The Repossion Was Issued. This In Its Self Is Legal, Reguardless, Of How The Vehicle Was Recovered. Next The Feds Will Have To Handle The Other Violation.
Because the lender repossessed the car from where ever it was after being totaled.IF you had gotten the car back after it was totaled, it couldn't have been a repossession.
I've never heard of an insurance policy that covers repossession. Remember, the car doesn't actually belong to you -- it was repossessed because you failed to honor the contract of repayment of the loan to buy it.
That is called voluntary repossession. You will be required to pay the difference in what the lender sells the vehicle for and the balance on the note after that amount is applied to the loan. You did avoid repossession fees by voluntarily turning the car in. Your credit will also show this repossession for 7 years.
Notice is not necessary in all state prior to repossession. In fact it is not necessary in most states. If you have paid current on the loan, and the repossession occurred anyway, this is likely a communication lag between the lender and the repossession company. It happens often. Contact your lender and explain what happened. Be patient and polite--they are not required to return the vehicle. They likely will because they want your money not the car. Ask the lender how you can get your vehicle back. Ask them who has your vehicle, and call that company to explain the vehicle was "wrongfully repossessed" and why. Again, be patient and polite--these people have your car.
It would seem that the report would show you have failed to pay as agreed and make payments, and had a repossession (as your question noted, you had a repo), at the very least. That you recovered and paid the amount due doesn't change that you failed to comply with the terms of the loan, didn't make the payments as required and the property even had to be seized. Things like the holiday, etc. are entirely irrelevant.
Robert, read the contract where it mentions DEFAULT. Default is not JUST making payments on time. It usually covers having the required ins., NOT using the car in an illegal manner. Whenever you are in default, the lender can repo. YES, it can be repoed from the impound. On an involuntary tow, the impound is required to notify the LEINHOLDER and the owner. As a matter of fact I dearly love to impound cars - then find out there is repossession order out of them because then I ALWAYS get paid by the lienholder.
Were you in DEFAULT of the contract the car was collateral for? If so, not much to do about the repo except pay up. Obviously, the "not licensed" part didnt bother you when you bought the car. Call a local attorney for state specific advice. In many states, notice of repossession is not required. The licensing of the seller is neither here nor there, because that does not affect the fact that you owe him a debt. There may be laws regarding your rights to reclaim the car after paying the back payments and costs of repossession.
Answering this with common sense, contact the repossession company. You probably got some form of communication telling you your car was being repoed. Try looking at letters and look for contact information. You can also look through your local phone book to see which companies do repossession work in your area. You could also contact your original loan company because usually lienholders have contracts with repossession companies to repo their cars from people should they default on their loans.
Yes she can "IF" you fell behind on payments, and your car was repossessed, that means that she is liable for the monies due and she has every right to sue you to recoup her losses, so that her credit does not go bad.If you do the right thing right away and pay what you owe, you might be able to salvage your car and your aunt's trust. Good Luck
No, because you have your own separate credit report.
If it is repossessed, you will owe the difference between the loan amount and what they sell the vehicle for.
@Tarun Solanki have you got your caste certificate number. because i also required to know mine but could able to figure out.
kindly refer to your letter no. dated. i is submitted that this office has already been applied for tax certificate but we have not received it from FDR. So, that when we have received it then we send you.
The "voluntary repossession" allows the purchaser who has defaulted the loan to avoid having to pay a repossession fee of a few to several hundred dollars. That is the ONLY advantage to the purchaser.The dealership has the vehicle back in it's possession and can unload it at an auction without having to pay a repossession fee to a repossession agent (because the purchaser "voluntarily" surrendered the vehicle).Once a car is repossessed, voluntary or not, it is (at least in most states) sent to an auction to be sold and the proceeds applied to the outstanding debt of the borrower.Usually, there are specialized auction houses dealing solely, or nearly solely with repossessed vehicles and the vehicles NEVER (that I'm aware of) bring anywhere close to the amount of the loan.This is true because first, it is (1) a dealer only wholesale auction, (2) the vehicle is a "repo" and (3) the "retail" price previously paid by the purchaser/borrower is an amount greatly inflated over and above the actual "wholesale value" of the vehicle.
no i dont think any body would like their house repossessed because that will mean your a tramp, then u will be put in a dangerous place .. :'(
If they have a deficiency judgement, generally because the repossession did not develop enough money to fully pay them the amount you owed, that amount is still your debt and responsibility. Like any creditor, liening assets you have is one of many methoids of collection or assuring payment they have.
i have my registrition no.how can i get my irda certificate?
The question is unclear. If the repossession agent broke into a garage or other structure to secure a vehicle, then he is in violation of law, state and federal law. This being the case, you would do as you would for any other breaking and entering situation...call the police and file charges.Additionally, if this is the case, you would hire a civil litigator to file a claim in state and federal courts against the driver, anyone who was with him at the time, and the company that employs him for violation of the FDCPA (Fair Debt Collections Practices Act) and pertinent state laws. The federal law permits at least $50,000 in court cost, $50,000 in legal fees, and substantial punitive damages. Not to mention, a vehicle repossessed in such a scenario has been wrongfully repossessed and must be returned at no cost to you.If the vehicle was simply repossessed because you failed to honor the loan contract, then there was no breaking and entering, and you have no recourse.
Absolutely not, because the landlord is not legally allowed to rent a unit without a certificate of occupancy in Texas. The law reads:"Ã‚Â§ 25-1-361 CERTIFICATE REQUIRED. (A) Ã¢â‚¬Â¦ a person may not use, occupy, or change the existing use or occupancy of a structure unless the building official has issued a certificate of occupancy for the structure."
Yes/No, because if it is parked in reverse, the back wheels would be dragging, and soon shift gears (If repossessed by a chain truck), but if it is a flatbed tow truck, then yes, it can be repossessed, because the back wheels would not be dragging, therefor the wheels would not shift gears and ruin the vehicle, or reverse of of the truck!Why are you asking, has your car bin repossessedbefore?-Zachary T. Davis06/03/12
yes, because it is so stupied that it is how i think
Sorry....just to start, repossession with all payments made? For not reason at all? Because the bank wants your old car so much they'll pay for the costs of getting it, storing it, selling it, getting the title, legal, etc...... Doesn't sound like the real story....and you ain't going to fool anyone by just insisting differently. So, if you feel you can prove differently, then someone took your car, and they couldn't have been doing it legally. May be a simple theft...it can't be a repossession. Call the cops and report it stolen. (But explain the circumstances, so they don't go running around on a goose chase).
Not required because only after you hand over your green card at the time of oath taking for US citizenship you are given the citizenship certificate.
I wanted to add to my original question...Our car was repossessed by the finance company because they said they found out someone else was using the car because of car payments being sent from a different address. AND, they stated that they wanted to see the condition of the car. I thought a car would only be repossessed if you were late on payments? I have never heard of this, so I don't know what is going on.
Yes because payments are still owed. There is a law that applies to Native Americans living on official reservations that prohibits repossession of a vehicle if a specified amount has already been paid. In addition, repossessing a vehicle from a Native American reservation requires an order from a federal court and the permission of the tribal council.