Yes she can "IF" you fell behind on payments, and your car was repossessed, that means that she is liable for the monies due and she has every right to sue you to recoup her losses, so that her credit does not go bad.If you do the right thing right away and pay what you owe, you might be able to salvage your car and your aunt's trust. Good Luck
Because the lender repossessed the car from where ever it was after being totaled.IF you had gotten the car back after it was totaled, it couldn't have been a repossession.
I've never heard of an insurance policy that covers repossession. Remember, the car doesn't actually belong to you -- it was repossessed because you failed to honor the contract of repayment of the loan to buy it.
The Repossion Was Issued. This In Its Self Is Legal, Reguardless, Of How The Vehicle Was Recovered. Next The Feds Will Have To Handle The Other Violation.
The borrower is responsible for any deficiency in the balance of the loan and applicable fees that remain after the sale of the repossessed vehicle. If the borrower cannot reach an equitable repayment agreement with the lender, the lender may decide to file a lawsuit against the debtor to recover the monies owed.
Answering this with common sense, contact the repossession company. You probably got some form of communication telling you your car was being repoed. Try looking at letters and look for contact information. You can also look through your local phone book to see which companies do repossession work in your area. You could also contact your original loan company because usually lienholders have contracts with repossession companies to repo their cars from people should they default on their loans.
No, because you have your own separate credit report.
If it is repossessed, you will owe the difference between the loan amount and what they sell the vehicle for.
no i dont think any body would like their house repossessed because that will mean your a tramp, then u will be put in a dangerous place .. :'(
Notice is not necessary in all state prior to repossession. In fact it is not necessary in most states. If you have paid current on the loan, and the repossession occurred anyway, this is likely a communication lag between the lender and the repossession company. It happens often. Contact your lender and explain what happened. Be patient and polite--they are not required to return the vehicle. They likely will because they want your money not the car. Ask the lender how you can get your vehicle back. Ask them who has your vehicle, and call that company to explain the vehicle was "wrongfully repossessed" and why. Again, be patient and polite--these people have your car.
The question is unclear. If the repossession agent broke into a garage or other structure to secure a vehicle, then he is in violation of law, state and federal law. This being the case, you would do as you would for any other breaking and entering situation...call the police and file charges.Additionally, if this is the case, you would hire a civil litigator to file a claim in state and federal courts against the driver, anyone who was with him at the time, and the company that employs him for violation of the FDCPA (Fair Debt Collections Practices Act) and pertinent state laws. The federal law permits at least $50,000 in court cost, $50,000 in legal fees, and substantial punitive damages. Not to mention, a vehicle repossessed in such a scenario has been wrongfully repossessed and must be returned at no cost to you.If the vehicle was simply repossessed because you failed to honor the loan contract, then there was no breaking and entering, and you have no recourse.
If they have a deficiency judgement, generally because the repossession did not develop enough money to fully pay them the amount you owed, that amount is still your debt and responsibility. Like any creditor, liening assets you have is one of many methoids of collection or assuring payment they have.
The "voluntary repossession" allows the purchaser who has defaulted the loan to avoid having to pay a repossession fee of a few to several hundred dollars. That is the ONLY advantage to the purchaser.The dealership has the vehicle back in it's possession and can unload it at an auction without having to pay a repossession fee to a repossession agent (because the purchaser "voluntarily" surrendered the vehicle).Once a car is repossessed, voluntary or not, it is (at least in most states) sent to an auction to be sold and the proceeds applied to the outstanding debt of the borrower.Usually, there are specialized auction houses dealing solely, or nearly solely with repossessed vehicles and the vehicles NEVER (that I'm aware of) bring anywhere close to the amount of the loan.This is true because first, it is (1) a dealer only wholesale auction, (2) the vehicle is a "repo" and (3) the "retail" price previously paid by the purchaser/borrower is an amount greatly inflated over and above the actual "wholesale value" of the vehicle.
I wanted to add to my original question...Our car was repossessed by the finance company because they said they found out someone else was using the car because of car payments being sent from a different address. AND, they stated that they wanted to see the condition of the car. I thought a car would only be repossessed if you were late on payments? I have never heard of this, so I don't know what is going on.
Can you get him to refinance--and would he qualify??
That is called voluntary repossession. You will be required to pay the difference in what the lender sells the vehicle for and the balance on the note after that amount is applied to the loan. You did avoid repossession fees by voluntarily turning the car in. Your credit will also show this repossession for 7 years.
yes, because it is so stupied that it is how i think
It would seem that the report would show you have failed to pay as agreed and make payments, and had a repossession (as your question noted, you had a repo), at the very least. That you recovered and paid the amount due doesn't change that you failed to comply with the terms of the loan, didn't make the payments as required and the property even had to be seized. Things like the holiday, etc. are entirely irrelevant.
Sorry....just to start, repossession with all payments made? For not reason at all? Because the bank wants your old car so much they'll pay for the costs of getting it, storing it, selling it, getting the title, legal, etc...... Doesn't sound like the real story....and you ain't going to fool anyone by just insisting differently. So, if you feel you can prove differently, then someone took your car, and they couldn't have been doing it legally. May be a simple theft...it can't be a repossession. Call the cops and report it stolen. (But explain the circumstances, so they don't go running around on a goose chase).
Yes because payments are still owed. There is a law that applies to Native Americans living on official reservations that prohibits repossession of a vehicle if a specified amount has already been paid. In addition, repossessing a vehicle from a Native American reservation requires an order from a federal court and the permission of the tribal council.
When you cosign for an automobile purchase you are typically liable for an automobile repossession in Michigan. The reason why is because you are responsible for car payments as a cosigner if the primary debtor cannot pay.
Yes, you can be terminated from a job for any justifiable reason. The repossession and garnishment are YOUR problems, not your employer's. * No, it is illegal for an employer to fire an employee because of his or her wages being garnished. Unfortunately, it is usually not difficult for an employer to come up with a plausible reason to discharge an employee in order to circumvent discriminatory practice laws.
Were you in DEFAULT of the contract the car was collateral for? If so, not much to do about the repo except pay up. Obviously, the "not licensed" part didnt bother you when you bought the car. Call a local attorney for state specific advice. In many states, notice of repossession is not required. The licensing of the seller is neither here nor there, because that does not affect the fact that you owe him a debt. There may be laws regarding your rights to reclaim the car after paying the back payments and costs of repossession.
The biggest turn-off when buying Repossessed Car:As you already know, Repossessed Car Auction is a great way to buy your new car or other types of vehicle (boat repo auction, RV repo auction, ...); however, it seems almost too good to be true, because the price is very low. The catch lies in the fact that Repossessed Cars were taken from their previous owners by the government, so they are basically used cars. Therefore, you must take all the steps necessary to find out about the history or the damages of the repossessed car yourself.Why you should still go for Repossessed Car:The easiest answer is: because it is very cheap. Normally, you can find one at as low as $200. Furthermore, even though repossessed cars have been used, they were taken away because their owners couldn't pay the bills, not because they were damaged or got into accidents. Thus, most of the times you will find very good repossessed cars that are perfectly normal and usable. Still, remember to check its history and VIN number! Also, remember to visit websites like www.vehicleshq.com to prepare your knowledge before going to a real repossessed car auction.
Neither is very good, you lose your car either way. However I would recommend waiting for it to be repossessed because they may not take it. If you know for certain that they are going to take your car you should surrender it because it might make them slightly happier with you.