When your car is 'stolen", you file a stolen car report with the cops. Then your INSURANCE will pay off the loan. The lender will deal with the insurance co. and alls well. You dont have a car, but no payments either. BTW, the insurance co. HAS to be sure its stolen or they wont pay the loan off.
It will be reported stolen.
If the bank made a mistake they will return the vehicle to you, the repo company is under a hold harmless and work the accounts the banks give them.
when repo man repossess the car and was in an accident before you can get it back, what happens
Yes, a repo is a repo whether you give it up or they take it.
IF the TITLE is in your name only, you can take it back OR report it stolen.
Danielle, VERY POSSIBLE. it is also possible that someone didnt get notified. Once GMAC assigns a repo, it will be on the hit list until GMAC closes the account with the repo co. There is NO time limit on when a repo is performed. Was it stolen??? Call the police and report it stolen. They will tell you if it was called in as a repo. Looks bad on you when you try to call a repo in as stolen. Call GMAC, they know if it was repoed. Good Luck
What exactly are they going to repo,you the vehicle was stolen and you no longer have it right, come on use the thing attached to your kneck.
He will report it as a stolen vehicle.
It gets reported stolen.
they will repo it
If a finnancing reposesor has takin the car, and it was stolen from him. it would be listed as a stolen vehicle by the local police. when found would be immediately towed and impounded. until the "OWNER" of the car retrieves it.. Wich means the bank, or financing company that the car was bought from.
you will pay the balance that car would be worth unless it wasw reported stolen real early/ before repo
One day late puts you in default and when in default, you are subject to repo. MOST lenders wait 30-60 days. They want the MONEY, not the car.
It's possible, but a bit unlikely. However, if the repo agent comes to you, and you claim not to know where the vehicle is, then they can assume an unauthorized person is in possession of the vehicle, and might report it stolen.
then they take your car and repo it.
That act in itself isn't a crime. However, if you tell a repo agent you don't know where the car is, then the repo agent will report the car stolen on behalf of the finance company (the rightful owner of the car).
Depends on the state laws, they may need to serve you with a eviction notice before repo. Although if nobody is home and the repo man shows up good chance they would repo it and expect nobody lives in it.
Perhaps, it depends on the repo company's policy.
You CANT legally. She could report it STOLEN if you did. Best thing to do is contact the LENDER and assure them that YOU will make the payments IF they will repo it. AND get the registration out of her name. They can do that AFTER repo. Good Luck and MERRY CHRISTMAS.
Repo is a short hand for a repurchase agreement. In modern language it has also come to be shorthand for repossession which is similar but often without the promise of return payment.
RepossessionCall your local dispatching service for your law enforcement. The Repo man is required to report the repo immediately to them. You could also call the bank or company that has financed your loan. In Illinois, we are required to report repossessions immediately to the police. In some cities, the police want to know BEFORE we repossess. So when you call your local P.D. to report your car stolen, they can let you know if the car has been repossessed.
If you don't return a vehicle after it's put in repo status, it goes on your credit report as "Vehicle cannot be located." Once this is on your credit report, it's impossible to get refinancing for a new vehicle. The best thing to do after that is to file for a bankruptcy. The auto credit company will usually hire a investigator and they can file a lawsuit. But there is typically no criminal charges because, it's technically your vehicle.
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