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If you recently had a repossession and are making payment arrangements to pay the debt although it is too late to get the automobile back can the creditor change the status from repossession?
Wiki User
∙ 17y ago
Probably not because the car was really reposessed. When you sign the loan contract you are still obligated to pay the note off. See if they auction the car off or sell it for less than you owe, if you are still obligated to pay the original purchase price. It looks like the bank really makes out on this deal. You pay the full price and they make additional money by selling it again. In the future, if you have a loan and are strapped for cash, call the lender and negotiate a payment plan until you can catch up. They would rather work with you than to get the legal departments involved. Your question is a good one though. Call your lender and see if they will change the status after you have repaid your debt. Good Luck
Wiki User
∙ 17y ago
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Does a creditor have to give written notice concerning repossession of your car?
NO
How will you know what you still owe the creditor after a repossession?
The amount you will owe the creditor will be the amount of your auto loan (including repossession fees, interest, and collection charges) minus the amount the vehicle sold for at auction. The creditor will notify you of the amount due in writing after they auction off the vehicle.
If creditor received a judgment and you make arrangements to pay the bill can the creditor still repo your car?
"debtors" can never repo cars, LENDERS can, even after you make 'arrangements". As long as you are in "default", they can repo.
Can a creditor get a warrant for vehicle repossession?
The creditor can obtain a replevin order from the court if it becomes necessary. Wisconsin is the only state which requires a replevin order to be in place before a vehicle can be recovered. All other states allow repossession under the UCC laws, although some do require the borrower to be notified and given a specified time to bring the account current before the vehicle can be seized..
How will voluntary repossession of a vehicle affect a persons credit score?
Same as a regular repo. The creditor may still put the repossession on your credit report and it would stay there for up to seven years. Notice the word "may", because it is at the creditor's discretion...
What is a relief from automatic stay?
Relief allows the creditor to continue collection actions/foreclosure/repossession.
How long after a repossession can a creditor sue you?
The time frame for a creditor to sue you after a repossession varies by state, but typically it ranges from 2 to 6 years. It's important to check the specific statute of limitations in your state to determine the exact time frame.
Is repossession a form of dissipating or disposing of marital property?
No. Repossession is the procedure used by a creditor to take back property through a judicial processes, foreclosure, or self-help when a debtor fails to make required payments.No. Repossession is the procedure used by a creditor to take back property through a judicial processes, foreclosure, or self-help when a debtor fails to make required payments.No. Repossession is the procedure used by a creditor to take back property through a judicial processes, foreclosure, or self-help when a debtor fails to make required payments.No. Repossession is the procedure used by a creditor to take back property through a judicial processes, foreclosure, or self-help when a debtor fails to make required payments.
How long does the creditor have to send the post repossession papers?
In most states 10 days but some are longer.
How long does it take the creditor to obtain a writ of plevin for a repossession?
The amount of time it takes a creditor to obtain a writ of plevin for a repossession varies in each state. Based on the local court jurisdiction, processing times to obtain a writ of plevin may take between 15 and 60 days.
Do you have to pay the balance owed after self repossession?
You pay what is owed after the creditor sells the car for. So if you owed 10,000 and the creditor sells it for 8000 at an auction, then you would owe the remaining balance.
Does the divorce decree protect against litigation in a repossession?
A divorce decree cannot alter the rights of the original creditor. The court can decided who gets the asset, but the both spouses remain liabile to the creditor.
