The lender regardless of status (corporation, bank, "buy here, pay here" private seller, etc simply needs to hold a valid lien against the vehicle and have the vehicle recovered by a licensed repossession agency. A few states require the borrower to be notified before a repossession is possible, in most states a vehicle can be recovered as soon as the contract is defaulted upon. Wisconsin is the only state that requires a lender to obtain a replevin order from the court before seizing a vehicle.
If a repo order goes out. The agent picks up the car and then you go and pay it off. Yes, then can still collect his fee from you or the bank because the agent did preformed their job. If the bank pays the bill they will just add it to the final pay off.
Take them to court. * It is possible they are within their legal rights to hold the vehicle and its contents if a replevin order or other court order is in effect. Often the lender's agent cannot release the vehicle until they are informed by the lender that all the reaffirmation documentation has been finalized including checks clearing, insurance confirmation and so forth.