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If you purchased a vehicle for your son in your name and it is repossessed what will happen to you after the car is seized?

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2015-07-15 19:31:00
2015-07-15 19:31:00

Likely you will have to pay the loan off after the lender sells the car. lenders have some legal options that will collect from you.

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It depends on the nature of the seizure. A repossessed vehicle has to be returned i it has not been auction to a 3d party. If money was seized by a tax agency, maybe.

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In some cases yes. If the vehicle was purchased using the same lender against whom you have defaulted with a different loan, and there is a remaining balance after the repossession of that property, then the court can order a Conversion of Collateral, and the paid off vehicle can be repossessed by that lender. Additionally, if the court chooses, real property can be ordered liquidated to pay a bad debt.

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You have the right to reclaim personal property during the normal business hours of the establishment where the vehicle is impounded. The company storing the vehicle must take inventory of and proper protection of such property under the "in bailment" laws of the state where the vehicle was seized.

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You will have to take it up with the bank who repossessed the van. Since the car belongs to you, they should not be able to take it away from you. The laws may vary state-by-state. Talk to your divorce attorney to be sure you are protected. * Legally the vehicle could be seized if a deficiency remains after the repossessed van has been sold. This is possible because the transaction was made during the marriage and terms included in a divorce have no bearing on valid lending agreements.

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If it's the owner of your car loan and you defaulted then the car can be repossessed. If you have a judgment against you for any other debt then yes, if you own a car it may be seized by your creditor to cover the cost of your debt.

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The police officers now are responsible for keeping that car since that car was found with drugs inside it.Added: It depends on WHY the vehicle was seized. If it was seized only for evidence, you should be able to get it back after the court action has been completed.On the other hand - if the vehicle was seized under the authority of federal law, it is gone forever and the agency that seized it will get it, if they want it. If not it may be sent to auction and the agency that seized it will get the proceeds of the sale.

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Depending on the state a vehicle may be seized by police if a warrant has been issued for such, if a driver of a vehicle has been arrested, if a K-9 has indicated narcotics may be present, and multiple other reasons varying by state.

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Depending on the Province in which you'll be living, you have varying times to register your vehicle in Canada. For most, it is 3 months or less. Before doing so, you must pay any duties or taxes as if you were already living here and importing a vehicle. 5% GST (and 7% Duty, if applicable) is calculated based on the cost of the vehicle when it was purchased NEW...even if you bought it second-hand. Failing to pay the import costs upon establishing Canadian Residency is an offense. Your car could be seized and you could be charged.

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If it's impounded, you have to pay the impound fees and reclaim your vehicle. If it's been seized as evidence, it won't be available until the case is closed.

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Not enough information is supplied about the reason for the vehicle impoundment.For instance - was it impounded as evidence? Was it impounded as being used in a crime? Was it impounded as an unsafe vehicle? Was it seized for drugs? Was it seized pursuant to an arrest for DUI?

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Unable to answer with specifics since these penalties vary from state-to-state. However, in some states, in addition to the legal penalty, you will lose your hunting privileges, your hunting weapon will be seized, and if you are in a vehicle your vehicle will be seized as well.

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In Spain, if you pay your vehicle suma later than you're supposed to you will receive a fine with interest added on top of it. If you continue not to pay, your vehicle will be seized.

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that person will get pulled over and will be charged with the violation and the car with be towed off Also depending on state, if they have prior dwi or two then vehicle will be seized

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To redeem collateral, the creditor sends a letter authorizing an employee or person to repossess the vehicle. The VIN number, as well as any amount owed, must be displayed on the document. This way, if the client wants to pay the money owed he/she can do so. At that time, after paying all monies owed, the secured party can not repossess the vehicle, and the payment agreement continues for the duration. If the money owed is not paid, after the vehicle has been seized, the police are notified that the vehicle has been repossessed. This way, if the person who owned the car phones the police, the police can let them know that the car was repossessed. The vehicle is stored for 30 days to give a chance for the client to pay off the amounts owed. If not paid, the vehicle is sold. The creditor has to try to get full market value. If the vehicle is sold for less than the money owed, the client is on the hook. If sold for more than the material value, then the client receives any residual money left over after ALL creditors have been paid.

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To redeem collateral, the creditor sends a letter authorizing an employee or person to repossess the vehicle. The VIN number, as well as any amount owing must be displayed on the document. This way, if the client wants to pay the money owed he can do so. At that time, after paying all monies owed, the secured party can not repossess the vehicle, and the payment agreement continues for the duration. If not paid, after the vehicle has been seized, the police are notified that the vehicle has been repossessed. This way, if the person owned the car phones the police, the client is notified that it was repossessed. The vehicle is stroed for 30 days to give a chance for the client to pay off the amounts owed. If not paid, the vehicle is sold, and the creditor has to try to get full market value. If the vehicle is sold for less than the money owed, the client is on the hook. If sold more than the material value, then you receive any residual money left over after ALL creditors have been paid. I hope this answers your question.

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The engine has seized up! Pirates have seized the port!

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Seized engine. Thousands of dollars to install rebuilt engine. Bad news.

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Not in most states, in a very few the lender must notify the borrower with a letter of intent to repossess and give the borrower a specified time as established by state law to bring the account current. Wisconsin is the only state that requires a replevin order to recover a vehicle. All other states operate under the UCC and the repossession laws (breach of peace laws, recovery agency requirements such as bonding, etc.) related to the area in which the vehicle is being recovered. The recovery agent/agency is required to notify the law enforcement agency that has jurisdiction in the are where the vehicle is being seized.

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If the car has a lien on it, that means someone else has legal right to the vehicle probably for the balance of a car loan or due to non-payment of the car loan. If you purchase the car from its owner then you will be responsible for paying the lien or the vehicle may be repossessed by the lender or seized to pay the debt. You would need to obtain a valid release of the lien and follow the appropriate steps to have the lien released if you want to acquire a clear title.

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sized is the homophne of seized

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A car is "moveable" property which can be seized and returned to the lender.. Once plumbing is installed it is "fixed" property and although it cannot be repossessed and removed, a lien can be filed against the property owner in whose building it is installed.

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It is illegal to abandon a vehicle on a public motorway, as it is a serious threat to the safety of drivers. Abandoning your vehicle on someone else's property will probably result in the vehicle being ticketed and towed, and the owner/driver being fined. If the vehicle is abandoned in a secure location and/or looks suspicious, it will be seized by police to be searched, and the driver may be detained. You may only abandon your vehicle on your own property.

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Yes, major assets such as a car or a house can be seized in order to pay child support.

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The question doesn't include enough information. "Seized" by who (what agency) for what reason (evidence - forfeiture - safekeeping - etc) ? If it was seized as contraband and seized for forfeiture it will become the property of whatever agency that seized it. If it was seized as evidence of a crime, it will be returned to the victim/complainant after the trial is over.

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"I will be seized" or "Let me be seized".


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