In California, yes. In some states, no (i.e., Texas). There is no legal difference for deficiency balance between voluntary and involuntary repossession (it should cost less to just pick your car up than it does to have an involuntary repo, which would save you some money if you are going to pay off the deficiency balance). However, you might be able to come to an agreement with the lender to make reduced payments and keep your account current and your credit good.
This is all assuming the lender is not able to sell your car for as much as you owe them. If they sell it for more (including costs of repossession and sale) then by law they must refund the difference to you.
If you think about what that would cause IF it was true, you would knnow the answer. Did you read your contract??? If you were a LENDER, would you loan money in a state that didnt allow you to collect the balance owed if the debtor did a Voluntary repo???? That would only serve to drive up the costs to those debtors would DIDNT do a voluntary repo. ??YES.
In the state of California, the lender of a repossession may only charge fees that it incurs and that are in the contract. If the lender pays for the storage or houses the repossession, then yes, the lender is allowed to charge both a repossession and a storage fee.
There is no specific time limit for a repossession in Florida. Florida law does not require a creditor to give notice before starting a repossession.
Generally the laws of the state where the contract was signed take precedence. I disagree. If the car is registered in California and titled in California, and located in California, California law applies. The validity of the debt, late fees, and so on ARE determined by where the contract was signed, but California has specific laws on the procedure for repossession.
California is a non recourse state for your first mortgage. Be aware any form of second mortgage you will still be liable for.You may also be liable on the first mortgage if you have refinanced your original purchase mortgage.
If you're unemployment filing was with California (the "liable state"), then only California pays you. You can contact the California office to inform them of your present situation.
I only know about the state of Massachusetts. And yes in our state they have one hour to report the repossession to the police department in the town of which the car was taken.
This is called a voluntary repossession. What happens is the car will be auctioned in the condition that it is in and say you payoff is $12,000.00 and the auction for the car brings $9,000.00, there will be a judgment issued in the amount of $3,000.00. This will also stick with you on your credit.
NO see CALIFORNIA CODES BUSINESS AND PROFESSIONS CODE SECTION 7507
bought a motor cycle in the state of california, now live in washington. I was 20 at the time. Cannot make the payment what happens?
Each state has its own criteria for quitting your job (including the present question). Check with the "liable state" (the one you work in) for their allowances for voluntary quits.
Yes, I think it is. We have so many laws concerning things like that.
The California Business and Professions Code is very clear on this point. The code states the following: With regard to collateral subject to registration under the Vehicle Code, a repossession occurs when the repossessor gains entry to the collateral or when the collateral becomes connected to a tow truck. You can find out more repossession related laws by checking out the website at mparepos.com. They have a FAQ page that answers all related repossession law questions for the State of California.
It depends on the state you are moving from and the reason for the relocation. Check with the "liable state's" office for particulars
I most cases the debtor (you) will be held liable for the deficiency after the car is sold at auction, as well as for any repossession fees. This may vary in your state.
Sample letter of vehicle repossession for the state of texas
the same as an invol. Depends on your state laws. If the lender has gotten a judgement, it could be a long while.
Five Star Process Service and Repossession
The statute of limitations for a repossession falls under the category of debt collection. The statute of limitations in the state of North Carolina for a repossession is 4 years.
Gap insurance will not cover repossession in any state or territory of the US. Repossession is not a valid claim for insurance. In fact, it is possible your insurance could be cancelled as a result of the repossession, making you high risk.
Liable for what? Which State? In Missouri you can be ordered to pay child support to the State if your child is a ward of the state.
As far as I know there is no statute of limitation on auto repossession in any state. Check with your state Attorney General to be sure. I will post a link for you to read. Repossession should be your last resort. Hiding a vehicle from repossession is a crime in some states. The consequences of repossession are always bad for you.
Texas is the only voluntary Comp state. BUT you remain liable for the workers' injuries and should opt out correctly - according to the state rules, filing your decision with the state and posting the proper notice to employees. Employers in all states need to realize they remain liable if they don't have coverage, and that their employees and their employees' families can sue them.
Repossession laws vary from state to state. States also have different provisions for different types of property. You would need to be more specific about the circumstances, the property and the state where the repossession would take place. Your question should be reformed to ask, "Is a repossession under the following circumstances legal"? Asking what is considered an illegal repossession is much too broad a question.
No. If you haven't worked here yet you can only collect from the "liable state", the one where you had your previous job and that employer paid the state payroll taxes to.
As far as I know there is no statute of limitations on repossession in any state. Check with your state Attorney General to be sure. I will post a link for you to read.