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?
The laws for all US states are much the same. In MO. when a vehicle is repossessed by the lender due to a default in the terms of the contract the lender is required to sell the vehicle at public auction for the amount closests to its assessed value. If there is a discrepancy in the amount for which the vehicle is sold and the balance of the loan, the lender may pursue collection for…
Can a vehicle be repossessed if you allowed a military person to take over vehicle payments and he has not paid anything?
If a vehicle was voluntarily surrendered and sold can collection on the difference be stopped with bankruptcy?
Once a car has been repossessed, you as the owner of the vehicle have the obligation to repay any amount still owed on the loan. Once a car is repossessed, it is often sold in a repossessed cars auction by the finance company. The amount which the car was sold for will be deducted from the total loan amount and then the difference will be owed by yourself. So yes you would have to pay…
There is no way that you will be able to get that care back. Once a vehicle has been repossessed the company holding the car is in the process of auctioning that vehicle. You will have a balance once this vehicle has been auctioned out. You should receive a statement in the mail withing 60-120 days stating what you owe. Sometimes if you are lucky you will end up owing anywhere from 50-75% of the…
If a car that is being repossessed is at a residence of someone else and a vehicle is behind the car to be repossessed can they move it lawfully?
Can your vehicle be repossessed after the loan and security agreement has expired but you still owe a considerable sum?
In pa when a vehicle is repossessed does the finance company have to tell you what their doing with the vehicle?
You are entitled to any property that is not physically attached to the vehicle. In many states, you may remove after market speakers you have installed, provided doing so causes no damage to the vehicle. You will be given only thirty days to recover private property after the vehicle is repossessed.
The owner of a vehicle that has been repossessed, cannot afford to make their payments, so it makes sense that they cannot afford to perform the required scheduled maintenance on the vehicle. This is not always the case but IMO, I would never buy a repossessed vehicle, unless it had extremely low mileage of say less than 20,000 miles.
In most if not all US states, uniform commercial code (UCC; or a state's equivalent) requires (demands) that repossessed vehicle's be sold (in some instances, sold at auction) within a set, statutory period of time, in the absence of performance of which the debt which led to the repossession is deemed to have been satisfied in full and no further collection or action is permitted against the debtor, even if creditor remains in position of…
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.
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…
First, you have the burden of proof it was in the vehicle. This is nearly impossible unless you have photos of it in there as they took it. Judges are not sympathetic to those repossessed as there are so many who claim valuables lost while in impound or when repossessed. You will likely not be paid anything. Sorry, but the way the cookie crumbles.
Yes, it can be repossessed. If you owe money on a vehicle and do not have a clear title of the car - In reality, this car is not yours until the debt is paid. The car is collateral until your pay the loan off. If the car was repossessed, the personal contents like the car seat must be given back to you.
Theoretically no. If the vehicle is repossessed you are supposed to be given the contents back. However, this does not apply to INSTALLED items, so if you've upgraded the stereo system, or installed premium equipment like a high-performance engine, those are considered to be part of the vehicle. Also, it's likely to be your word against the vendor about what was in the vehicle at the time it was repossessed.
Banks often keep repossessed vehicles in their parking garages. or in an appropriate storage area a reasonable distance from the bank. Walk into the bank and ask for the person in-charge of repossessed vehicles. Once onto the right department, state that you wish to purchase a particular repossessed vehicle when the title has cleared with the bank...and don't be intimidated into thinking you can't bargain, you can. Good luck.
The Community answer is not entirely wrong. However, what is more likely to happen is that the finance company obtains "forced-placed" coverage on the car. This is physical damage coverage only and is designed to protect the lender's interest in the vehicle (because it is collateral for the loan). The premium for that insurance will be added to the loan balance. The premium for this kind of insurance is typically substantially higher than that for…