If a car that is to be repossessed in Missouri has a mechanics lien on it what can happen to the person who was supposed to be buying the car?
You don't have clear title to it so don't buy it till this mess is cleared up otherwise your money will be lost.
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Here is a variety of advice: . If I were you I would check out your county for repossessions to be sold they generally sale for 2/3 of the loan value. . I would NOT buy a car that has been repoed. Simple logic tells me that the driver was NOT doing ANY repairs or even oil changes, before it got …pulled away. In my years of experience doing vehicle repos, (yes I do know what I am talking about here) the number of outright clunkers was higher than 75 percent. . Junk on wheels is what we used to call them. Run to death and barely able to be driven. Buyer beware is what I say . . What if my truck worth 15k is repoed because I quit paying on the 20k loan. Then I buy it at auction because I know I took care of it? Heck, I could even dirty it up inside a little first so it will auction for less. . It won't work. If it was repo'd by a buy-here-pay-here lot, they'll put it back on the lot and certainly aren't going to deal with you. If it was taken by a bank or manufacturer's finance company, it is going to a wholesale auction where you need a dealer's license to bid. Some smaller credit unions or finance companies will sell their repo's in their parking lot, but that's just like the BHPH place - they aren't going to talk to you. Besides, you STILL OWE the difference between the loan (plus repo fees) and what it brings. It's cheaper to make your payments. . It's fine to buy a repo car if you take someone with you who knows a bit about cars. Where repo cars are sold is different from place to place. Try Googling your city and car auctions or else looking up auctions in the phone book. . Call your local Credit Unions and ask them if they have any vehicles for sale. Most of them do these days. These are high quality cars for good prices and you are buying from a reliable source. Credit Unions will also give you good financing terms to get the cars off of their books. You could search online or just open the phone book and start calling. ( Full Answer )
You are responsible for the entire amount that you owe them - (minus) the amount they get for selling it, which won't be much with $6k in damages. They will report it on your credit, possibly try to get a judgment against you so they can garnish your wages or lien your property (these laws vary by s…tate) but most likely they will just report it on your credit once as a repo, then as a charge off for the amount left. If the car is that badly damaged the lender will refuse to take the car.They will still come after you for the money owed.In your contract it will state any damage to the vehicle that was caused by you, that you will be responsible for the repairs that the lender has made. Plus the balance and all fees accured.If you were to file bankruptcy these debts will be wiped out and the lender eats the repair bill along with the rest. That is the reason lenders will not take back a damaged vehicle. ( Full Answer )
%DETAILS% Yes a private person can have a car repo'd but if the car was stolen like you stated then you must report this to your local police and let the piece of trash that stole it go to jail. Yes, you can have a car repoed. BUT if its been 'stolen" as you posted, wouldn't that be putting a rep…oman in danger ???That's why very few repo cos. do "private party repos." few people take the time to get the paperwork right, ect. Then they want it done for almost nothing. Its best to leave the "stolen" cars to the cops and the financing to the lenders. ( Full Answer )
%DETAILS%%FOLLOWUPS% The same thing happens as if you lived across the street from the lender. They notify you by mail what is going to happen(court,auction,ect) and if you dont respond they proceed. No biggie. Not to my knowledge. Search in your browser for "vise + revoke".
%DETAILS% Paul, as long as there is a lien on the car, it CAN be repossessed. It is up to the lender whether they want to repo or not. Some will, some wont. Your lender can seel the loan to another co. at a discount and the new lender could decide to repo. Good Luck YES THEY CAN...But do they??? It… depends. There are situations when a person buys a brand new car and does not maintain it properly. Or the car begins to wear a couple yeasr into the agreement. There are situations where a person falls behind on payments because of hard times and certainly cant pay a car loan. Also they cant afford the maintainence on the car so the car breaks down bit by bit to the point its barely driveable or looks very little like the brand new car it was several years ago. The repo people follow this guy and go to repossess the car and they look at it and call the finance company that hired them. The finance company decides they dont want the car...its in such bad shape...they just want the money. Therefore in some instances they choose not to take the car. That happened to me back in the late 90's. In 1995 I bought a brand new 95 Hyundai Exel with AC, CD, Cassette, Power Windows, Auto Trans, etc for 7500 dollars. I pail 2000 in cash and financed 5500 dollars. My payments were 135 a month for 5 years. I paid on time and sometimes a few weeks late all along. Once I hit 30 days past due and the phone rang 10 times a day it seemed. I paid up. Then in June of 1998 I lost my full time job. I had a part time job still and could only find another part time job quickly. With 2 part time jobs I was unable to make ends meet. Plus my live in girlfriend who made over 75000 a year broke up with me and moved out after 4 years. So from May till December I made no car payments in 1998. My long distance phone service was disconnected. I was only having to pay 15 a month for local service. I got food stamps and free electric through public assistance and my church. Plus they also helped pay my rent. My credit cards were insured so I did not have that monthly debt but the intrest accrued on them. I just refused to answer my phone when it rang and Unavailable appeared on my ID. In January I got a new job making the 30000 dollars a year I made at the job I lost. I then contacted Hyundai and they stated the entire 2000 dollar balance was due. I arranged to pay 150 a month till it was paid off. They then asked if I made repairs to my car. I said NO I did not have money yet. They stated they went to repossess the car but chose not to because of the moderate body damage, bald tires, cracked windshield, broken headlights, and when they followed me to my home they noticed smoke coming out of my muffler and loud noises and failed inspection sticker. They stated for 150 a month they would not repossess the car as long as I kept paying even if I restored the car. I did fix the brakes, muffler, lights, windshield, air conditioner for about 1200 dollars totally a month later. I kept making payments until the loan was paid off in the Fall of 2000. By 2001 they removed the default on my 3 credit reports. In 2002 I bought another Hyundai this time an Elantra for 10000 with 200 dollar monthly payments. So far I have kept them up. Still in my personal experience they did not repossess the car due to the poor condition it was in. They found that they could get no money for selling it I guess. ( Full Answer )
GEORGIA: Simple answer is YES. Does that mean legally? Not necessarily. I just came into this predicament 4 days ago. When I tried to file a stolen vehicle report, the 911 dispatcher told me the vehicle was repo'd and I needed to contact my lien holder. I DONT HAVE A LIEN HOLDER. PAID off Oct 2008; …it's Feb 2009. The only thing Law Enforcement tells me is to "take it up with my lien holder" even after I show them the Title in MY name ONLY and ZERO lien holders. I showed them the certificate the lien holder sent me which was STAMP, SIGNED, DATED by the lien holder under RELEASE OF LIEN. A few other documents too but all I ever got from the Police Dept was "take it up with your lien holder." Anyways, the Lien Holder will NOT answer my phone calls or call me back. 3 days after starting my vacation coming home from Iraq and my vehicle is repo'd. From Oct 2008 until now Feb 2009, NEVER was any sort of notice sent to my house. My credit report even says PAID SATISFACTORILY Oct 2008. Since NO ONE is willing to help me at the lowest level, I have been forced to take this to an attorney. We shall see how this goes. This could have all been resolved the morning they repo'd my car. One more thing, the Police Dept states this is a CIVIL matter not a CRIMINAL matter. That is why they will not get involved and that is why they just say "take it up with your lien holder." So I asked the Officer, "So if you sir paid off your car today. 5 years down the road, the lien holder who released the vehicle to you 5 years ago and has had no affiliation with you for the past 5 years, can just "repossession" YOUR vehicle which has belonged to them for 5 years? How is that NOT a criminal matter?" The officer just kind of looked at me. Did you apply for the title yourself? If so, the DMV would have told you when you applied that there was a lien. 96% chance your title is good. If you're still in doubt, go to the DMV and asl them to check it. Sounds like the guy that gave it to you might be wanting it back for whatever reason. You're NOT gonna like my answer. You know if you've paid for the car or not. If you have not paid the dealer for the car, GO BACK and straighten it out. DO whats right. Do you need an attorney?? You would need two attorneys if I was the dealer... make the right decision. My father sold a car to this man one time and the man said that he needed the tile for something so he signed the title over with money still owed on the car. The man refused to pay the money he owed, my dad hired a lawyer and took the man to court, the judge dismissed the case and said that there was nothing that could be done because the tile was in taht man's name and their was no lien on it. The judge said that it was jsut my fathers word against his on whether or not money was paid. If a title is in your possession and it has NO liens on it, then the car is lawfully yours. you can go to the DMV and have it transferred to your name. it's not your fault the dealer gave you a title without protecting themselves by indicating that there was a lien on the car. all you have to do is take the title and the applicable fees to the DMV and have it switched over to your name. A judge cannot determine one way or the other if the car was paid for in full...the company could be lying about the payments received, and so could you. looks like you got yourself a car. Obviously one of the more thought provoking Qs: If the title your addressing is in your name, without any liens, then no --- nobody can reposses it. If it is someone elses name and they have only given you possession, (which is what happens in contracts for sale, which is what "we tote your note" place use), then they can repossess it. And let me add....as an asset, if another creditor has been given the right to seize your assets, they too could take it. And especially if it doesn't have any other liens, may actually do so. (This would not actually be a repossession as much as a seizure...like if they seized your bank account). ( Full Answer )
%DETAILS%. Answer . South Dakota\nTITLE STATE: Yes\nSECURITY INTERESTS: Shown on title held by debtor.\nLICENSE REGISTRATION: South Dakota Motor Vehicles, 118 W. Capital Avenue, Pierre, South Dakota 57501-2080. Tel.:(605)773-3541.\nRECOVERY REQUIREMENT: As per UCC, repossession allowed without c…ommitting a breach of the peace.\n. \nPLATES: Remain with the vehicle.\nPP??? YES, call the LENDER to arrange this.\non your property??? yes\nex??? you cooked it, you eat it.LOL. ( Full Answer )
Dont know aht state you're in so i don't know if it has the usual laws. In MOST states, the mechanics lien is on THE CAR, not the owner. Of course, the owner will have to pay the bill if they want the car. Soooo....
The only one who can "repossess" IS one who has a lein. NO Lein, NO repo. No Lein, NO CO-SIGNOR.
%REPLIES%. Answer . It all depends on the repo, co. Most are privately owned and when the car is repossessed the owner of the car contacts the local police to report the car missing and the police will have a report of the car being repossessed and will let the owner know who to contact(repo co.…), The repo company will usually give a certain amount of time for the owner to contact them for their belongings, after that time all items are forfeited. It would be best to contact your finance company and make arrangements for the return of the car, since they sent the repo contract order out for the vehicle.. Answer . All the "items" are inventoried and stored until the debtor comes to redeem them OR the legal time limit(usually 60 days) to hold them is gone. Then they are usually thrown away or donated to charity.\nThere is not a big market for used clothes, McD cups, beer cans, prepaid phone cards, casino cards,chikin bones,ect.. ( Full Answer )
If you are trying to buy a specific car, you can contact the bankor whoever holds the lien on the vehicle for more information. Youmay also start online with a free directory search for banks andother financial institutions who are selling repossessed cars. There are also other alternatives. You ca…n go to either offline oronline public auctions. Even though these auctions are attended bya high number of car dealers, you can still find very good deals,particularly since you're buying for yourself ( not to resellafterwards ). Besides public auctions, you might also consider government carauctions. They're repossessed auctions where a government contractwas involved in the original purchase. They're pretty safeenvironments and you can save up to 90% or more by attending theright auction. Just find as many as you can in your area ( so thatyou increase your chances of finding one with few other bidders )and familiarize yourself with the local rules and codes. Beforebidding, always have the vehicle inspected by a mechanic and get avehic ( Full Answer )
Answer . \nUnless you contact the bank and work out a solution, they will sell the car. You will then be liable for the difference in what the car sells for and the balance on the note.
Answer . \nYour credit is damaged. You are then responsible for the difference in what the lender sells the car for and the balance on the note. It cost you in more ways than one. Don;t let it happen to you. The lender does not want to repo the car. Work out something with them.
If a mechanic has a mechanics lien on your car will this prevent the finance company from repossessing your car or prevent you from voluntarily having car repossessed?
Answer . No, what will happen is this: the finance company will pay off the mechanics lien (usually) and tack that on your loan balance, it would be considered a repo fee.
Answer . You get into really good physical shape from all the walking.....\nno. Seriously, what generally happens is your vehicle will go to the repossession company's storage facility (unless the bank has told them otherwise) and you have a certain amount of time to pay the bank up to get it bac…k (I am not going to say how long you have because I don't know what state you are in. Most states give you 10 days but I don't know about where you are). If you fail to pay the bank up in that time, the vehicle gets remarketed. Be it by auction or private sale, again depends on your state. If the vehicle nets less than what you owed, it is called a deficiency and you are still liable for it. If it nets more than you owed, it is called a surplus and the bank owes you the difference. Again, it depends on your state. I would recommend you contact your state's attorney general's office to get the specific laws for your state. ( Full Answer )
Answer . \nYes, you can. My father did this. The thing is, you get a really high interest rate. You could try to have someone co-sign to get the interest rate down a little.. Answer . Yes but why would you want too??save your money and buy a used car outright.Then\nthere are no car payment…s or paying full coverage insurance.Think of the money\nyou will save. ( Full Answer )
Answer Pay off the lien holder and they wil sign a relase, putting the vehicle in the free and clear. It depends on the type of lien. Lender's lien or mechanics lien. autolienservice.com
Answer . It will be auctioned off and the bank will want to collect the difference of what it sold for and what your loan was.
You might be able to get a personal loan after a car repossession.However, you would get the loan at a very high interest rate onethe repossession is on your credit report.
Answer . If you signed promissory note using the car as security, then yes, they can repossess your car.\n. \nYou need to ask to see the promissory note that "they" have, if you didn't sign a loan using the \ncar as security --Verify that it is your signature and if it is, then you need to prov…e you have made the payments. Gather all your cancelled checks or all your bank statements that show the car payment went thru \nevery month for the same amount, at the same time.\n. \nWork with these people--if the loan is yours own up to it and make it good before the car is repossessed as\nthis will show up on your credit. This repo will haunt you for a long time especially when you need to get\na car loan.\nGood Luck! ( Full Answer )
You do not want your car repossessed for any reason! it will ruin your credit, you will still have to pay for it once it sells for less than what you owe at auction, and eventually a repossession catches up to you! What you can do to save your car is contact *CAR HELP USA* tHIS company will lower …car payments, lower interest rates, get you current with your auto loan, stop repossession, refinance, and save your car! You will need to act quickly as a volunrarily repossession does not answer ANYTHING! ( Full Answer )
Answer . \nOnce it is repossessed, you are ll done with the car and any issues arising from it. Your credit score will take a hit, but that does not mean you can never get anything else on credit. It does mean that your interest rates on a new or used car will be much higher than they normally w…ould be, so forget about ever getting a zero percent deal on than new mercedes!\n. \nThe car will go to auction and the "owner" of the loan will get what they can for it. You MIGHT get a letter from them telling you what the car sold for BUT that does NOT mean that you are to pay the balance between what you owed and what it auctioned for. Nor are you to pay any towing fees. You are all done with that car and that loan forever.\nPhil ( Full Answer )
Answer . The claims check should be made payable to you and the bank or you and the body shop if you are filing against your own insurance. This is done to protect the bank. Usually you can ask for your preference of being made payable to you and thebank or you and the body shop. If you are fi…ling against the other drivers insurance company they usually make it straight to you. This is how it is done in Georgia... Also ask about diminished value. You may be eligible for an addtional amount of coverage... ( Full Answer )
One of two things can happen after the car is repoed. 1. You redeem it by paying the past due and towing fees or 2. You let the lender sell or auction off the car. If the selling price is enough to pay off the loan, then good..your credit it will show the account as a repo with no balance. If the… selling price wasn't enough, then the deficiency balance will still have to be paid...by you. Again, you have choices..maybe not what you want but choices non the less.... you make whatever the balance that is left in one lump sum, you make arrangements to make payments on what is left...and keep those arrangements...(it will help your credit in the long run) or you don't pay anything until a judgment is filed and you are garnisheed. Depending on the state you live in, the amount can range from a little out of each of your paycheck to alot. Either way the bill gets paid. You need to decide if it is worth all the trouble and embarrassment not to pay the bill. Good Luck ( Full Answer )
Answer . Once a car is repossessed, the bank resells it at auctions to make back the money lost on them.
If your car was repossessed and there remains a deficiency on your car loan, there is the potential for the lender to obtain a lien on your home. It must sue you in court. If successful, the court will issue a judgment lien that can be recorded in the land records. In that case, you cannot sell or m…ortgage your home until the lien is paid off. The laws vary according to the jurisdiction. More on car loans: When you finance or lease a vehicle, your creditor holds important rights on the vehicle until you've made the last loan payment or fully paid off your lease obligation. These rights are established by the signed contract and by state law. If your payments are late or you default on your contract in any way, your creditor may have the right to repossess your car. Talking with Your Creditor It is easier to try to prevent a vehicle repossession from taking place than to dispute it afterward. Contact your creditor when you realize you'll be late with a payment. Many creditors will work with you if they believe you'll be able to pay soon, even if slightly late. Sometimes you may be able to negotiate a delay in your payment or a revised schedule of payments. If you reach an agreement to modify your original contract, get it in writing to avoid questions later. Still, your creditor may refuse to accept late payments or make other changes in your contract and may demand that you return the car. By voluntarily agreeing to a repossession, you may reduce your creditor's expenses, which you would be responsible for paying. Remember that even if you return the car voluntarily, you're responsible for paying any deficiency on your credit or lease contract, and your creditor still may report the late payments and/or repossession on your credit report. Seizing the Car In many states, your creditor has legal authority to seize your vehicle as soon as you default on your loan or lease. Because state laws differ, read your contract to find out what constitutes a "default." In most states, failing to make a payment on time or to meet your other contractual responsibilities are considered defaults. In some states, creditors are allowed on your property to seize your car without letting you know in advance. But creditors aren't usually allowed to "breach the peace" in connection with repossession. In some states, removing your car from a closed garage without your permission may constitute a breach of the peace. Creditors who breach the peace in seizing your car may have to pay you if they harm you or your property. A creditor usually can't keep or sell any personal property found inside. State laws also may require your creditor to use reasonable care to prevent others from removing your property from the repossessed car. If you find that your creditor can't account for articles left in your car, talk to an attorney about whether your state offers a right to compensation. Selling the Car Once your creditor has repossessed your car, they may decide to sell it in either a public or private sale. In some states, your creditor must let you know what will happen to the car. For example, if a creditor chooses to sell the car at public auction, state law may require that the creditor tells you the date of the sale so that you can attend and participate in the bidding. If the vehicle is to be sold privately, you may have a right to know the date it will be sold. In either of these circumstances, you may be entitled to buy back the vehicle by paying the full amount you owe, plus any expenses connected with its repossession (such as storage and preparation for sale). In some states, the law allows you to reinstate your contract by paying the amount you owe, as well as repossession and related expenses (such as attorney fees). If you reclaim your car, you must make your payments on time and meet the terms of your reinstated or renegotiated contract to avoid another repossession. The creditor must sell a repossessed car in a "commercially reasonable manner" - according to standard custom in a particular business or an established market. The sale price might not be the highest possible price - or even what you may consider a good price. But a sale price far below fair market value may indicate that the sale was not commercially reasonable. Paying the Deficiency A deficiency is any amount you still owe on your contract after your creditor sells the vehicle and applies the amount received to your unpaid obligation. For example, if you owe $2,500 on the car and your creditor sells the car for $1,500, the deficiency is $1,000 plus any other fees you owe under the contract, such as those related to the repossession and early termination of your lease or early payoff of your financing. In most states, a creditor who has followed the proper procedures for repossession and sale is allowed to sue you for a deficiency judgment to collect the remaining amount owed on your credit or lease contract. Depending on your state's law and other factors, if you are sued for a deficiency judgment, you should be notified of the date of the court hearing. This may be your only opportunity to present any legal defense. If your creditor breached the peace when seizing the vehicle or failed to sell the car in a commercially reasonable manner, you may have a legal defense against a deficiency judgment. An attorney will be able to tell you whether you have grounds to contest a deficiency judgment. ( Full Answer )
If it's the owner of your car loan and you defaulted then the car can be repossessed . If you have a judgment against you for any other debt then yes, if you own a car it may be seized by your creditor to cover the cost of your debt.
Usually, the car gets sent to an auction center where it will be sold usually at less than fair market value and certainly less than the amount that is owed on the loan. The proceeds of the sale less expenses are deducted from the amount owed on the loan, and the lienholder sues the owner for that d…ifference. Owners should try to work out an agreement with the lienholder to pay the arrears in full and get the loan back in good standing. It might give the car back. If that does not work, owners should see if they can sell the car to someone privately, before the lienholder sends it out to be auctioned off. The car sold privately will get more money than when sold at an auction. This will lower the amount the owner gets sued for. ( Full Answer )
Can car company put lien on house if person is on SSI and can't pay car loan Voluntary repossession.?
Not directly, and not always. In order to put a lien on a house a creditor must have a "judgment" against the person who owns the house. In order to take a judgment, the creditor usually must repossess the car, sell it at a commercially reasonable sale, credit the proceeds (less costs of taking and …sale) to the account, and demand the remainder as a "deficiency" balance. If the debtor doesn't pay the "deficiency", the creditor can sue in the civil courts. The debtor usually has 30 days to answer the deficiency claim, and there are MANY, MANY defenses to deficiencies. For example...that the creditor did not give the debtor the option of a public or private sale; that the creditor, after repossession, did not give the debtor a fair opportunity to redeem the vehicle; that the creditor violated the consumer's rights in taking the vehicle without a court order over active and unequivocal protest; that the creditor overcharged the debtor on interest, finance charges, insurance premiums, documentation fees, etc. The debtor may even have a counterclaim against the creditor for violating repossession laws, which in any event would equal the finance charge plus 10% of the cash price. This is where an experienced consumer defense attorney is essential.. Bear in mind, however, that the creditor can forget about the repossession of the collateral and sue directly on the obligation, which would make the debtor have to defend at an earlier stage. ( Full Answer )
Depending on your state law, there are many solutions to your car being repossessed. In all cases, information must give you information about what will happen to the vehicle. 1) Your state may give you the option to take possession back of your vehicle. Some states give you an allotted time to p…ay the amount defaulted on your loan plus fees associated with the repossession. 2) They can opt to sell your vehicle. You will still be able to retrieve any and all valuables left in the vehicle (as they are not permitted to keep it) and your license plate (you paid for that). Any balance after the sale of the car will be your responsibility and arrangements can be made to settle that debt. If you need assistance in finding the full disclosure about repossession in your state, please contact your local Attorney General's Office, Consumer Affairs Division ( Full Answer )
What is the worst thing that can happen to you if your car from Missouri was voluntarily repossessed?
Your credit may still be attached negatively unless you have a written agreement stating otherwise. You may also still be held responsible for the balance owed for the vehicle. Check your local Attorney General Office, Consumer Affairs Dept for case specific details. They may be able to come to a be…tter solution. ( Full Answer )
You end up with HORRIBLE credit if you don't pay your bills and youlet your possessions get repossessed.
The biggest turn-off when buying Repossessed Car: As you already know, Repossessed Car Auction is a great way to buy your new car or other types of vehicle (boat repo auction, RV repo auction, ...); however, it seems almost too good to be true, because the price is very low. The catch lies in the… fact that Repossessed Cars were taken from their previous owners by the government, so they are basically used cars. Therefore, you must take all the steps necessary to find out about the history or the damages of the repossessed car yourself. Why you should still go for Repossessed Car: The easiest answer is: because it is very cheap. Normally, you can find one at as low as $200. Furthermore, even though repossessed cars have been used, they were taken away because their owners couldn't pay the bills, not because they were damaged or got into accidents. Thus, most of the times you will find very good repossessed cars that are perfectly normal and usable. Still, remember to check its history and VIN number! Also, remember to visit websites like www.vehicleshq.com to prepare your knowledge before going to a real repossessed car auction. ( Full Answer )
Repossessed cars can be purchased directly from Banks and Credit Unions. Many larger Banks and Credit Unions will simply send the vehicles off to "dealer only" auctions, but most of the smaller Banks and Credit Unions will offer these vehicles for sale on their websites to the general public. If you… view the "related links" section on this page there is a website which is a free repo finder tool that lists direct links to Credit Union repossession across America. You can browse local repossessions in your area and then contact the individual Banks and Credit Unions about purchasing the vehicles. ( Full Answer )
How do you sell a car of a deceased person that has a lien on it is it best for the children of the deceased to let the car be repossessed?
Pay off the lien is the simplest way. That can be done by sellingthe vehicle. Hopefully it is worth more than the loan amount, sothe estate will have additional assets.
If it truly was a wrongful repossession, call local law enforcement and report the vehicle stolen. If they notify you that it was repossessed, inform them that it was a wrongful repossession. Next, contact the lender and demand politlely that they notify the repossession agency that the vehicle was …wrongfully repossessed. You might even, still politely, suggest some sort of compensation for you inconvience. Also ask for the contact number of the repossession agency. Call them and notify them also of the wrongful repossession. Suggest also to them some sort of compensation for your incovenience. Vehicles that are wrongfully repoed must be returned as soon as possible and in the same condition as when taken. If there is damage, the lender and the repossession agency are liable. If you are not satisfied with how quickly your vehicle is being returned, push the auto theft charges. ( Full Answer )
Yes but make sure YOU pay the lien off and don't just pay the seller and hope they will pay it off.
You should be told what you need to do to "redeem" the vehicle within a short period of time (30 days usually): pay the outstanding payments, late fees and, oh yes, the costs of repo and storage. If you do not pay, the vehicle is sold at auction for pennies on the dollar, and you will be sued for th…e balance plus costs, etc. ( Full Answer )
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 no…tify 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. ( Full Answer )
Yes a Auto Mechanic can repo your car in Texas. Just call a Repo company, they will give you a form to fill out called "Letter of Authorization". You send the "letter of Authorization" form to the repo company along with a signed work order that Mr. Customer should of signed when they dropped off th…e vehicle approving you to work on there vehicle. I use the old school basic work orders to check a customer/vehicle in and have them sign it. I also made my own "Letter of Promise" forms that I have them fill out if I agree to give them a credit line (which I try to avoid), just for extra measure. Thats all there is to it. Then if they write you a insufficient check, or agree to "pay you later ;);), and fail to follow through,, just send the paper work to the repo company with a check (usually cost $250-$400 depending on geographical area and location of vehicle),, a good repo company will have the vehicle the next day. Then you charge the customer for the repo fee and add yourself some administration fees, pain and suffering fees, mental anguish fees, dont think i'm rich just because I own a business fees...you get the idea..plus what they owed on the bill or bad check. Most important thing... make every customer sign a work order. ( Full Answer )
No. Just know that you may stop somewhere to go shopping and find that you are walking home. Also, you should know that if you were to surrender it, there would be less in repo fees and you are more likely to keep any personal belongings that are in your vehicle.
then you go and kick that person and repposses that car.... They call cops and you ignore those guys....
Ask him. My Answer A lien is filed trough your government. In Alberta Canada a registries office can look it up for a small fee. In other jurisdictions the procedure is similar.
It gets placed in the junkyard. In order to get the vehicle back you must you pay your bill, as well as pay your local junkyard company to get your car back.
Most likely they will take the car and want to sell it to get their money
That is the only way you can repossess a vehicle. Repossession comes under the UCC which grants a lienholder the right to repossess but only if they have perfected their lien by filing it on the title. One caveate is in most states the lienholder can not repossess a vehicle that is under a mechanic'…s lien without first paying that lien. ( Full Answer )
Can your car be repossessed if there is not a lien on your car you were not behind on your payments?
If you have no lien on your vehicle then no one has a legal right to repossess it. If you're not behind on the payments there would be no reason for the lender to reprocess the car in the first place. It is hard to believe you have a loan on a car without a lien. The car stands behind the loan. If t…here's no lien on the vehicle then the car is not involved in the loan and cannot be repossessed. ( Full Answer )
Either you'll get your payments current plus repossession fees, or your vehicle will be auctioned off, and you'll still be liable for the remaining balance after the auction.
A lien title means that the car has a loan against it. If you do not have a "clear" or non lien title, the lender who hold the clear title can and does have the right to get the balance of the loan from you. The purpose of the lien title is to enable the car buyer to get the legal requirement for dr…iving the car from the state. It's like renting the car in essence; the lien title is almost like the lease agreement for an apartment. So if a lien title is all there is...don't buy the car. It's not his to sell. Somebody has to settle the lien before you can legally own or register the vehicle. ( Full Answer )
Continue to call them and work out a settlement. Most likely they won't pick up the car if you are in a different state than the Lien holder. They don't want the car they want the money. It will cost them more to pick it up and resale it, than for them to just work out a new payment plan for the rem…aining balance. ( Full Answer )