0
As soon as you are in default. You can always call your creditor and make them aware of your situation. The more you keep them in contact and let them know whats going on the better off you will be. They may offer to defer a couple of payments for you, instead of going through all that.
Wiki User
∙ 15y ago
Add your answer:
Earn +20 pts
If a repo company comes to get your car can they still take your car if you pay the amount owed before they have a chance to get the car?
as long as you are in DEFAULT of the contract, they can repo the car. Dont forget the time element involved between you paying up and the repo co. being notified that you did pay. Have your reciept ready to show the repopeople that you DID pay and WHEN.
Can your lender place liens or judgments on your credit for the balance owed if you do a voluntary repo?
IF they follow the laws of your state, YES. A repo is a repo is a repo. they may also be able(and more likely if you have a job)to garnish your wages. NEGOTIATE with them, they would much rather have money than the car. TRY to sell the car. Good Luck
If your car get repo do you have to pay the balance off?
They repo your car and sell it at auction or sometimes to a good buddy. What they sell it for is deducted from your debt but they add back the cost of the repo and selling at auction. Now - If they think the amount still owed is worth going after you and your assets -then they can go to court for a judgement. If you can't hang on to it ask them to take it back before they spend the money to repo it.
Is your home exempt for collection in a car repo?
NO, THEY CAN PUT A LIEN ON YOUR HOME OR GARNISH WAGES IF YOU DO NOT PAY THE BALANCE OWED.
Does a repo man hurt your car It was a front wheel drive and he pulled it alond ways down the road?
No, a repo company won't hurt your car. All they will do is take it until you make the necessary payment that is owed.
Can they repo a leased car 2 months before the end of the contract with payment schedule in place?
READ your lease. The lender can repo as long as you are in DEFAULT. As long as there is money owed on a contract, the collateral can be repossessed IF the contract is in default. Subject to some state guidelines.
What is the legal course that must be followed by a lender repossessing a car?
After repossession the lender must send a letter telling you where the car is how much is owed on the car and where it can\d be redeemed. This letter must be sent within 5 day after the repo
Is a lender still interested in a vehicle that is down to the last 6 payments after paying on it for 5 yrs?
Look at it from the lenders viewpoint. They can repo a car with 1500.00 owed that might sell for 2500.00 from you. OR, they can repo a car from Joe Doe with 35000.00 owed that might sell for 23000.00. Which would you repo first? The one you lose money(Joe Doe) on oe the one you break even on (you)??
Can your paycheck be garnished from a repossessed vehicle?
Yes. If the car's value at repo was under what you owed they can get the difference, court costs and interest.
When repo man hits another car when repossesion a vehicle?
when repo man repossess the car and was in an accident before you can get it back, what happens
You had a car repo 8 yrs ago that your exhusband cosigned for and they just now are wanting the money is he equally responsible for what you owe on it or just you we divorced 2 years before your repo?
You are both equally responsible for the money owed on the car because it is on both of your credit reports; cosigning makes both people responsible for the payments.
Can the bank repo a car with a clear title?
No, if you own the car outright and there is no lien against it, no one can repo the car under normal circumstances. The only reason I could think of would be if you owed the bank money and they sued you, and the court made you put the car up as collateral.
