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Repossession

If you are avoiding repossession by hiding your car is it still considered repossession?

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2011-09-12 21:42:37
2011-09-12 21:42:37

that's like saying, "I was speeding, the cop couldn't see me cause I had MY eyes closed". If you are in default of the contract, you are liable to be repoed. Simple and to the point. In most states, concealing(HIDING) leined collateral is a FELONY.

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Depends. Are you receiving the car or are you selling the car.Repossession = againRepossession = ownershipRepossession = gaining ownership again

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About the same. Don't make your payments and they will come get it. Then you still owe the difference as stated on the contract.

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Yes when a leasing company regains control of an asset it is still considered a Repossession repossession is much easier in a lease agreement than it is in a finance agreement due to the fact that the asset is owned by the leasing company, in a finance agreement you control ownership and the bank only holds security in the asset.

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Yes, a voluntary foreclosure (deed in lieu of such) is a foreclosure just as a voluntary repossession of a vehicle is a repossession. All the same penalties/fees, recovery of debt laws apply and the information entered on the debtor's credit report will be as a foreclosure regardless of the circumstances involved.


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