I am not for sure, but I always thought that if you have not heard from, or had no contact or attempts whatsoever to collect this debt in a 10 year time span, then that debt would be considered obsolete. Maybe someone can clarify this?
they should not be able to garnish wages for a vehicle the leinholder has taken back into their possession for payments not being made. They have the vehicle back, so its not right for them to take your money.
NO.
10yrs
no
No As far as finance company is concerned the car came with wheels, it has wheels on it when repoed. Done deal.
AnswerIt is definitely possible, because I had my car repoed and got it back (in California) years ago after bringing the payments current. Most states have enacted Article 9 of the Uniform Commercial Code. You have the right to redeem your vehicle by purchasing it back, although you probably will have to pay the amount owed and not just the payment. Even if you cannot get the vehicle back, many vehicles are illegally repossessed and you may have claims against the lender or others. For example, a repo cannot be done if there is a breach of the peace. Police officers are not allowed to facilitate or take sides in a repo. Many times a lender will seek a deficiency if the vehicle does not sell for what is owed on the loan. There are many defenses to a deficiency case. Generally lender is required to prove the vehicle was repossessed and sold in a commercially reasonable manner.If your vehicle has been repoed, a good place to find a qualified lawyer is the web site of the National Association of Consumer Advocates.
I used to "repo" vehicles for the bank I worked at. The rule was that if it was attached to the vehicle, it stayed with the vehicle. If it was attached by wires only and there would be no damage to the electrical system by cutting the wires, it could be removed.
Certainly it does. It could be repoed multiple times, and each time this occurs more and more fees and penalties are added to the original or remaining balance of the loan. If you cannot afford the payments, your best option is to surrender the vehicle and seek other means of transportation.
If your car was paid off, then why was it repoed? Or if you mean you paid it off after it was repoed, then if the loan company accepted your money,then they have to give you the car and title back. I would call them and get it back or your money back.
Surrendering a vehicle, in a financial sense, means that it is being repossessed and it is being given back to the finance company. The company will usually send someone to collect the vehicle.
NO
Once your vehicle is repoed, you will have the opportunity to pay the loan up to date, plus any fees associated with the repo to redeem your vehicle. This timeframe is relatively short in duration, so if you fail to make the payment that is required, the vehicle will be auctioned.