yes, if you are still in possesion of the vehicle and you have not paid, they will re-po the vehicle.
AnswerSo can you still make the payments to the bank? In order to get out of repossion status?
Answer
Yes, a collection agency or other second/third party owns the note and they can pursue reposesion efforts. To answer the question aboove; It depends on the bank if they will allow payment arrangements. I would get a notice in writing from the bank stating the arrangements they have agreed upon, most often a representative of the bank will say anything to get in a payment and still have the repo contract open.
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.
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.
If your vehicle is the collateral for the loan, then yes.
ONLY if you let them do it. Call a local attorney now.
In New Jersey, it is the responsibility of the person who registered the vehicle. When the vehicle is repossessed, the person from whom it was taken will be contacted to allow them to pick up their belongings. At this time, they will be given the plates as well as any other personal items left in the vehicle. They can then be returned to the agency.
Yes - they can, or they can put a lien on the vehicle.
Not only does Honda have insurance on the vehicle, so does the repossession company, the storage company, the transport company, and the aution agency.
A Commercial Collection Agency is and agency that collects debt on behalf of their clients, same as a consumer collection agency, but a commercial collection agency collects business to business.
They sell the vehicle for what they can, then charge the remainder to you. They usually sell that debt to a collection agency, and the agency starts calling you for that money.
A repossessed vehicle is sold at auction to repay the lending institution. After the vehicle is sold, any money will be used first to pay the auction company, the repo agency and then all remaining funds will be applied toward the amount due on the loan. If anything is left over, you should get it. If there is a deficit, the bank will contact you to make arrangements for collection of the amount owed. You typically don't get any money "back", but usually end up owing the bank.
The collection agency cannot reposses the vehicle unless they are the lien holder. If they are, they do not need an order of replevin to seize the vehicle unless they live in one of the few states that require such. If the collector does not hold the lien on the vehicle they will be required to file suit against the debtor, receive a judgment and execute said judgment as a forced sale or a lien of/on the judgment debtor's vehicle.
The commercial collection agency is used in debt collection in the event a debtor fails to.