After the car is repoed, the lender will ask you very nicely 3 or 4 times to pay the balance on the loan. Each time they will remind you that they have other legal remedies to use to collect. If you cant/wont pay the balance due, they will use the other legal remedies. Those may include: getting a judgment against you for the amount due plus fees, garnisheement of your wages, attachment of other property that you own.
In most cases, YES
not if you still owe money on it
You do not owe money for a car if it has been repossessed, so your wages can't be garnished for that reason.
Repossessed no. Confiscated yes.
If you have had a car repossessed, you have not kept up with the payments. You probably still owe money on the repossessed car. In these circumstances, the fact is that you can not afford to purchase another car and would not be able to obtain the finance to do so.
If it is repossessed, you will owe the difference between the loan amount and what they sell the vehicle for.
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.
As long as you owe them money they can take it.
The one who BORROWED the money and/or the on who COSIGNED the loan.
No. They can repossess their collateral (the car which was repossessed), and they can send a collection agency to hound you for money, but they can't confiscate your property.
Contact the lender who repossessed the car. You will have to make up all back payments and pay all fees associated with the actual repossession.
if i get my car repossessed, can they put a llien on the house?
Your car was probably repossessed by the lender who owns the car until you pay for it. Call your lender and they will be able to tell you how to locate your repossessed car.
The lienholder has an option to repossess when you become deficient on your payments for as long as you owe money on that vehicle. If you skip your last payment, that car can be repossessed.
Only if they know you are getting it and have a judgment against you.
NOPE, they are part of the car.
No, a car can not be repossessed due to having no registration. A car can be repossessed for non payment. The police can have a car towed to an impound lot if there is no registration.
Buying a repossessed car today can be a great way to save money, but be careful to inspect the car to be sure there are no hidden problems since they are typically sold "as is". Some dealers specialize in repossessed cars and you can also find them at a local auction.
No, but your car can be repossessed if you don't make the payments.
You need a find a friend or a family member willing to help you.
Yes, there are some instances that a person can get a repossessed car back in the state of Iowa. If the person pays all the money owed plus a repo fee, the car may be returned.
Until the Statute of Limitations tolls on the judgement.
If you still owe money, it may be repossessed at any time.