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If the bank does a charge off for a vehicle because they can not locate it can it still be repossessed later by a collection agency?
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.
What else can I help you with?
If vehicle was repossessed in 2004 but ex spouse stopped paying consistently in 1999 What date must the collection agency report to the credit bureau?
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.
F a car was repossessed two years ago and you put an old car that a friend had on the road can they come after that vehicle for the money still owed after auction?
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.
Can the deficiency that you owe on a repossessed car be collected from a collection agency that is violating the Fair Debt Collection Practices Act?
ONLY if you let them do it. Call a local attorney now.
Can a collection agency take possession of a vehicle in Maryland?
If your vehicle is the collateral for the loan, then yes.
Who is responsible for returning tags when vehicle is repossessed?
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.
Can the collection agency sue for car that is worth 12000?
Yes - they can, or they can put a lien on the vehicle.
When a vehicle has been repossessed and taken to the auction does Honda carry insurance on it?
Not only does Honda have insurance on the vehicle, so does the repossession company, the storage company, the transport company, and the aution agency.
What is collection 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.
Is Credence a collection agency?
No, Credence is not a collection agency.
How do you get your money back if your car gets repossessed?
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.
How do banks get their money back when they repossess an auto?
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.
How come a monthly statement is not sent by the collection agency when making monthly payments?
Because they don't. It is a lot of agency's policies.
